A New York appeals court on Monday, March 25th, agreed to postpone the collection of the $454 million civil fraud judgment against former President Donald Trump, conditioned on his providing $175 million within the next ten days.
The decision was made on the same day New York Attorney General Letitia James gained the authority to begin seizing the former president’s real estate assets and bank accounts to fulfill the judgment amount.
The appellate division did not disclose its reasons for lowering the bond amount by approximately 60%.
“We’ll post whatever is necessary, whether it be cash, security, or bonds,” Trump told the press after the decision.
The bond reduction provides Trump with a temporary reprieve. He had expressed concerns on Truth Social about potentially having to liquidate his valued real estate assets to cover the judgment.
Trump’s legal team had previously sought to set the appeal bond at $100 million, citing difficulties in securing the original $454 million bond due to stringent surety company demands.
The appellate court’s decision does not alter the original judgment amount, initiated by a lawsuit from James, leaving Trump and co-defendants potentially liable for the full amount pending the outcome of their appeal.
“The ruling today represents a great first step towards the ultimate reversal of a baseless and reckless judgment,” Trump’s attorney, Charles Kise, said, expressing optimism for a favorable appellate process that challenges the Attorney General’s misuse of power.
Despite the temporary relief, James’ office remained firm on the issue of accountability. “Donald Trump is still facing accountability for his staggering fraud,” a spokesperson for James asserted.
The spokesperson added, “The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization. The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands.”
The appeals court also upheld several orders from trial Judge Arthur Engoron on Monday, including restrictions on Trump and his sons’ corporate roles and loan applications in New York.
However, the appeals court panel declined to grant a request to halt the enforcement of Engoron’s order, which expanded the authority of a financial watchdog appointed by the judge to oversee the Trump Organization’s finances.
The panel also upheld Engoron’s decision to appoint an independent compliance director at Trump’s company.
This ruling emerges amid Trump’s vocal criticisms of Engoron and James, asserting that he is being targeted in a politically motivated assault aimed at undermining his prospects of defeating President Joe Biden in the upcoming election in November.
Just over a week ago, Trump secured a $91.6 million appeal bond from a Chubb insurance company subsidiary to guarantee a Manhattan federal civil court defamation judgment against him, which favored E. Jean Carroll, a writer who accused him of rape.
