Donald Trump secured a victory in a New York appeals court on Monday as the court will allow the former president to post a significantly lower bond in his civil business fraud judgment.
Instead of posting a bond of $464 million, the appeals court ruled that Trump must now guarantee $175 million, ABC News correspondent Aaron Katersky reported. The appeals court ruling also means that Trump can continue to run his business in New York and gives him an additional 10 days to post the $175 million bond, according to CNN.
The ruling comes hours after the deadline for Trump to post the bond hit on Monday, meaning New York Attorney General Letitia James could seek to collect on the former president and seize his assets. The court’s decision will likely prevent James from pursuing the seizure of Trump’s property for now.
Prior to Monday’s appeals court decision, Trump would’ve had pledge 120%, or around $550 million, in collateral to a bond company, an amount his lawyers said last week would be “a practical impossibility” to attain. While Trump boasts a net worth in the billions, much of his wealth is in real estate, which bond companies usually avoid taking as collateral, according to The New York Times.
Judge Arthur Engoron ruled in agreement with James last month after the attorney general brought civil charges against Trump, alleging the former president inflated his net worth and misled investors. In his judgment, Engoron ordered Trump to pay $350 million, which increased to $464 million, including interest, and also ordered Trump’s co-defendants to pay $10 million.
Last week, Trump posted on Truth Social, saying that “through hard work, talent, and luck,” he had nearly $500 million cash on hand and “intended to use” the money for his 2024 presidential campaign.
The leading 2024 presidential candidate is also in court on Monday for a separate civil case, seeking another delay in the case against him, where he is charged with falsifying business records while covering up an alleged affair with porn actress Stormy Daniels.
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Trump blasted the cases brought against him, posting on Truth Social on Monday morning, “These are Rigged cases, all coordinated by the White House and DOJ for purposes of Election Interference.”
“THE NUMBER ENGORON SET IS FRAUDULENT. It should be ZERO, I DID NOTHING WRONG!” the former president added. “The D.A. Case, that I am going to today, should be dismissed. No crime. Our Country is CORRUPT!”