Donald Trump has received a last-minute reprieve on Monday when a New York court granted him the opportunity to post a reduced bond of $175 million, delaying enforcement of a $464 million fraud penalty.
Trump’s legal team had argued that obtaining the full bond amount would be “impossible.”
The appeals court provided Trump with a 10-day window to secure the $175 million bond. Should he meet this requirement within the allotted time, his assets will be safeguarded while he pursues his appeal.
“I greatly respect the decision,” Trump stated on Monday. “We will abide by the decision… and post either a bond, equivalent securities, or cash.”
Earlier this year, the former President was found liable for repeatedly inflating the value of his assets, marking a significant fraud case against a former president and the presumed Republican nominee for the upcoming election.
The court’s decision on Monday represented a victory for Trump, arriving just as the deadline to post the full $464 million bond was expiring.
Failure to meet this deadline, without intervention from the appeals court, would have empowered New York Attorney General Letitia James, who initiated the fraud case, to initiate freezing of Trump’s bank accounts and seizure of his properties.
In response, James affirmed that Trump is “still facing accountability for his staggering fraud.”
While the appeals court agreed to delay the enforcement of other penalties included in the original judgment, such as prohibiting Trump and his sons from operating businesses in New York, it maintained oversight through a monitor to scrutinize Trump’s businesses for any potential misconduct.
Despite Trump’s claims of having significant cash reserves, including a statement last week about possessing $500 million in cash, his legal team asserted difficulty in covering the $464 million penalty despite approaching 30 financial companies for bond assistance.
The court’s decision to grant Trump a stay was regarded as a victory by legal experts, who noted the former president’s ability to appeal without the financial burden of a full appeal bond. However, some were surprised by the decision, particularly in light of Trump’s previous assertions regarding his financial resources.
