In a significant turn of events, an appeals court has notably reduced the $454 million bond initially required of Donald Trump in his New York civil fraud case to $175 million, providing him with a 10-day window to secure the funds.
This development comes as a relief to the former president, who is also the presumptive Republican nominee for the upcoming presidential race. He now has until Monday to either pay the reduced amount or secure a bond for it, as he moves to challenge the substantial judgment levied against him last month.
Trump, aged 77, took to Truth Social to voice his frustrations earlier on Monday, stating, “There should be no FINE,” and asserting his innocence by claiming, “I did nothing wrong!” He expressed his dismay at the possibility of being compelled to sell his cherished properties, which he affectionately refers to as his “babies,” due to what he perceives as an unjust and inflated bond amount set by a “CORRUPT NEW YORK JUDGE & A.G.”
Trump’s legal team has indicated their difficulties in securing a bond and their reluctance to liquidate his assets at reduced “fire sale” prices to meet the financial requirement. New York Attorney General Letitia James, leading the prosecution, has made it clear she would not hesitate to seize Trump’s esteemed New York properties should he fail to comply.
Additionally, Trump faced the obligation to appear in a Manhattan court on Monday for a separate criminal case related to “hush money.” He maintains his innocence in both this case and the Attorney General’s case, which accuses him of exaggerating his net worth by billions annually on financial statements to gain favorable terms on loans and insurance.
Justice Arthur Engoron of the Manhattan Supreme Court, after presiding over the three-month non-jury trial last year, found Trump guilty of fraud and imposed the hefty penalty on February 16.
Trump has sought to have the appeals court halt the bond requirement while he contests the case in a higher court, though the Appellate Division, First Department has yet to make a ruling on this request.
With the Monday deadline looming, Trump faces several options, including posting the bond, protecting his assets through Chapter 11 bankruptcy, awaiting the appeals court’s decision on the bond stay, or risking the lapse of the deadline, which would enable the Attorney General to initiate the seizure of his properties.
Trump’s real estate portfolio includes iconic New York City landmarks such as Trump Tower and prestigious golf clubs like Mar-a-Lago. He also has interests in buildings like 40 Wall St, the Trump International Hotel and Tower, Trump Park Avenue, and 1290 Avenue of the Americas.
Over the last 24 hours, Trump has also taken to Truth to allege that the four criminal cases and the civil fraud case against him are part of an alleged scheme by President Biden to disrupt the 2024 election through “lawfare.”
In addition to the New York cases, Trump is contending with a criminal case in Georgia over alleged election fraud, a case accusing him of unlawfully retaining government documents at Mar-a-Lago, and a case in Washington D.C. related to his alleged role in the January 6 Capitol Riot.