Update: Donald Trump Posts $175 Million Bond In New York Civil Fraud Case, Averts Asset Seizures

Donald Trump

Update: Donald Trump Posts $175 Million Bond In New York Civil Fraud Case, Averts Asset Seizures

Update: (Apr. 2, 2024): Donald Trump no longer has to worry about his properties being seized.

On Monday (Apr. 1), Donald Trump posted a $175 million bond in his New York civil fraud case. This means he no longer has to worry about properties being seized by New York’s Attorney General. As you may recall, the 77-year-old was found liable for fraudulently inflating his net worth by billions of dollars to secure better loan and insurance terms.

He addressed settling the debt on his social media platform, Truth Social, writing,

“Thank you to professor Jonathan Turley for exposing the horrendous decision made by a corrupt New York State Judge, Arthur Engoron, on the “I will get Trump” worst in the Nation A.G., Letitia James, unfair case against me. I just posted a $175,000,000 Bond just for the right to Appeal this travesty of a case, which I won at the Appellate Division, but this Judge refuses to accept- A FIRST. He is a whacked out nut job who just made up a number out of thin air, just like he did on the value of Mar-a-Lago. Businesses won’t enter New York because of this decision, and many are fleeing. Think of it – I had to pay an enormous sum for the right to Appeal the ridiculous decision of a CROOKED Judge and A.G. This is Election Interference, and it all comes directly from Joe Biden and the White House, An attack, along with ALL OF THE OTHERS, on his political opponent, ME!”

As previously reported, last month the former president’s team revealed he wasn’t able to cover the $454 million bond to satisfy the $464 million judgment against him.

Trump’s team reportedly claimed,

“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.”

However, toward the end of March, the former president was victorious in his quest to have a New York appeals court the bond down, bringing the fee to $175 million.

[VIA]

Update#1: (Mar. 25, 2024):  Donald Trump might have lady luck on speed dial!

Last week reports claimed that the former president was struggling to settle the $454 million bond to satisfy a $464 million judgment against him in a New York fraud case.

Trump’s team reportedly claimed,

“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.”

However, new reports revealed that on Monday (Mar. 25), a New York appeals court cut millions off the large debt, bringing the owed amount down to $175 million. In addition, Trump was given 10 extra days to make the payment.

[VIA]

Original Story: (Mar. 18, 2024): Former US President Donald Trump is struggling to secure an appeal bond to settle a multi-million-dollar civil judgment against him.

According to reports, Donald Trump has to pay a $464 million bond to satisfy a $454 million judgment against him in a New York fraud case. However, the 77-year-old businessman’s legal team recently suggested he doesn’t have enough liquid cash to hand over funds. As a result, Donald Trump’s lawyers have been actively seeking an insurance company willing to back the massive financial penalty, but the task has been a challenge.

Donald Trump

Trump’s team reportedly claimed,

“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.”

If you didn’t know, Attorney General Letitia James accused Trump, his two adult sons, the Trump Organization, and the company’s top executives of falsely inflating Trump’s asset values for years to boost his net worth and gain financial benefits. After a Manhattan Supreme Court judge ruled in favor of Letitia James, the media personality was ordered to pay the $454 million judgment.

Donald Trump

Ultimately, if Trump doesn’t obtain an appeal bond or pay the entire judgment, Letitia James will seize Trump’s property.

It’s noted that in order to secure a complete appeal bond you would need around $1 billion in cash or cash equivalents to offer as collateral, which the former president and his company allegedly don’t have. Additionally, none of the insurance companies will accept non-liquid assets — such as real estate — as collateral.

Gary Giulietti, who was hired to help Trump and his co-defendants to obtain a bond, said,

“Simply put, a bond of this size is rarely, if ever, seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses.”

Trump and his team are asking the appeals court to pay the monetary judgment without requiring the posting of the bond during the appeal. A decision on his petition has yet to be made.

Donald Trump

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[Sources: 1, 2]