NEW YORK, NEW YORK - APRIL 04: Former U.S. President Donald Trump sits at the defense table with his defense team in a Manhattan court during his arraignment on April 4, 2023, in New York City. Trump was arraigned during his first court appearance today following an indictment by a grand jury that heard evidence about money paid to adult film star Stormy Daniels before the 2016 presidential election. With the indictment, Trump becomes the first former U.S. president in history to be charged with a criminal offense. (Photo by Seth Wenig-Pool/Getty Images)
On Monday, a panel of state appeals judges lowered the amount of the bond Donald Trump must post to stop enforcement of a $454 million civil judgment for corporate fraud.
The former president can post a bond of $175 million while he appeals the verdict, The five-judge panel made their decision after Trump said he couldn’t obtain a bond to cover the initial judgment.
The ruling came on the last day of a 30-day grace period Attorney General Letitia James gave the former president before she said she would start collecting on the judgment, which would put his assets at risk.
Monday’s panel gave Trump 10 days to post the new bond.
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“I greatly respect the decision of the appellate division and I’ll post either $175 million bond in cash or bond or security or whatever is necessary within the 10 days,” Trump said during a break in the court hearing.
In previous court filings, Trump claimed that posting a bond for the full amount of the judgment would be impossible, with his lawyers saying he had been rejected by 30 insurance companies.
Trump, along with his adult sons and multiple business associates, owe a judgment totaling $464 million after New York Judge Arthur Engoron found the former president guilty of inflating the value of his real estate properties.
Monday’s ruling also halted other aspects of the civil fraud trial, including one that prohibited Trump from serving as an officer or director of a New York business for three years, as well as one that barred Trump’s adult sons from serving as officers or directors of a New York business for two years.
The civil fraud case against Trump and his businesses could remain frozen through the November election.
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