Donald Trump and his co-defendants on Monday secured a $175 million bond in their civil fraud case in New York after an appeals court agreed to throw them a bone last week, temporarily reducing the $454 million judgment handed down to them as an appeals process plays out.
The posting of the bond will keep New York authorities, including Attorney General Letitia James, from attempting to seize his assets, including some of his prized real estate properties. The sum was issued by the Knight Specialty Insurance Company, according to a court filing.
The $454 million penalty was handed down to Trump, the Trump Organization, his two adult sons, and two former executives after Judge Arthur Engoron agreed with James that they had inflated the value of Trump’s properties to secure favorable loans.
Engoron initially imposed a $355 million judgment, which ticked up to $454 million with interest. Trump’s lawyers argued that the sum was a “practical impossibility.”
A New York state appeals court gave the group of co-defendants some breathing room in an 11th-hour ruling last Monday, giving them 10 extra days to post a reduced bond.
Should Trump’s appeal be rejected, he will have to settle the larger outstanding tab, which is continuing to grow by more than $111,000 a day as interest continues to amass.
This is a breaking story and will be updated.
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