A New York appeals court on Monday ruled former President Donald Trump can post $175 million as a bond while he appeals a civil judgment that found him liable for business fraud, extending the presumptive GOP presidential nominee a major financial lifeline.
The decision significantly cut the bond amount from $464 million to a more manageable amount for Mr. Trump, who’d struggled to cobble together the higher amount.
He faced a Monday deadline to post the bond or face seizure of some of his assets, but the court gave him 10 additional days to gather the smaller amount. Mr. Trump said he would post the reduced amount.
“I’ll post either $175 million in cash — or bonds or security or whatever is necessary — very quickly within the 10 days,” Mr. Trump told reporters at a Manhattan courthouse, where he attended a hearing on a separate criminal case.
Mr. Trump signaled he would use his stores of cash to satisfy the bond, though said he wanted to use the money for his presidential campaign.
Judge Arthur Engoron of the Manhattan Supreme Court in February ruled that Mr. Trump and his real estate company submitted fraudulent financial statements to gain favorable terms on loans and insurance.
SEE ALSO: N.Y. judge rejects Trump bid to toss hush money case, sets trial for April 15
That judgment was a win for New York Attorney General Letitia James, who scrutinized Mr. Trump’s business practices for years and said she was ready to seize Trump properties if the ex-president failed to post a bond or pay the judgment.
Mr. Trump has attacked Judge Engoron in unusually blunt terms during his ordeal.
“He’s either whacked-out or dishonest,” Mr. Trump said Monday during a press conference at 40 Wall Street, which he owns.
The order on Monday from the Appellate Division, First Judicial Department in New York said collection on the judgment would be stayed if Mr. Trump posts $175 million.
Mr. Trump had complained the initial bond amount was unusually high and gave him little breathing room while he appeals the judgment. In comments and fundraising pitches, he said he would have been forced to offload prized real estate at fire-sale prices.
“There should be no FINE. Did nothing wrong! Why should I be forced to sell my ’babies’ because a CORRUPT NEW YORK JUDGE & A.G. SET A FAKE AND RIDICULOUS NUMBER,” he said Monday on his social media platform.
Other parts of the judgment will remain, including prohibitions on Mr. Trump and his eldest sons serving as officers of New York companies for multiple years.
Mr. Trump learned the news while attending a hearing in New York criminal court in a separate case alleging he falsified records to cover up hush -money payments to porn star Stormy Daniels and two others in 2016.
Roughly $130,000 in hush payments were funneled through Mr. Trump’s then-lawyer, Michael Cohen, and disguised as legal fees, the indictment alleges.
Judge Juan Merchan of the New York State Supreme Court rejected Mr. Trump’s bid to toss the case Monday and set a trial date of April 15.
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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