In a significant development, an appeals court has ruled to slash former President Trump’s bond payment by more than half.
The court has ordered Trump to pay $175 million within the next 10 days, significantly reducing the initial $454 million bond payment that resulted from civil fraud allegations brought by New York Attorney General Letitia James.
Just hours before the Monday deadline to post the $454 million bond, the New York appeals court decided to lower the bond amount to $175 million. Trump has stated that he will comply with the appeals court’s decision and post the reduced bond amount.
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By doing so, it would effectively prevent James from seizing Trump’s assets as he continues to appeal the judgment made by New York Judge Arthur Engoron.
Trump took to his social media platform, Truth Social, to express his thoughts on the appeals ruling. He criticized Judge Engoron, stating that his credibility, along with Letitia James’, has been shattered.
Former President Trump also mentioned that this is the fifth time he has been overturned in this case, which he considers a record.
In response to the ruling, Trump’s attorney, Christopher Kise, expressed optimism, stating that it represents a significant step towards the ultimate reversal of what he deems a baseless and reckless judgment.
Kise believes that the rule of law must prevail over the political agenda of the attorney general. On the other hand, a spokesperson for Letitia James reaffirmed that Trump is still accountable for what they describe as “staggering fraud.”
The spokesperson emphasized that the court has already concluded that Trump engaged in years of fraudulent activities to inflate his net worth and benefit himself, his family, and his organization.
Therefore, the $454 million judgment, along with any accrued interest, remains in effect. Trump, who is the presumptive GOP presidential nominee for 2024, and his legal team have appealed the judgment and requested a stay on the $454 million civil fraud judgment.
The legal team argues that the requested bond amount is unprecedented for a private company and claims that posting the full amount is practically impossible. Trump has made it clear that he is willing to take the case to the U.S. Supreme Court if necessary.
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