NEW YORK – Donald Trump posted a $175 million bond on Monday to prevent New York authorities from seizing his assets, including properties such as Trump Tower, pending appeal of a civil fraud judgment against him of nearly a half-billion dollars.
The former president’s posting of the bond was necessary to keep New York Attorney General Letitia James (D) from initiating legal steps to take over his properties.
After a 10-week trial late last year, New York Supreme Court Justice Arthur Engoron found Trump, the Trump Organization, Trump’s adult sons and two former executives liable in February for using illegal tactics to knowingly cheat business partners to increase the company’s profits and savings.
Trump lawyers recently argued to an appeals court that he was unable to post a bond of more than $450 million, roughly the size of the judgment against him with interest included, mainly because about 30 surety companies he consulted with would not accept his real estate as collateral, only liquid assets.
In a decision last week, an appellate court panel reduced the size of the bond he would have to post to $175 million on the condition that he post it within 10 days and that he file his appeal of Engoron’s verdict in a timely fashion.
If he does not win his appeal, Trump will still owe more than $450 million from a civil court judgment after James won the fraud case against him, alleging he deceived lenders and insurance companies by inflating his net worth by up to $2.2 billion annually from 2011 to 2021.
Trump’s tab is growing by about $100,000 per day because interest will continue to accrue until the appeal ends.
James could also pursue prized assets in Trump’s real estate portfolio such as Mar-a-Lago in Palm Beach, Fla., which serves as his home and private club. Trump’s real estate assets are key to his image as a real estate mogul who owns and manages luxury properties around the world.
Trump has denied any wrongdoing in the civil fraud case and other pending cases against him. He is the likely Republican nominee to challenge President Biden, a Democrat, in the election in November.
Alina Habba, one of Trump’s attorneys, said in a statement Monday: “As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
Trump will now appeal Engoron’s verdict, citing his rulings throughout the trial and before it. In past proceedings, his attorneys have hinted at a number of arguments they expected to make on appeal. Often, they argued that Engoron unfairly favored the attorney general’s office.
(c) 2024, The Washington Post · Shayna Jacobs
