Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox
Get our free Inside Washington email
Donald Trump posted a $175m bond on Monday in his New York civil fraud case, temporarily stopping enforcement of the full $464m in penalties facing the former president after he lost in a high-profile ruling earlier this year.
The bond payment, reported by The Associated Press, came as New York officials were preparing to potentially seize Mr Trump’s assets or properties to fulfil the judgment, which found that the former president, his adult sons, and Trump Organization executives were liable in a decade-long scheme to fraudulently inflate the value of his net worth and assets.
Mr Trump, whose attorneys previously claimed they faced the “practical impossibility” of securing financing for a bond in time to meet state deadlines, obtained Monday’s payment through Knight Specialty Insurance Company, ABC News reports.
“As promised, President Trump has posted bond,” the former president’s attorney Alina Habba told the network in a statement. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
Last month, an appeals court gave Mr Trump a 10-day extension to pay off the bond, which will remain in the hands of New York officials pending Mr Trump’s appeal of the underlying fraud decision.
If the appeal is unsuccessful, the defendants in the case face a $364m penalty and $100m in interest and could end up paying even more, with the former president alone facing additional post-judgment interest of more than $110,000 a day.
Mr Trump has argued the investigation, launched nearly two years ago by New York attorney general Letitia James, is politically motivated, referring to it last month as a “Biden-run” attempt at “election interference.”
The former president could be facing a major financial crisis due to the numerous ongoing criminal and civil cases against him.
Mr Trump, who has repeatedly claimed he’s a multi-billionaire, said last month he has around $500m “in cash” on hand.
In addition to the civil fraud judgment bond, Mr Trump also secured a $91.6m bond in March while he appeals his loss in the defamation lawsuit between him and writer E Jean Carroll.
Beyond these judgments, Mr Trump is also spending millions on legal fees fighting multiple civil and criminal cases in federal and state courts.
One of Mr Trump’s key political action committees reported spending $230,000 a day on legal fees in February, with legal expenses outpacing donations at times.
Alex Woodward contributed reporting to this story.
Source: independent.co.uk
