Mar 25, 2024 - 15:43
By cnbc.com

Trump New York fraud bond cut to $175 million in appeal from $454 million

A New York appeals court paused for 10 days a massive civil fraud judgment against former President Donald Trump.
The court also and sharply reduced the bond he would have to post to obtain a longer stay to $175 million.
Trump's lawyers in a court filing last week said that it was "impossible" for him to get an appeal bond of $454 million to satisfy the judgment in that amount, having approached more than 30 surety companies without success.

A New York appeals court on Monday paused for 10 days a massive civil fraud judgment against former President Donald Trump, and sharply reduced the bond he would have to post to obtain a longer stay to $175 million.

The ruling came on the same day that New York Attorney General Letitia James would have been allowed to start seizing Trump's real estate and bank accounts to satisfy the $454 million-and-rising business fraud judgment in the case.

The appeals court ruling for now prevents James from doing so.

Trump's lawyers in a court filing last week said that it was "impossible" for him to get an appeal bond of $454 million after having approached more than 30 surety companies without success.

None of those companies were willing to write a bond without Trump posting cash or some other liquid asset, the attorneys wrote in their filing with the Manhattan Supreme Court appellate division panel.

Because of the size of the fraud judgment, the companies insisted that Trump show "cash reserves approaching $1 billion," according to his lawyers. But neither Trump nor the Trump Organization company has that amount of cash on hand, the filing said.