Donald Trump has posted a $175 million bond in his New York civil fraud case, allowing him to start appealing the $454 million judgment handed down by Manhattan Supreme Court Justice Arthur Engoron. The bond was backed by the Knight Specialty Insurance Company, and Trump successfully lobbied for the bond amount to be reduced from the initial nearly half-billion dollar judgment. With the bond now posted, parts of Engoron’s decision, such as the ban on Trump and his organization from taking out loans in New York, are suspended until the appeal is decided.
The real estate tycoon and former president is seeking to overturn Engoron’s decision that imposed the hefty penalty and banned him, as well as his two eldest sons and other Trump Organization executives, from heading any company in New York for various lengths of time. The decision also suspended Trump’s business licenses in the state. Trump now has until the September term to file all his appeal papers with the Appellate Division, First Department. He has expressed confidence in his ability to cover the reduced bond amount, despite the initial requirement for him to pay the full judgment.
During the trial, the New York Attorney General’s Office argued that Trump had misrepresented the value of his assets for over a decade in order to secure better loan and insurance terms. Engoron found Trump liable for fraud after several months of testimony, including from Trump and his children. The Attorney General warned of seizing Trump’s assets, such as buildings like 40 Wall Street, if he failed to pay the judgment or the bond. Trump’s legal team had requested the bond to be lowered or waived, as they could not find a backer for it after approaching numerous surety firms.
In addition to the civil case, Trump faces four criminal cases in four different states for a variety of charges, including alleged interference in the 2020 presidential election. Despite the legal challenges, Trump has denied all allegations against him, both criminal and civil. He has claimed that the cases are part of a Democratic conspiracy led by President Biden to prevent him from winning the 2024 election. Trump has defended his properties, referring to them as his “babies,” and expressed reluctance to sell any of them at “fire sale” prices to cover the bond amount.
Overall, Donald Trump’s legal battles continue as he works to appeal the massive judgment in his New York civil fraud case. By posting a $175 million bond, portions of the initial judgment have been temporarily suspended pending the outcome of his appeal. Trump faces multiple legal challenges, both criminal and civil, as he seeks to defend his reputation and assets against allegations of fraud and interference in the 2020 election. His legal team is working to navigate the complex legal landscape to secure the best possible outcome for Trump and his organization.
