Trump bond cut by 68% to $175 million as he appeals New York fine

1 year ago 17

A

New York appeals court

agreed to slash

Donald Trump

's bond in New York's

fraud case

by more than two thirds to $175 million while he appeals the verdict, throwing the former president a financial lifeline as the state prepared to start seizing his assets.
The decision Monday was delivered as Trump faced a deadline to either pay the $454 million verdict or post a bond for 120% of the judgment to put it on hold while he appeals.

That would have amounted to nearly $545 million dollars, more cash than Trump said he had on hand. The former president was given 10 days to post the new bond.
The appeals court did not offer any explanation behind their decision.
The billionaire real estate mogul had sought to waive the bond entirely or post a smaller one of just $100 million, claiming he'd have to sell properties at a loss to raise cash. The new bond is still higher than what Trump said he could arrange, but the former president indicated he is prepared to pay it. But the decision means Trump may be able to push ahead with his appeal without the risk of his assets being seized by New York Attorney General Letitia James. James had said she was prepared to seize assets including Trump's skyscrapers in Manhattan and golf courses to pay the judgment.

The ruling is the latest twist in the case after Trump was found liable for inflating the value of his assets by billions of dollars a year to get better terms on loans from Deutsche Bank AG and other lender. The massive verdict was handed down in Feb.

Article From: timesofindia.indiatimes.com
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