CNN
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Former President Donald Trump has posted $175 million bail as he appeals the ruling against him in a New York civil fraud case brought by state Attorney General Letitia James.
President Trump’s bail suspends any action James may take against Trump’s assets following the verdict until at least September, and a state appeals court also announced a $464 million bond against James. A date has been set for an appeal of Dollar’s ruling.
The bond is underwritten by California-based insurance company Knight Specialty Insurance, but court documents do not list the collateral President Trump used to secure the bond.
President Trump said at a press conference last month that he would use cash to fill bond holes, but he also insisted he wanted to use cash to fund his re-election campaign.
But when asked if he planned to put personal money into his presidential campaign, Trump replied, “First of all, that’s none of your business,” before adding, “Maybe.” I have a choice. ”
A state appeals court lowered the bail amount by hundreds of millions of dollars last month after Trump’s lawyers argued that the $464 million judgment against him could not cover the entire amount. (Mr. Trump himself was ordered to pay $454 million, which also includes disgorgement costs for his adult sons Don Jr. and Eric.)
Judge Arthur Engoron in January sentenced President Trump and his co-defendants, including his adult sons and their companies, to the tune of $464 million for fraudulently inflating the value of the former president’s assets to obtain better loan rates. fined $. Under state law, Mr. Trump had 30 days to post bail for the full amount of his sentence while he appeals the sentence, but his lawyers say they have no insurance company willing to pay that much bail. He said he couldn’t find it. As a result, Mr. James has taken steps to set the stage for the seizure of Mr. Trump’s assets if he fails to post bail.
But when the 30-day deadline arrived, the New York Court of Appeals intervened and reduced the bond to $175 million, giving Trump an additional 10 days.
“As promised, President Trump has posted bond,” Alina Hubba, Trump’s lawyer, said in a statement. “He looks forward to vindicating his right to appeal and overturning this unjust sentence.”
Trump posted $91.6 million bail last month in a defamation lawsuit against E. Jean Carroll, and is appealing the decision.
This story has been updated with additional developments.
