(PatriotNews.net) – Former President Donald Trump just put up a $175 million bond in his New York civil fraud case, basically stopping the state from grabbing his assets while he fights the verdict.
The move comes after a New York appellate court reduced the required bond amount from $454 million, giving Trump and his legal team a 10-day window to secure the funds.
Trump’s attorneys argued that it was practically impossible to obtain a bond for the full amount owed, prompting the court to intervene and lower the requirement.
The bond basically acts like a backup plan, making sure there’s money available if Trump ends up having to pay. But if he wins his appeal, he’ll get that money back.
Previously, New York Attorney General Letitia James had been prepared to initiate enforcement actions against Trump’s properties to collect the judgment. James brought the lawsuit against Trump on behalf of the state.
Trump’s defense maintains his innocence, denying any wrongdoing in the case. They argue that financial statements undervalued his assets and were not taken at face value by lenders and insurers.
The Appellate Division of the state courts has scheduled hearings for September, aligning with the final weeks of the presidential race. Trump’s legal team had encountered difficulties securing the bond, with over 30 bonding companies declining their requests.
Recent legal battles have strained Trump’s finances. In addition to the $175 million bond in the New York case, he has also posted over $97 million in bond and cash to cover judgments in federal civil trials involving allegations of sexual assault and defamation.
Despite these challenges, Trump’s family expressed confidence in their ability to defend his rights and overturn what they deem as unjust verdicts.
The former president’s financial situation could see a shift in the future, with potential cash influx from the sale of his stock in the recently launched Trump Media & Technology Group. However, a “lock-up” provision prevents insiders from selling their shares for six months, indicating a longer-term strategy for generating liquidity.
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