Donald Trump was supposed to have to post a $464 million bond by Monday or else the state of New York could begin collecting on the massive civil fraud judgment leveled against him earlier this year. An appeals court bailed him out, blocking collection of the judgment and giving the former president 10 days to post a drastically reduced $175 million bond.
The order is a huge win for Trump, whose assets were going to be subject to seizure if he couldn’t post nearly half-a-billion dollars by Monday. His lawyers said last week he wasn’t going to be able to come up with the money after 30 underwriters rejected him. The New York Times has reported that Trump is expected to be able to scrounge the new, reduced $175 million bond
What appeals court? I thought Trump had to post $464 million in order to even appeal. How did he manage that?
He has to post the bond so they don’t start seizing his property during the appeal. It’s basically putting the fine plus interest in a separate account during the appeal to make sure you’re good for the money if you lose the appeal. Otherwise he could have gone on with the appeal, but could lose Trump Tower without the bond posted.
Ahhh, thanks. I’m from Europe, so it’s hard for me to even begin to understand the US legal system.
And specifically what he did here was appeal the order telling him to get his bond for the “main” appeals process.
Beyond what they see on TV police/courtroom dramas, most Americans don’t understand it very well either.