An appeals court slashed former President Trump’s bond payment on Monday, saying Trump must pay $175 million within the next 10 days.
Trump had previously faced a Monday deadline to pay a $454 million bond payment that came as a result of civil fraud allegations from New York Attorney General Letitia James.
TRUMP VOWS TO FIGHT NEW YORK AG CASE ‘ALL THE WAY UP TO THE US SUPREME COURT,’ AS DEADLINE TO POST $454M LOOMS
A New York Appeals Court, hours before the deadline to post the $464 million, lowered that bond considerably. The court ordered that Trump post $175 million within 10 days.
Trump said he will “abide” by the appeals decision and post the $175 million bond.
If Trump does post the $175 million by the new deadline, it would effectively block James from attempts to seize Trump’s assets as he continues to appeal the judgment by New York Judge Arthur Engoron.
“Judge Engoron has refused to obey the decision of the Appellate Division relative to the Statute of Limitations. This is a confrontation between a Judge and those that rule above him – A very bad situation in which to place New York State and the Rule of Law! Engoron has disrespected the Appellate Division and its very clear and precise ruling,” Trump posted on his Truth Social Monday. “He should be made to do so, and at the same time, release the GAG ORDER.”
Trump said the appeals ruling Monday is “the 5th time in this case that he has been overturned, a record.”
Trump blasted Judge Arthur Engoron, saying “his credibility, and that of Letitia James, has been shattered.”
“We will abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash,” Trump said. “This also shows how ridiculous and outrageous Engoron’s original decision was at $450 Million.”
Trump added, in all capital letters: “I DID NOTHING WRONG, AND NEW YORK SHOULD NEVER BE PUT IN A POSITION LIKE THIS AGAIN. BUSINESSES ARE FLEEING, VIOLENT CRIME IS FLOURISHING, AND IT IS VERY IMPORTANT THAT THIS BE RESOLVED IN ITS TOTALITY AS SOON AS POSSIBLE. THANK YOU!”
Trump said Judge Engoron and Letitia James “should be forced to explain why he ruled that Mar-a-Lago was worth $18,000,000 when, in fact, it is worth from 50 to 100 times that amount.”
“How did the Attorney General of the State of New York force this Corrupt Judge to do that in order to help her narrative – AND WHY?” he posted.
Trump attorney Christopher Kise, reacting to the ruling, said it “represents a great first step towards the ultimate reversal of a baseless and reckless judgment.”
“The First Department no doubt recognized the rule of law must triumph over the political agenda of the Attorney General,” Kise said in a statement. “President Trump looks forward to a full and fair appellate process which overturns the judgment and ends the Attorney General’s abuse of power and tyrannical pursuit of the front running candidate for President of the United States.”
Meanwhile, a spokesperson for James on Monday said Trump “is still facing accountability for his staggering fraud.”
“The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization,” James’ spokesperson said. “The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands.”
Trump, the 2024 presumptive GOP presidential nominee, and his legal team had appealed and requested a stay on his $454 million civil fraud judgment. Trump’s legal team said the initial requested bond was “unprecedented for a private company,” and said to post it in the judgment’s full amount was a “practical impossibility.”
Trump has vowed to fight the case “all the way up to the U.S. Supreme Court if necessary.”
Former President Trump speaks to the media after voting at a polling station setup in the Morton and Barbara Mandel Recreation Center on March 19, 2024, in Palm Beach, Florida. (Joe Raedle/Getty Images)
In an exclusive interview with Fox News Digital on Friday, Trump said he can afford to post bond, but is pushing with his legal team to appeal the ruling altogether.
Trump said he has nearly $500 million in cash. His company, Trump Media & Technology Group, the parent company of Truth Social, is set to become public after a merger Monday. The company will trade on the Nasdaq as “DJT.”
Trump owns more than 78 million shares of the stock, valued at nearly $4 billion.
“That doesn’t mean I’m going to give money to a rogue and incompetent judge – the puppet of a corrupt attorney general who’s failing with violent crime and migrant crime and whose only purpose in life is attempting to get Trump,” Trump told Fox News Digital, referring to Engoron and James.
At this point, however, his shares are frozen. The board of the company can vote to un-freeze those assets if necessary.
Engoron’s ruling came after a months-long non-jury trial stemming from James’ years-long investigation. James, when campaigning to become attorney general, vowed to “get Trump.”
NEW YORK APPEALS COURT ALLOWS TRUMP, SONS TO CONTINUE RUNNING BUSINESS, DENIES REQUEST TO DELAY PAYMENT
“We’re definitely gonna sue him, we’re gonna be a real pain in the a–,” James once told a supporter on video.
Attorney General Letitia James arrives for a press conference following a verdict against former U.S. President Donald Trump in a civil fraud trial on February 16, 2024 in New York City. (Michael M. Santiago/Getty Images)
Engoron ruled that Trump and other defendants were liable for “persistent and repeated fraud,” “falsifying business records,” “issuing false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud” and “conspiracy to commit insurance fraud.”
An appeals court overturned Engoron’s ruling to allow Trump and his sons to continue running the family business as they appeal the decision.
James initially brought the lawsuit accusing Trump and the Trump Organization of fraudulent business practices. The court proceedings were contentious, with Engoron repeatedly placing Trump under a partial gag order to prevent him from criticizing court staff.
Trump dismissed the trial as a “witch hunt” throughout the process, accusing both Engoron and James of serving as political operatives for Democrats. Trump’s legal team also repeatedly blasted the lack of a jury in the trial.
Former US President and Republican presidential candidate Donald Trump (L) and former First Lady Melania Trump leave after voting in Florida’s primary election at a polling station at the Morton and Barbara Mandel Recreation Center in Palm Beach, Florida, on March 19, 2024. ((Photo by GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images))
TRUMP BARRED FROM OPERATING BUSINESS, ORDERED TO PAY OVER $350 MILLION IN NY CIVIL FRAUD CASE
“There was never an option to choose a jury trial,” a Trump spokesperson told Fox News Digital. “It is unfortunate that a jury won’t be able to hear how absurd the merits of this case are and conclude no wrongdoing ever happened.”
Trump and his family denied any wrongdoing, with the former president saying his assets had been undervalued. Trump’s legal team insisted that his financial statements had disclaimers, and made it clear to banks that they should conduct their own assessments.
Throughout the trial, Trump attorneys brought witnesses, including former Deutsche Bank top executives, who testified the banks sought additional business from Trump, whom they viewed as a “whale of a client.”
Trump’s defense also brought in expert witnesses, including New York University accounting professor Eli Bartov, who reviewed the Trump financial statements at issue in the case and said he found no evidence of accounting fraud.
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Bartov testified last month that Trump’s financial statements did not violate accounting principles, and he suggested that anything problematic – like a huge year-to-year leap in the estimated value of his Trump Tower penthouse – was simply an error.
“My main finding is that there is no evidence whatsoever of any accounting fraud,” Bartov testified. Trump’s financial statements, he said, “were not materially misstated.”