Trump Bond Reduced To $175 Million At 11th Hour

Tyler Durden's Photo
by Tyler Durden
Monday, Mar 25, 2024 - 04:30 PM

Update (1233ET): Following the appeals court decision reducing his bond, Trump posted on Truth Social that he will satisfy it.

"We will abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash."

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A New York court of appeals has significantly reduced the bond required to stop his properties from being seized by authorities from $454 million to $175 million, in order to appeal his New York civil fraud trial.

The decision by a five-judge panel of appellate court judges, comes after the real estate mogul's lawyers argued that it was "impossible" to obtain an appeal bond of $454 million after approaching over 30 surety companies without success. Trump also said he would have to sell properties in a "fire sale" to raise cash.

Had the court denied Trump's request, and he had failed to obtain the full bond amount, Trump was at risk of losing his bank accounts, followed by some of his properties.

His attorneys had asked the appeals court to either waive the bond requirement or reduce it, arguing that the $464 million judgement against Trump and his family was likely to be overturned on appeal.

In the Monday decision, the appeals court also stayed Engoron's ruling barring Trump from serving as an officer or director of a NY company for three years, and which had barred Trump and his corporate defendants from applying for loans from New York lenders over the same period.

The new order also stayed Engoron's order barring Donald Trump Jr. and Eric Trump from serving as officers and directors of New York companies for two years.

Trump has 10 days to post the bond.