A New York appeals court has made a major decision regarding Donald Trump‘s bond in his civil fraud case.
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Here’s What The New York Appeals Court Decided
According to CBS News, on Monday, March 25, the appellate court decided to reduce Trump’s $464 million bond to $175 million. Additionally, the court is allowing Trump ten days from March 25 to satisfy his bond.
CNBC adds that the decision arrived the same day New York Attorney General, Letitia James, could’ve started seizing Trump’s assets. This could have included the former president’s real estate and bank assets.
However, due to the appellate ruling, James is now prohibited from doing so. Additionally, CNBC notes that the appellate court did not give a reason for slashing Trump’s bond by about 60%.
Nonetheless, it appears the former president is happy about the decision.
“We’ll post whatever is necessary, whether it be cash or security or bonds,” Trump reportedly told reporters after leaving the courthouse.
Additionally, Trump’s attorney, Charles Kise, also released a statement on the matter.
“The ruling today represents a great first step towards the ultimate reversal of a baseless and reckless judgment,” Kise asserted in a statement, per CNBC. “The [appellate division] no doubt recognized the rule of law must triumph over the political agenda of the Attorney General. 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.”
Although the appellate court changed the original ruling on Trump’s bond, the former president will still be barred from serving as a director or officer at a New York company for the next three years. Additionally, Trump’s sons, Donald and Eric, will continue to face the same bar for the next two years.
Social Media Reacts
Social media users reacted to the latest development for the former president in The Shade Room’s comment section.
A Brief Recap Of Donald Trump’s Civil Fraud Cause & Subsequent Bond
As The Shade Room previously reported, New York City Judge Arthur Engoron passed the $464 million bond judgment against Trump in February. At the time, it was determined that Trump had committed “a decade’s worth of business with fraudulent” and “overhyped” financial statements.
In response, Trump denied wrongdoing. However, Judge Engoron ordered the former president’s bond to be satisfied by March 25, per CBS News.
Last week, Trump’s attorneys alleged that he would be unable to satisfy the multi-million dollar bond. They alleged that “the magnitude of the judgment” would require Trump to “use his real estate as collateral for the bond.”
However, after approaching over 30 underwriters, no insurance company wanted to accept real estate as collateral. As a result, Trump filed an appeal requesting a lowered bond judgment.
Days after, it was reported that Attorney General James took initial steps to begin seizing Trump’s assets, per The Shade Room. The former president may have caught a quick bread with his bond reduction. But we’ll have to wait until early April to see whether Trump satisfies his new $175 million judgment.
