this post was submitted on 25 Mar 2024
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spoilerA judge in New York has granted Donald Trump's request to pause his $464m (£365m) fraud judgement, giving him 10 days to put up a reduced sum of $175m.

The former president's legal team had previously said he was unable to secure a bond from a private company for the full amount.

He had faced a deadline of Monday to post the $464m bond.

If he had failed to do, the authorities in New York could have started to seize his bank accounts and properties.

But on Monday, he was granted a last-minute reprieve by an appeals court. "I greatly respect the decision," he said. "We will abide by the decision... and post either a bond, equivalent securities, or cash."

At a news conference, Mr Trump suggested he would post the new sum in cash. "I don't need to borrow money - I have a lot of money," he said. "I have much more than that in cash."

If he pays the reduced $175m bond, it would protect his assets while he continues his appeal.

The court also agreed to delay the enforcement of other penalties that were part of the original judgement, such as barring the former president and his elder sons from running businesses in New York.

But the court left in place a monitor that is overseeing Mr Trump's businesses and can sound alarms if they find any misconduct.

Mr Trump was found liable earlier this year for repeatedly inflating the value of his assets.

To secure a bond, an individual has to demonstrate to the company providing the guarantee that they have enough liquidity, usually in the form of cash or stocks.

Mr Trump testified last year that he had as much as $400m in cash. Forbes gave a similar estimate in September 2023 - around $423m in cash and liquid assets.

Last week his lawyers said he had been unable to cover the $464m penalty despite approaching 30 financial companies to provide a bond.

New York Attorney General Letitia James, meanwhile, said on Monday that Mr Trump was "still facing accountability for his staggering fraud".

"The $464m judgement - plus interest - against Donald Trump and the other defendants still stands," she said in a statement.

The appellate court's decision on Monday is a victory for Mr Trump, said Will Thomas, a professor at the University of Michigan Ross Business School, who noted that the former president is being allowed to appeal without paying the cost of a full appeal bond.

Mitchell Epner, a lawyer who handles commercial litigation, said he was surprised by the court's decision to grant Mr Trump a stay.

Just last week, Mr Trump said on social media that he had $500m in cash, an amount that would nearly cover collateral for a bond in the full amount. That comment undercut his argument he could not secure a $464m bond, Mr Epner and other experts told the BBC.

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[–] [email protected] 25 points 7 months ago (1 children)

Well, I'd like to see ol Donny Trump wriggle his way out of THIS jam!

*Trump wriggles his way out of the jam easily

Ah! Well. Nevertheless,

[–] [email protected] 9 points 7 months ago

anti-thatcher-action

The #Resistance only has to get lucky once.
Cheeto Mussolini has to get lucky every single time.

[–] [email protected] 18 points 7 months ago

Nice of the judge to show some mercy on this poor soul.

[–] [email protected] 16 points 7 months ago (1 children)

Lmao. Why? Did the judge even give a reason? Can’t wait for the libs reaction.

[–] [email protected] 12 points 7 months ago

https://thehill.com/regulation/court-battles/4554072-appeals-court-pauses-464m-judgment-in-trumps-new-york-fraud-case/

The temporary pause in enforcement is conditioned on Trump’s lawyers “perfecting” their appeal during the court’s September term, according to the order.

[...]

Trump wrote Friday on Truth Social that he has nearly $500 million in cash, and he told state lawyers last year in depositions he had “substantially in excess of $400 million in cash.”

[–] [email protected] 11 points 7 months ago* (last edited 7 months ago)
[–] [email protected] 6 points 7 months ago

The judge has a surprising amount of orange powder around his lips... and white powder around his nostrils.

[–] [email protected] 6 points 7 months ago

This feels like another parliamentarian moment