Former President Donald Trump posted a $175 million bond to prevent New York from seizing his assets like Trump Tower while he appeals a civil fraud case.
A New York judge had ruled Trump inflated his company’s value to get better terms on loans and insurance, ordering him to pay $450 million.
“Donald Trump posted a $175 million bond on Monday to prevent New York authorities from seizing his assets, including properties such as Trump Tower, pending appeal of a civil fraud judgment against him of nearly a half-billion dollars,” the Washington Post reported.
“The former president’s posting of the bond was necessary to keep New York Attorney General Letitia James (D) from initiating legal steps to take over his properties,” it added.
An appeals court reduced the bond amount, giving Trump 10 days to post it.
“I greatly respect the decision of the appellate division and I’ll post the $175 million in cash or bonds or security or whatever is necessary very quickly within the 10 days, and I thank the appellate division for acting quickly,” Trump said.
Should he lose his appeal, Trump will owe over $450 million from the judgment against him.
He has said he will appeal the ruling “all the way” to the Supreme Court if necessary.
The bond ensures his assets remain untouched during the appeals process in the high-profile case brought by New York Attorney General Letitia James.
