Donald Trump

Donald Trump Posts US$175-Million Bond in New York Civil Fraud Case

Main image to the post Donald Trump Posts US$175-Million Bond in New York Civil Fraud Case

Donald Trump recently posted a US$175-million bond in his New York civil fraud case, temporarily halting the collection of the more than US$454-million debt he owes and preventing the state from seizing his assets while he pursues an appeal. This bond serves as a guarantee for payment should the court uphold the judgment, indicating that Trump will need to pay the state the full amount, which continues to accumulate daily interest until resolved.

The New York appellate court had granted Trump a 10-day window to put up the bond after a panel of judges agreed to reduce the required amount to halt enforcement. Trump's legal team, including lawyer Alina Habba, expressed optimism about overturning the court's decision, emphasizing their commitment to vindicating his rights through the appeals process. Prior to the court's intervention to lower the bond requirement, New York Attorney-General Letitia James, who initiated the lawsuit on behalf of the state, was prepared to pursue efforts to collect the judgment, potentially by seizing some of Trump's prominent properties.

The company responsible for underwriting the bond, Knight Specialty Insurance, disclosed that both cash and bonds were utilized as collateral for the appellate bond posted by Trump. Chairman of Knight Insurance Group, Don Hankey, clarified that the underwriting process followed their standard procedures, despite Mr. Trump's claims of facing difficulties in obtaining underwriters for the substantial bond amount. Trump's legal battles, including the New York civil fraud case where he denies allegations of falsely reporting his wealth, have incurred significant costs and legal fees, impacting his available cash reserves.

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May 21, 2023 | 05:09