An appellate court in New York State on March 25 agreed to pause the deadline to collect Donald Trump’s $454 million civil fraud judgment if he could post a $175 million bond within ten days, the Associated Press reported.
If Trump posts the lower bond amount in time, it would stop the collection of the judgment and prevent New York Attorney General Letitia James from seizing his assets while the case is on appeal.
In its decision, the appeals court also halted Judge Arthur Engoron’s ruling barring Trump and his co-defendants from serving in corporate leadership in the state for several years.
The order, which was a major victory for Trump, came just as Attorney General James was poised to begin collection on the judgment ordered by Judge Engoron in mid-February.
While attending a hearing in the Manhattan hush-money case, Trump hailed the appellate court ruling and told reporters that he would post the $175 million bond in cash or securities.
Trump also blasted Judge Engoron, accusing him of doing a “disservice” that “should never be allowed to happen again.”
In a statement in response to the appellate court ruling, the Attorney General’s office clarified that the judgment remained in place regardless of whether the collection was paused by the court, and that Trump would still be held accountable “for his staggering fraud.”
Trump’s attorneys had asked the appellate court to halt collection of the judgment, arguing that it was “a practical impossibility” to find an underwriter who would sign off on a bond that large, especially since the amount increases daily due to interest. The defense previously proposed a $100 million bond but an appellate judge rejected the request.
A five-judge panel from New York State’s intermediate Appellate Division issued the March 25 ruling which Trump’s attorneys in the case Christopher Kise and Alina Habba described as a key first step in their appeal.
