What’s next for Trump? Ex-president has 10 days to post reduced $175M bond as he appeals fraud judgment
Donald Trump now has 10 days to post a $175 million bond in order to pause collection of his more than $454 million civil fraud judgment.
The former president scored a last-minute legal win when an appeals court drastically lowered the bond amount that had been due Monday — stopping, for now, New York Attorney General Letitia James from coming after Trump’s prized properties.
The ruling, issued by five-judge panel from New York’s Appellate Division, First Department, effectively gave Trump a 10-day extension to put up the bond, which he must post as he appeals the judgment.
Here’s what happens next:
Why was the bond reduced to $175 million and will Trump post it?
At a press conference Monday afternoon, Trump claimed he had plenty of cash to cover the bond, and also said he intended to post it.
“I have much more than that in cash but I would also like to use some of my cash to get elected,” the presumptive Republican presidential nominee told reporters.
Trump’s lawyers asked for the First Department to either greatly reduce the bond amount or waive it completely, claiming impossible obstacles in getting a backer.
Jerry Goldfeder, a professor at Fordham Law School and senior counsel at the Cozen O’Connor law firm, told The Post that the First Department wanted to give the former commander-in-chief the opportunity to exercise his right of appeal.
“It appears that the court accepted Trump’s excuse that he could not post the entire amount and wanted to give him the opportunity to post a bond so that his appeal would not be an academic exercise,” Goldfeder explained.
What happens once Trump posts the bond?
Once the bond is in the hands of the court, much of the other elements of the judgment — issued by Manhattan Supreme Court Justice Arthur Engoron on Feb. 16 — will be put on hold.
That includes a portion of the ruling that barred Trump, his two eldest sons Eric and Donald Trump Jr., and other top Trump Organization officials from running any New York company for two to three years, variously.
Another element of Engoron’s decision that will be paused with the bond is a rule that he and his real estate empire can’t take out any loans in the Empire State.
But the appeals court said Engoron’s portion of the ruling expanding the role of independent monitor’s powers in overseeing the Trump Org’s dealings would remain intact.
The company also will still be required to hire a compliance officer to report to the monitor.
When will Trump actually appeal and will we get a decision before Election Day?
Trump must file all his appeal papers with the First Department in time for the September term of oral arguments in the mid-level state court.
The delays caused by Trump’s appeal case means a final decision isn’t likely to come down before the 2024 general presidential election on Nov. 6.
Trump is seeking to overturn two major rulings from Engoron, the first of which was issued before trial and found Trump liable on one of the AG’s main claims of fraud and stripped Trump of his New York business licenses.
Follow along with The Post's coverage of former President Donald Trump's search to find a loan for his $175 million bond payment
- Trump claims he has enough money post a $175M bond in a civil fraud case: ‘I have a lot of cash’
- Trump says it will be ‘honor’ to post $175M fraud case bond after appeals court cuts funds due from $454M
- Trump’s ‘only choice’ may be to declare bankruptcy as $454M bond deadline looms, top business writer says
- NY AG James moves to seize Trump assets in Westchester as $464M plus interest fraud bond deadline looms
- Trump begs MAGA supporters for help with $464M fraud bond: ‘Keep your filthy hands off Trump Tower!’
The second ruling came after trial and is the one that hit Trump with the massive financial penalty.
James’ office argued during the three-month trial last year that Trump exaggerated his net worth by billions a year on financial statements to get a leg up on loan and insurance terms.
Trump has vigorously denied the claims and has repeatedly attempted to paint the case as a politically motivated “witch hunt” being carried out by a cabal of Democrats and spearheaded by President Biden.
What happens if Trump loses the appeal?
Trump will likely be required to pay the full judgment amount — plus daily interest pegged at $120,000 — if he ultimately loses his appeal.
James has said she won’t hesitate to go after Trump’s iconic Manhattan properties if he can’t come up with the cash.
Goldfeder, the Fordham professor, cautioned against reading too much into the First Department’s lowering of the bond, noting it doesn’t necessarily mean that the court will ultimately rule in Trump’s favor on appeal.
“It only means the appellate court is giving him the opportunity to appeal,” he said.
