Former President Donald Trump will not have to immediately post a bond for more than $454 million in a civil fraud case against him and his company, as an appeals court ruled that Trump can delay payment of the full bond while he appeals the ruling, as long as he posts a partial $175 million bond within 10 days. The civil fraud case found Trump and his associates liable for fraudulently inflating the value of assets on financial statements for personal gain, resulting in a broader $464.6 million judgment in total. This judgment also included $4 million judgments for Trump’s sons and $1 million for ex-CFO Allen Weisselberg.
Trump had requested the appeals court to pause the judgment while he appeals the case, stating that he had difficulty securing an appeals bond for the full amount of $454.2 million plus interest. The court partially granted Trump’s request, ordering him to pay $175 million immediately, which was more than the $100 million he had previously asked to pay if he couldn’t delay payment of the full amount. The court also paused other aspects of the judgment, such as restrictions on Trump and his sons leading New York businesses and a prohibition on Trump obtaining loans from New York financial institutions.
Although there is no formal deadline under New York law for Trump to pay the judgment, New York Attorney General Letitia James was expected to start enforcing the judgment and potentially seize his properties if Trump did not pay by Monday. The attorney general’s office stated on Monday that Trump is still facing accountability for his fraud, and the $464 million judgment against him and the other defendants still stands.
Trump now has 10 days to post a bond for $175 million and has indicated that he will comply with the ruling by posting either a bond, equivalent securities, or cash. It is uncertain how long it will take for Trump’s case to be heard on appeal, though the court indicated that it would be during its September 2024 term. Trump’s lawyers estimated that they would need to pay $557 million to secure an appeals bond for the full judgment, including interest and premiums. Interest on Trump’s judgment accrues at 9% per year, amounting to more than $111,000 per day.
Forbes estimates Trump’s net worth at $2.6 billion, with only $413 million in cash and liquid assets, indicating that he owes more than he has in his bank account. Trump’s real estate properties make up the majority of his net worth, over $1.9 billion after debt. Trump has suggested that he may have to sell off properties to pay the judgment against him if the court had not paused the judgment. Additionally, Trump was separately ordered to pay $83.3 million in writer E. Jean Carroll’s defamation case against him, for which he posted a bond for $91.6 million earlier in March.
In the civil fraud case brought by Letitia James, Trump, his business associates, including his sons, and the Trump Organization were accused of fraudulently misstating the value of assets on financial statements to obtain better business deals and reflect a higher net worth for Trump. Judge Arthur Engoron found Trump and his co-defendants liable following a trial, ruling that there was overwhelming evidence that they knowingly signed off on false financial statements. Trump has criticized the civil fraud case as a witch hunt designed to harm him in the presidential election.
