The New York Appeals Court has just paused the collection of the $454 million civil judgement against former President Trump. They slashed the bond amount to $175 million, which he needs to come up with over the next 10 days.
Here’s more from the AP:
A New York appeals court on Monday agreed to hold off collection of former President Donald Trump’s $454 million civil fraud judgment — if he puts up $175 million within 10 days.
If he does, it will stop the clock on collection and prevent the state from seizing his assets while he appeals.
The development came just before New York Attorney General Letitia James was expected to initiate efforts to collect the judgment.
Earlier this week, Trump’s lawyers pleaded for a state appeals court to halt collection, claiming it was “a practical impossibility” to get an underwriter to sign off on a bond for such a large sum.
The ruling was issued by the state’s intermediate appeals court, the Appellate Division of the state’s trial court, where Trump is fighting to overturn a judge’s Feb. 16 finding that he lied about his wealth as he grew the real estate empire that launched him to stardom and the presidency.
Even though $175 million is still an insane amount, this is a big win for Trump as it stops James from freezing bank accounts and seizing his assets.