In order to prevent asset seizures as his case works its way through the appeals process, embattled former US president Donald Trump posted a $175 million bond in his New York civil fraud lawsuit on Monday, according to a court filing.
He was originally ordered to pay a $454 million bond, but a New York appeals court reduced that amount to $175 million last week, allowing him ten days to pay the whole amount.
Appeal process enabled by Trump’s $175 million bond
The initial penalty of nearly half a billion dollars had threatened to force New York authorities to take Trump’s assets if he was unable to pay; but, the reduction in the amount and his announcement on Monday that he had found a firm to post the bond has given him some breathing room.
“I greatly respect the decision of the appellate division and I will post $175 million in cash and bonds or security or whatever is necessary very quickly, within the 10 days,” Trump stated at the time.
Knight Specialty Insurance Company, a California-based company, provided the lifeline by announcing the bond in a document made public by the court on Monday.
Prosecutors have targeted Trump for a number of alleged offenses, including attempting to rig the 2020 election—when he became the first president in modern US history to refuse to concede and incited a rally of supporters to march on Congress—and fabricating business records in the hush money case.