The former US president has staved off asset seizures as he appeals the conviction.
posted a US$175 million bond yesterday in his New York civil fraud case, halting collection of the more than US$454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals, according to a court filing.
If Trump wins, he won't have to pay the state anything and will get back the money he has put up now. The court ruled after Trump's lawyers complained it was "a practical impossibility" to get an underwriter to sign off on a bond for the US$454 million, plus interest, that he owes. Trump is fighting to overturn a judge's February 16 finding that he lied about his wealth as he fostered the real estate empire that launched him to stardom and the US presidency. The trial focused on how Trump's assets were valued on financial statements that went to bankers and insurers to get loans and deals.
Under New York law, filing an appeal generally doesn't hold off enforcement of a judgment. But there's an automatic pause — in legalese, a stay — if the person or entity obtains a bond guaranteeing payment of what's owed.Courts sometimes grant exceptions and lower the amount required for a stay, as in Trump's case.
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