The ruling by a 5-judge panel of appellate court judges is a crucial & unexpected victory for #Trump, staving off a looming financial disaster. Had the court denied his request — & he failed to obtain the full #bond — he was at risk of losing control over his bank accts &, eventually, even some of his properties.
For now, those dire outcomes might be on hold. The bond will prevent the #NYAG’s office, which brought the #civil#fraud case, from collecting the judgment while he appeals.
#Trump has 10 days to obtain the new smaller bond of $175M, & 2 people w/knowledge of his finances said he should be able to secure it by then.
Until the #court accepted the smaller #bond on Mon, Trump was on the hook to obtain a bond for the full amount, in order to avoid paying #NYAG James’s office the >$454M while he appeals.
To obtain a bond of such size, Trump would have needed to pledge a significant amt of collateral to the bond co — ~$557M, his attys said….
per Lisa Rubin, though I’m not sure, pt4 seems to address this
#Trump got his #civil#fraud case #bond reduced to $175M…,but the court denied his motion to stay the provision of the judgment forbidding him from borrowing from financial institutions registered or chartered in #NY.
His #legal team previously told a judge on the panel that staying that provision was integral to his ability to obtain a bond.w/o a stay of that provision, Trump may have to post his own cash in the next 10 days. #law
The court DID stay the provision barring #Trump & his companies from borrowing from financial institutions registered or chartered by NY's Department of Financial Services. Trump now has to post less & can borrow $ more easily.
@cynblogger@Nonilex Nah. If his appeal fails he’ll still owe the $454M in full plus interest. This decision buys him time, but he’s solidly switched over to the “finding out” phase at this point.
@pmonks@cynblogger@Nonilex but why was it reduced in the first place? I mean, trump was boasting he has $500m in cash, so why not take him at his word? Why the special treatment?
There’s speculation that the appellate court is signaling that they may reduce the disgorgement amount. Which they should not. #Trump has been benefiting from this #fraud for decades & not paying the correct amount in taxes for both #NY state & federal #taxes by lying about the values of his assets.
@Nonilex
I am sickened and absolutely seething. It appears AG James can't appeal this ruling? These are fucking Cuomo judges I'm betting. What an absolute travesty of justice. 🤬 Disgusting.
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