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Former US president, Donald Trump was granted a partial reprieve as an appeals court drastically reduced the $454 million bond he was required to post in his New York civil fraud case on Monday, March 25 and the ex-president said it would be his “honor” to put up the lower amount.
A five-judge panel reduced the massive amount to $175 million a cut of nearly 62% and gave Trump 10 days to come up with the funds, according to a brief decision handed down by the Appellate Division, First Department, on Monday morning.
“It will be my honor to post, and we’ll post whatever is necessary, whether it be cash, security or bond,” Trump, 77, told reporters as he walked out of Manhattan court for a hearing in another “hush money” criminal case.
Trump had been required to pay over the sym or post a bond for $454 million by Monday as he seeks to appeal the massive judgment ordered against him by Manhattan Supreme Court Justice Arthur Engoron last month.
New York Attorney General Letitia James, whose office prosecuted the case said she wouldn’t hesitate to seize his prized Big Apple buildings if Trump didn’t pony up.
Judge Engoron who oversaw the non-jury trial for three months last year found Trump had committed business fraud and ordered he pay the hefty penalty Feb.
The ruling from the First Department on Monday left in place Engoron’s order that an independent monitor — who’s been reviewing Trump Org practices for months, be given more oversight powers. It also left untouched the portion of the ruling requiring the company to hire a compliance officer to report to the monitor.
