Donald Trump paid bail of $175 million on Monday in his civil fraud trial in New York, thereby avoiding the collection of the more than $454 million he owes and the state seizing his assets to settle the debt in which is appealing the ruling, according to court documents.
A New York appeals court had given the former president 10 days to get the amount after a panel of judges agreed last month to reduce the amount needed to stop the execution of the sentence.
The bail that Trump paid to the court now essentially serves to guarantee payment if the decision is upheld. If that happens, the virtual presidential candidate for the Republican Party will have to pay the full amount to the state, which increases daily due to interest.
If Trump wins, he will not have to pay anything to the state and will receive back the amount he has presented so far.
“As promised, President Trump posted bail. He is eager to vindicate his rights on appeal and reverse this unjust verdict,” said Alina Habba, a member of Trump’s legal team.
Until the appeals court intervened to reduce the bail amount, New York Attorney General Letitia James was preparing to begin efforts to collect the judgment, which possibly involved the seizure of some of Trump’s properties. . Democrat James filed the lawsuit on behalf of the state. Her office declined to comment Monday.
The court ruling came after Trump’s lawyers complained that it was “virtually impossible” to secure bail for the $454 million, plus interest, he owes.
The company that insured the bond is Knight Specialty Insurance, which is part of Knight Insurance Group. The company’s president, billionaire Don Hankey, told The Associated Press that cash and bonds were used as collateral for Trump’s bail.
“That’s how we work at Knight Insurance, and we’re happy to do this for anyone who needs a bond,” said Hankey, who is best known in the business world for his high-risk, high-interest loans to car buyers with bad credit. Hankey clarified to the AP that he has never met or exchanged words with Trump.
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