Trump Bond Will Stand in New York Fraud Case
Donald Trump had a few anxious moments regarding the $175 million bond posted in his New York fraud case, which was brought by Attorney General Letitia James.
James was dying to start seizing Trump’s properties, but she will have to live to fight another day.
Her initial efforts to have Trump’s bond negated have failed.
Wrong Again, Letitia
Donald Trump appealed Judge Engoron's order of the initial bond, which would have required Trump to post the full judgment.
Trump had problems trying to secure a bond for more than $450 million, so they appealed the ruling.
On the final day, only hours before Trump would have forfeited his right to appeal, giving James the green light to start seizing properties, Trump won his appeal on the judgment.
The bond was reduced to $175 million, which Trump quickly secured.
Then James decided she was going to fight the validity of the bond, arguing that the company that backed the bond was not certified, as well as questioning how Trump secured the bond.
Trump has now agreed to keep all cash to secure the bond, and James has backed off her challenge.
After the bond was ruled to be valid, Trump stated, “We put up cash and the number is 175.
“[James] shouldn’t be complaining about the bonding company. The bonding company would be good for it because I put up the money.
“I have plenty of money to put up.”
Trump defense attorney Alina Habba added, “We wasted time. The judge said he thought money market accounts go down under the amount — he doesn’t understand the basic principles of finance.
Chris Kise, another Trump attorney, piled on, stating, “Despite another flawed and desperate protest by the Attorney General, President Trump is pleased the Court determined the $175 million he posted in cash is worth $175 million, and the bond form in use in the New York court system for a century is in fact acceptable.”
Trump can now freely move forward with his appeal in the case, an appeal that I believe will be successful.
At the very least, I expect the judgment to be significantly reduced, if not completely vacated for Trump.
