(RepublicanPress.org) – In February, former President Donald Trump was found liable in a civil fraud case against him. Judge Arthur Engoron ordered him to pay more than $355 million for misrepresenting the value of his assets to procure favorable loans. Accumulating interest grew that amount to over $454 million, which he had to pay in order to appeal the judgment. However, an appellate court panel lowered the necessary bond amount to $175 million.
Just before the 10-day extended deadline expired, Trump secured the bond, beginning the appeals process. That action stopped the judgment from continuing to accumulate interest and prevented New York Attorney General Letitia James from collecting the money he currently owes — for now. The former president was able to get the bond money from California-based Knight Specialty Insurance Company. That entity will pay part of the $454 million disgorgement to the state of NY if Trump loses on appeal and fails to pay.
While neither Trump nor the insurance company publicly revealed what collateral the defendant had to use to secure the bond, Knight Specialty likely required cash or other liquid investments. Trump would have also had to pay a fee for the service. If the former US leader had failed to get help from the insurance company, James was prepared to start seizing his assets to pay the judgment. Now, the case will go through the appeals process, which could be lengthy.
The defendant was angry about having to pay in order to appeal his case, stating on his social media platform that he shouldn’t have to pay until he loses on appeal. He called the judge “crooked” for making him “pay for the privilege of appealing.” However, the rule wasn’t specific to Trump’s case. New York law requires full payment of the judgment to begin the process for everyone.
With that case now out of Trump’s hands and back in the courts, he is now preparing for his first criminal trial to begin on April 15.
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