Trump Pays $175 Million Bond to Avert Asset Seizure

Trump Pays $175 Million Bond to Avert Asset Seizure

Trump Pays $175 Million Bond to Avert Asset Seizure

Trump Pays $175 Million Bond to Avert Asset Seizure

Former President Donald Trump has successfully paid a $175 million bond in order to prevent the seizure of his assets, as he appeals a massive civil fraud verdict imposed on him earlier this year. The bond was posted with a Manhattan appeals court on Monday, ensuring that the state of New York will not start seizing Trump’s assets, at least for the time being.

Back in February, a judge had levied a $454 million penalty against Trump for deceitfully misrepresenting his assets over the years to secure more favorable loan terms. This penalty was put on hold pending the outcome of his appeal. The former president, who is currently campaigning for a potential return to the White House in the upcoming November election, is still obligated to pay the full amount, along with additional millions in interest, if his appeal is unsuccessful.

Initially, Trump faced challenges in obtaining the required bond as he was mandated to put up 120% of the total penalty amount in cash, which amounted to over half a billion dollars. However, on March 25, the appeals court granted his request for a reduced bond, giving Donald some hope that the verdict may eventually be overturned on appeal.

Trump’s lawyer, Alina Habba, stated that the former president had fulfilled his promise by posting the bond and expressed his eagerness to vindicate his rights through the appeals process. The bond was facilitated by Los Angeles-based Knight Specialty Insurance Co, a relatively smaller player in the industry led by chairman Don Hankey, who has made his fortune through expanding his car dealership company into financial services.

Trump’s claims of having nearly $500 million in cash to cover the reduced bond amount have been met with skepticism by many

This is not the first time Trump has turned to insurance companies for appeal bonds. In a separate defamation lawsuit filed by writer E Jean Carroll, Trump utilized Chubb Ltd’s Federal Insurance Co for an $83.3 million bond, which he lost in January. Donald’s claims of having nearly $500 million in cash to cover the reduced bond amount have been met with skepticism by many.

New York Attorney General Letitia James, who brought the lawsuit against Trump and emerged victorious in the non-jury trial, argued that a full bond was essential due to concerns about Donald’s reliability in paying the fine if he loses the appeal. James had already begun preparations to seize Trump’s assets in Westchester County, where he owns a golf course and a sprawling estate known as Seven Springs.

In addition to the civil fraud verdict, Trump is also facing four criminal prosecutions, including allegations of conspiring to overturn the outcome of the 2020 presidential election. His first criminal trial, centered on charges of falsifying business records to conceal a hush money payment to a porn star before the 2016 election, is scheduled to commence on April 15 in Manhattan.

Throughout these legal battles, Trump has consistently denied any wrongdoing and has portrayed the cases as part of a Democratic-led “witch hunt” aimed at undermining his political ambitions. Despite these challenges, Trump remains determined to navigate through the legal hurdles and continue his efforts towards a potential return to the political arena.

Jason Stone

Jason Stone

Jason Stone is a serial entrepreneur with multiple 7 figure business ventures across various verticals of web and marketing. He is widely known by over 7 million people around the world as @Millionaire_Mentor on Instagram. Jason utilizes his experience and passion as a motivator, mentor, teacher, and social media influencer to help others create success. Jason Stone is an accomplished Senior Executive, Consultant, and Thought Leader with more than 20 years of success across the engineering, e-commerce, social media, internet, marketing, advertising, technology, automotive, blockchain, franchising, and health and wellness industries. He is an early-stage startup tech investor/advisor to over a dozen companies. Leveraging extensive experience creating go-to-market strategies and viral marketing, he is a valuable advisor for an organization experiencing growth or launching new products. His broad areas of expertise include business development, mechanical engineering, global strategy, email marketing, digital marketing, automation, blockchain, organizational leadership, and growth hacking. t
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