A New York appeals court handed Donald Trump a legal and financial lifeline on Monday, slashing a near half-billion dollar bond to $175 million.
The appeals court panel gave the former Republican president, who had been facing the potential seizure of some of his real estate assets, 10 days to come up with the $175 million.
Trump and his two eldest sons were found liable of inflating the net worth of the Trump Organization to obtain favorable loan terms and ordered by Judge Arthur Engoron in February to pay a $454 million penalty.
Trump needed to secure the bond by Monday in order to appeal Engoron’s ruling but the appeals court panel agreed to reduce the amount he needs to guarantee.
Trump had reportedly been finding it difficult to come up with the larger sum but The New York Times, quoting people with knowledge of his finances, said he should be able to secure the lesser amount.
Trump, in a statement on Truth Social, said he will “abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash.”
