Donald Trump received mixed news from New York’s appeals court on Monday morning. The former president was given a huge financial break in the civil fraud case. A different New York judge, however, scheduled a separate criminal case against Trump for trial next month. The appeals court
[[{“value”:”In his civil fraud case, an appeals court granted the original president a significant economic break in New York on Monday morning. A unique New York judge scheduled a similar legal case against Trump to go on trial second month at almost the same time.
The appeals court slashed Trump’s bond to only$ 175 million.
In the civil case, Trump was found guilty at trial of defrauding banks and insurance companies of more than$ 464 million ( including interest and penalties ) by offering them false property values, which resulted in savings of hundreds of millions of dollars on insurance premiums and loan interest. Trump needs to secure a significant bond that the state could seize if Trump were to finally lose the case in order to avoid having to pay the full judgment while he appeals that verdict. Letitia James, the prosecutor for the civil fraud case in New York, immediately gave Trump 30 days after the verdict to begin making payments on his owed money. However, the state appeals court granted Trump an extra 10 days to post the bond on Monday. And as he attempts to overturn the lower court’s decision, he will now need to come up with just$ 175 million in place of the half-billion-dollar bond that the trial court had demanded.
That’s a huge win for Trump. Trump had a one-day deadline to pay up, which was today, Monday, and he had no idea when he would be allowed to post a half-billion dollar bond. Trump’s attorneys in fact filed a motion with the appeals court last week asking for some sort of waiver of the bond requirements, claiming that Trump had spoken with more than 30 bond companies and that none of them would provide the funds unless Trump agreed to put up around$ 1 billion in collateral. Additionally, the bond companies requested that collateral be delivered in liquid form, not as a result of any of the Trump-branded golf courses or real estate investments. Trump simply does n’t have that kind of cash, his lawyers argued. A more realistic$ 100 million bond was requested by them.
The appeals court seems to have largely agreed, slashing the bond to$ 175 million. But that’s also going to be a burden on Trump. According to the personal financial statements he submitted as a candidate past fall, it seems likely that Trump now has some money in his hands or liquid investments, but he’s currently under some pressure from numerous other ongoing legal proceedings. Trump is currently attempting to appeal the jury’s defamation verdict against him in the E. Jean Carroll lawsuit. He also has to post a$ 91.6 million bond.
Trump’s social media platform Truth Social is expected to go public this week, which gives Trump’s wealth a huge boost, at least on paper. However, whether Trump is allowed to cash out his shares and the stock price stays great is dependent on that. ( Surprisingly, the stock price for the SPAC company merging with Truth Social as part of the deal immediately started to decline late last week after the announcement of a merger broke, before dramatically rising on Monday morning. ) Insiders like Trump are normally prohibited from selling shares of a newly listed company for six months, which would mean that the money would remain off-limits until Trump receives a special waiver.
After the appeals court’s decision was released on Monday, Trump quickly posted on Truth Social that he would abide by the new terms and would “post either a bond, similar securities, or cash”.
Trump was in Manhattan District Court for an unrelated legal case involving his alleged hush money laundering of adult film star Stormy Daniels, but just around the corner from the downtown courthouse where the appellate judges reduced his bond. Trump and his attorneys requested an additional delay in the trial’s start, which was actually scheduled to begin today, before being temporarily postponed because of allegations that prosecutors had improperly withheld some documents from discovery.
Judge Juan Merchan was not impressed with Trump’s demands, scolding the former president’s attorneys several times for being prepared. Merchan went so far as to praise the DA’s office that it’s odd that we’re actually here, praising how far beyond what was required of them when producing documents for Trump’s team.
After a brief break, Merchan immediately declared there was no need for any more delay and that the trial would begin on April 15. Outside the courtroom, Trump said he would appeal that decision, also. And, as always, he called the prosecution a “witch hunt”.”}]] In New York on Monday morning, an appeals court granted the former president an enormous economic break in his civil fraud case, giving Donald Trump combined legal news. A unique New York judge scheduled a similar criminal case against Trump to go to trial next month almost at the same time, though. The appeals court
Donald Trump received mixed news from New York’s appeals court on Monday morning. The former president was given a huge financial break in the civil fraud case. A different New York judge, however, scheduled a separate criminal case against Trump for trial next month. The appeals court
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