Donald Trump just got his bond following his loss in the fraud civil trial in New York cut by more than half, and he got 10 additional days to post it.
He lost the case, and the rules in New York are very specific as to the timing and amount of the bond that must be posted, but for reasons that are unclear from the ruling (PDF) the judges have appeared to have bailed him out:
An appeals court panel in New York said Monday that former president Donald Trump would be allowed to post a $175 million bond to stave off enforcement of a nearly half-billion-dollar civil judgment against him and his business.
The order was a significant win for Trump, who was otherwise facing a massive cash crunch and the prospect of New York Attorney General Letitia James (D) moving to seize some of his assets as soon as this week.
However, while the five state judges on the panel eased the financial strain on Trump, they did not erase it entirely. They gave Trump 10 days to come up with the reduced bond of $175 million, saying they would only delay enforcement of the full amount if he put up that lower figure within this window — and it is not immediately clear how he will come up with the money.
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Trump’s attorneys have said he could not finance an appeal bond of more than $450 million. They said his team had contacted 30 companies, none of which would take real estate — which accounts for most of Trump’s wealth — as collateral. Instead they required he put up cash or investment accounts. Securing such a large bond in cash is a “practical impossibility,” Trump’s lawyers argued.
The appeals court panel on Monday did not reduce the initial judgment, only the amount Trump needs to put up for a bond while appealing. His deadline for securing the bond is next Thursday, April 4. The extra 10 days may not be enough of an extension for Trump to turn his real estate into cash, as it typically takes weeks or months to sell properties such as golf courses or hotels.
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Although the appeals court gave no reasoning for its decision, Adam Pollock, an attorney who formerly served as assistant attorney general in New York, said the decision could indicate that it might consider permanently reducing the judgment against Trump on appeal.
“It’s extraordinary because the law is clear that you have to post a bond in the full amount, and it additionally suggests that there may be concern that the underlying judgment is itself excessive,” said Pollock.
The appellate court did indicate that it wants to keep the case moving based on the schedule it laid out, legal experts said. The order requires Trump to appeal in time for the court’s September term. That requires that his appeal be prepared by July 8, according to Pollock. “Here what they’re saying is, ‘You’re not going to get to drag this out,’” Pollock said.
In addition to reducing the amount Trump must put up for his appeal bond, the panel also said it would stay other parts of Engoron’s decision.
Among other things, the panel said it would block Engoron’s decree that Trump and his company be prohibited from getting loans from any New York financial institution for three years. The panel also said it would block Engoron’s orders barring Trump from serving in a top position at a New York corporation for three years or his sons — Donald Trump Jr. and Eric Trump — for two years. An appeals court judge had granted temporary stays on those measures last month, though it remained unclear whether the full panel would maintain or change that.
The panel said some of Engoron’s other moves, including his directive installing an independent director of compliance for the Trump Organization, should stand.
It's going to get interesting when that independent monitor issues a report saying, "Same sh%$, different day," because without corrupt business practices, the Trump Org would have no business at all.
Oh, well.
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