Donald Trump has posted a $175 million bond in his New York civil fraud case, halting collection of the more than $454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals.

Donald Trump posted a $175 million bond on Monday in his New York civil fraud case, halting collection of the more than $454 million he owes and preventing the state from seizing his assets to satisfy the debt while he appeals, according to a court filing.

A New York appellate court had given the former president 10 days to put up the money after a panel of judges agreed last month to slash the amount needed to stop the clock on enforcement.

The bond Trump is posting with the court now is essentially a placeholder, meant to guarantee payment if the judgment is upheld. If that happens, the presumptive Republican presidential nominee will have to pay the state the whole sum, which grows with daily interest.

If Trump wins, he won’t have to pay the state anything and will get back the money he has put up now.

  • supamanc@lemmy.world
    121·
    7 months ago

    For everyone who thinks the state should just “take Trump Tower”, do you understand that’s not something they’re good at? They would need to find a buyer. You can’t just get a buyer for such a large building in a few days. They really would prefer cash for at least part of the fine.

    I think you don’t understand how asset forfeiture works. Trump tower is worth (reportedly) some $800m. The state seizes and sell it for the $500m he owes. They would find a buyer pretty quickly at that price. Any extra on top of the judgment amount is returned with compliments to Trump.

    • baru@lemmy.world
      10·
      7 months ago

      I think you don’t understand how asset forfeiture works.

      I don’t understand. Still, from what I’ve read most of the buildings are anything but fully owned by Trump. And apparently that makes things difficult.