On Monday, United States former president Donald Trump secured a $175 million bond in his New York civil fraud case and prevented the seizure of assets by the state authorities which may have placed his business empire in a mess.
In the general elections to be held in the United States in November, Republican candidate Donald Trump will be facing Democratic President Joe Biden.
On February 16, he was found responsible for deceptive inflating his net worth to secure better insurance and loan terms.
The $175 million bond was backed by the Knight Specialty Insurance Company, wrote an attorney for the Los Angeles-based firm in a court filing on Monday.
‘As promised, President Trump has posted bond’, said Alina Habba, the former commander of chief’s lawyer, Alina Habba, in a statement.
‘He looks forward to clearing his rights on appeal and overturning this unjust verdict’, he added.
Donald Trump was able to successfully lobby an appeals court to decrease the bond, after which the court reduced the huge figures and gave the former president 10 days from the day of the court’s decision (March 25) to post the lessened bond.
Earlier, Trump was required to post a bond for $454 million. However, the appeals court stayed the enforcement of the judgment delivered by Trump on the condition that the smaller sum would be paid by him in 10 days.
Trump’s appeal will be heard by a three-judge panel in the appeals court on the merits. The reduction of the bond does not indicate how the panel will deliver the final ruling.
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