Former president Donald Trump’s posting of the bond was needed to keep New York Attorney General Letitia James from initiating steps to take over his properties.
NEW YORK — Donald Trump posted a $175 million bond on Monday to prevent New York authorities from seizing his assets, including properties such as Trump Tower, pending appeal of a civil fraud judgment against him of nearly a half-billion dollars.
The former president’s posting of the bond was necessary to keep New York Attorney General Letitia James from initiating legal steps to take over his properties. After a 10-week trial late last year, New York Supreme Court Justice Arthur Engoron found Trump, the Trump Organization, Trump’s adult sons and two former executives liable in February for using illegal tactics to knowingly cheat business partners to increase the company’s profits and savings., roughly the size of the judgment against him with interest included, mainly because about 30 surety companies he consulted with would not accept his real estate as collateral, only liquid assets.
Trump’s tab is growing by about $100,000 a day because interest will continue to accrue until the appeal ends. James could also pursue prized assets in Trump’s real estate portfolio like Mar-a-Lago in Palm Beach, Fla., which serves as his home and private club. Trump’s real estate assets are key to his image as a real estate mogul who owns and manages luxury properties around the world.Carolyn Hax: It’s tough to split kid duty with someone who runs 15 hours a week
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