A New York appeals court on Monday temporarily stopped the clock on the looming enforcement of a multimillion-dollar judgment against former President Trump and his company over deceitful business practices.
In a terse order, a five-judge state appeals court panel said it would pause the enforcement of the $464 million judgment against Trump, the Trump Organization and top executives, with interest, if they post a $175 million bond within 10 days.
The pause comes after Trump’s lawyers admitted last week that, despite “diligent efforts,” it would be “impossible” for the former president to secure a full appeals bond due to lack of cash on hand.
Trump wrote Friday on Truth Social that he has nearly $500 million in cash, and he told state lawyers last year in depositions he had “substantially in excess of $400 million in cash.”
But on top of a $91 million appeal bond Trump was recently forced to pay in writer E. Jean Carroll’s defamation case, those figures fall short of what he now owes in the fraud case.
Trump’s lawyers asked the court to accept a $100 million bond — less than a quarter of the $454 million Trump owes.
New York Attorney General Letitia James’s (D) office had urged the state appeals court to make Trump put up a full bond before pausing the eye-popping judgment.
The office argued there is no rule limiting Trump to a single bond from a single surety for the full judgment amount. Instead, he could seek several bonds to limit “any individual surety’s risk” and still post the full amount, they said.
The Hill requested comment from the state attorney general’s office.
The appeals court order Monday also paused the enforcement of other penalties, including those barring Trump and top executives from serving in top leadership positions in New York businesses for several years.
The order did not pause the role of an independent monitor installed by the lower court to keep an eye on the Trump Organization’s business dealings, nor the installation of an independent director of compliance.
If Trump posts the $175 million bond in time, James will have to wait to seize any Trump assets until after the appeal is resolved.
Earlier this month, the state attorney general filed judgments in Westchester County, where Trump’s golf resort and private estate known as Seven Springs is located — a first step toward seizing it.
The temporary pause in enforcement is conditioned on Trump’s lawyers “perfecting” their appeal during the court’s September term, according to the order.
A spokesperson for the New York attorney’s office noted in a statement that the $464 million judgment — plus interest that adds $112,000 each day — against Trump and his business still stands.
“Donald Trump is still facing accountability for his staggering fraud,” the spokesperson said. “The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family and his organization.
Trump lawyer Alina Habba said the former president’s team is “extremely pleased” with the ruling.
“This monumental holding reigns in Judge Engoron’s verdict, which is an affront to all Americans,” Habba said in a statement, referring to the New York Supreme Court judge who oversaw Trump’s fraud trial. “This is the first important step in fighting back against Letitia James and her targeted witch hunt against my client which started before she ever stepped foot in office.”
Updated at 12:08 p.m. EDT