Donald Trump’s real estate portfolio and presidential aspirations received a reprieve on Monday as rulings in civil and criminal cases provided him with some much-needed breathing space.
The previous president faced a deadline to post a $464 million bond in a New York civil trial. However, thanks to the intervention of an appeals court panel, the amount he needs to put up for appeal was reduced to $175 million. Trump announced on Monday his intention to follow the ruling and post the $175 million bond within the next 10 days.
In 2022, New York Attorney General Letitia James brought a civil fraud lawsuit against Donald Trump, and a ruling by Superior Court Judge Arthur Engoron has been issued. Trump intends to appeal this ruling.
The state appeals court panel has issued an order requiring the Trump Organization and its top executives to post a $175 million bond within 10 days.
According to Engoron, Trump and his company, along with top executives, engaged in fraudulent activities by exaggerating the worth of his family’s assets and properties on financial documents used to obtain loans from banks and insurers.
Trump had previously criticized Judge James and other Democrats whom he holds responsible for his ongoing criminal and civil trials, as he aims to reclaim the White House in a potential rematch against President Joe Biden. The civil verdict posed a threat to both Trump’s financial resources, real estate holdings, and his aspirations for the presidency.
With a reduced bond amount, Trump now has greater flexibility in managing his finances. In a statement to reporters on Monday, he expressed his intention to allocate a portion of his substantial cash reserve, which exceeds $500 million, towards funding his presidential campaign. Nonetheless, Trump did not provide specific details regarding the timing of these financial transfers into his campaign accounts.
“I want to be able to use some of my cash to get elected,” Trump declared at 40 Wall Street on Monday, right after his court appearance. “They don’t want me using my own money to fund my campaign. They don’t want that. They don’t want me withdrawing cash to support my campaign.”
When the question of when he would be investing in his campaign was posed to him, Trump promptly replied, “First and foremost, that is not something you need to concern yourself with.” He did acknowledge that he intends to contribute to his campaign, although he did not disclose the exact timing or the specific amount of personal funds he intends to allocate.
“I might consider doing that. It’s definitely a possibility,” stated Trump. “However, if I were to spend $500 million on a bond, I wouldn’t have the freedom to explore other options. I would be forced to sell assets, which is not something I have to do at the moment.”
Trump received a small break in the New York state criminal case, where he is facing accusations of disguising hush money payments to an adult film actress as legal expenses during the 2016 presidential election.
Jury selection for the hush money case in New York has been scheduled to commence on April 15, according to a ruling by the judge on Monday. This development sets the stage for the initiation of Trump’s first criminal trial out of the four, before the 2024 presidential election.
In April 2023, Trump entered a plea of not guilty to 34 felony counts. These charges were related to allegations that he had paid off Stormy Daniels through a lawyer prior to the 2016 presidential election and had disguised it as a legal expense before assuming the presidency.
“I’m not sure if the trial will take place,” Trump remarked from 40 Wall Street. “Having a trial like this in the midst of an election seems rather questionable. I’m not certain if it will actually happen. It’s possible that we’ll receive some court rulings instead.”
The judgments on Monday present a challenge for prosecutors in three other criminal cases who are trying to bring Trump to trial before November. However, it is possible that these cases could also be resolved before the election.
Former President Donald Trump is currently facing a total of 88 felony charges that are divided among four different cases in the states of Florida, Georgia, New York, and Washington.
Trump has entered a not guilty plea to 40 felony charges in a federal case in Florida. The charges accuse him of possessing and distributing classified military documents without proper security clearance, as well as attempting to circumvent the government’s efforts to recover them.
In Georgia, a grand jury in Fulton County has indicted Trump and 18 other individuals, including former New York City Mayor Rudy Giuliani and former state Republican Party Chairman David Shafer. The charges against them allege that they attempted to overturn the results of the 2020 presidential election in the state. Trump has pleaded not guilty to these charges.
In Washington, special counsel Jack Smith’s team of federal prosecutors has accused Trump of four federal counts in relation to his alleged involvement in the 2020 election dispute and the events that unfolded at the U.S. Capitol on January 6, 2021. The indictment charges him with conspiracy to obstruct an official proceeding, conspiracy to defraud the United States, obstruction, and conspiracy against the right to vote and have one’s vote counted. Trump has entered a plea of not guilty to all charges.