A judge in New York has granted Donald Trump's request to pause his $464m (£365m) fraud judgement, giving him 10 days to put up a reduced sum of $175m.

The former president's legal team had previously said he was unable to secure a bond from a private company for the full amount.

He had originally faced a deadline of Monday to post the $464m bond.

If he had failed to do, the authorities in New York could have started to seize his bank accounts and properties.

But on Monday, he was granted a last-minute financial reprieve by an appeals court. "I greatly respect the decision," he said. "We will abide by the decision... and post either a bond, equivalent securities, or cash."

If he pays the reduced $175m bond, it would delay enforcement of the fraud judgement and protect his assets while he continues his appeal.

The court also agreed to delay the enforcement of other penalties that were part of the original judgement, such as barring the former president and his elder sons from running businesses in New York.

Mr Trump was found liable earlier this year for repeatedly inflating the value of his assets.

Last week his lawyers said he had been unable to cover the $464m penalty despite approaching 30 financial companies to provide a bond.

To secure a bond, an individual has to demonstrate to the company providing the guarantee that they have enough liquidity, usually in the form of cash or stocks.

New York Attorney General Letitia James, meanwhile, said on Monday that Mr Trump was "still facing accountability for his staggering fraud".

"The $464m judgement - plus interest - against Donald Trump and the other defendants still stands," she said in a statement.

The appellate court's decision on Monday is a victory for Mr Trump, said Will Thomas, a professor at the University of Michigan Ross Business School, who noted that the former president is being allowed to appeal without paying the cost of a full appeal bond.

Mitchell Epner, a lawyer who handles commercial litigation, said he was surprised by the court's decision to grant Mr Trump a stay.

Just last week, Mr Trump said on social media that he had $500m in cash, an amount that would nearly cover collateral for a bond in the full amount. That comment undercut his argument he could not secure a $464m bond, Mr Epner and other experts told the BBC.

Source:
courtesy of BBC NEWS

by Madeline Halpert

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