As you likely know, Trump has been fighting a legal with New York Attorney General Letitia James for months now. But according to a recent approval by the presiding judge, there seems to be light at the end of the tunnel for Trump.
Trump has been accused of several counts of civil fraud. Supposedly he overvalued a number of his properties so as to gain certain and favorable loan agreements and terms from a number of banks. Those loans have been paid off with interest and according to all the agreed-upon terms.
But James, who has basically been on a witch hunt to take Trump down, used the only thing she had. And naturally, she found a judge who was willing to play her game.
Thanks to New York Judge Arthur Engoron, Trump has been found guilty. As such, he was supposed to pay a whopping $454 million in bonds, which many saw as a “cruel and unusual punishment.”
With Trump’s other ongoing legal fees and an expensive presidential campaign underway, it’s been known that Trump’s finances are not what they were. It was believed that he would have had great difficulty paying such a bond, which would mean that James may have the opportunity to then seize his New York business assets and freeze his bank accounts.
Fortunately for Trump, the court has now agreed upon a much smaller bond payment for the victimless crime.
According to Axios, Engoron has now approved a $175 million bond to be paid by Trump.
Of course, getting there was a bit like pulling teeth. As the outlet reported, James had a problem with the issuer of the bond, Knight Specialty Insurance Co., based in California. James pointed to a lack of registry with NY’s State Department of Financial Services.
But as Trump’s lawyers explained, she barred him from doing business in NY, so he was forced to go elsewhere.
Then, she tried to claim that Trump might be able to access a cash account with Charles Schwab that was used as collateral for the Knight bond.
Finally, at the end of the day, Engoron approved of the bond only if Knight held “exclusive control” of the bond and the cash account.
But it’s still a major win for Trump.
