New York appeals court cuts Trump's bond to $175M

• New York Attorney General Letitia James, who brought the case against Trump, was prepared to begin seizing Trump's assets ahead of the Monday deadline.

Driving the news: The order means that James can't begin collecting the judgment from the civil fraud trial, which found that the former president and his co-defendants committed years of financial fraud.

• The appeals court also stayed part of the judgment that barred Trump from serving as an officer or director of a New York company for three years.

What he's saying: Trump hailed the appeals court decision and signaled that he would be able to post the new bond total in a post on his Truth Social account on Monday.

• "We will abide by the decision of the Appellate Division, and post either a bond, equivalent securities, or cash," he wrote.
• "This also shows how ridiculous and outrageous Engoron's original decision was at $450 Million."

The other side: A spokesperson for James in a statement on Monday said that "Trump is still facing accountability for his staggering fraud."

• "The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands."

Zoom in: The appeals court ruling comes after Trump's lawyers in a filing last week said that it had proven "impossible" to post the bond total following the judgment in the New York civil fraud trial.

• In a sign of his growing desperation last week, Trump said he may have to sell some of his properties at "fire sale prices" to cover the $454 million bond.

Go deeper: What may happen if Trump can't secure $464M bond in New York fraud case

Editor's note: This is a developing story. Please check back for updates.