SARANAC LAKE — A Saranac Lake man charged with attempted murder for allegedly stabbing a Lake Placid man numerous times on Lake Flower Avenue on March 10 has been released on bail while his case makes its way through the court system.

Essex County Assistant District Attorney Ken Borden said Walter Finnegan Jr., 73, posted bond on Tuesday, putting up his own home as security for a bond.

North Elba Town Justice Alec Friedmann said the bail release was handled by the North Country Bail Bonds company.

“We have no further information at this time,” he wrote in an email.

Borden said Finnegan is represented by Albany attorney James Knox, a partner with the E. Stewart Jones Hacker Murphy law firm. A call to Knox’s office on Friday was not returned by press time.

Finnegan was charged by Saranac Lake police with second-degree attempted murder, first-degree burglary, first-degree assault, first-degree menacing and third-degree criminal possession of a weapon, all felonies, as well as resisting arrest, a misdemeanor.

SLPD Chief Darin Perrotte said Aaron Gillespie, 49, was hospitalized with multiple stab wounds after the alleged attack at a house at 219 Lake Flower Ave.

“Finnegan and Gillespie engaged in a verbal argument and physical altercation inside a residence on Lake Flower Avenue,” Perrotte wrote in a press release. “Finnegan was instructed to leave by the resident. Finnegan went to his vehicle and retrieved a knife. Finnegan then returned to the residence, unlawfully entered and reportedly stabbed Gillespie multiple times.”

Perrotte said Gillespie was found in the street between NBT Bank and the Saranac Waterfront Lodge. Gillespie was transported to Adirondack Medical Center by the Saranac Lake Volunteer Rescue Squad and was later transferred to Albany Medical Center for further treatment for multiple stab wounds.

Borden said he originally requested bail for Finnegan to be set at $250,000 cash and $500,000 bond. The court set bail at $50,000 cash, $100,000 bond or $100,000 partially secured bond with 25% down.

With security, Borden said Finnegan only had to pay the bondsperson’s premium on the $100,000.

He hasn’t seen the paperwork for the release yet himself.

Finnegan was supposed to appear in court for a procedural felony hearing on Tuesday, but his attorney asked Borden to adjourn so they could speak about the case more before Borden makes a decision on how he is going to proceed.

Borden agreed, because this gives him more time before making an indictment. Finnegan is set to return to court to resume the procedural process on May 2.

Borden said he is still investigating the case. Eventually, he said he will come to an agreement with Finnegan’s attorney based on the seriousness of the crime, then present the case to a grand jury to see if they will move forward with charges.

Borden said orders of protection have been issued for the victim and any witnesses.

“It is concerning,” Borden said of the release. “The thing that many people don’t understand about bail, which has been complicated even further by the bail reform, is that you’re not permitted to consider somebody’s dangerousness when setting bail.”

He said bail is just set to ensure their likeliness of returning to court.

This means Finnegan must return to court when asked or face further charges, and cannot commit any new offenses or he would face harsher charges.