Trump says he can’t pay $464 million bond in New York case. So, what could happen now?
Attorneys for former President Donald Trump said he could not secure a bond for his $454 million civil fraud judgment in New York — potentially putting his assets in jeopardy.
Trump is seeking to obtain the bond as he appeals the ruling stemming from New York Attorney General Letitia James’ lawsuit, which found he lied about his wealth in order to secure loans, according to the Associated Press.
As a result, he was ordered to pay the state $456.8 million.
But in order to obtain a bond, Trump and his co-defendants — including his sons — would need to post collateral worth 120% of the total judgment.
In a legal filing on March 18, Trump’s attorneys wrote it is “not possible under the circumstances presented” to obtain the full amount, adding they had been turned down by dozens of bond underwriters.
Trump has said he is worth billions, but much of his wealth is in real estate, which was not accepted by underwriters as collateral, his attorneys said, per the AP.
What happens now?
Trump’s attorneys have requested a stay from appeals court judges, which would stop James’ office from confiscating his assets as he appeals, according to New York Magazine.
James could also push back the deadline for the bond, which is currently set for March 25.
But, barring a stay or an extension, Trump could face serious consequences in the immediate term, Stewart Sterk, director of the Center for Real Estate Law and Policy at the Cardozo School of Law, told McClatchy News.
“If the appeals court upholds the bond requirement, and Trump cannot come up with the bond, (James) could bring proceedings to execute against Trump’s real estate, potentially forcing sale of those properties,” Sterk said.
James, a Democrat, previously signaled she would not hesitate to go after Trump’s assets.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” she told ABC News in February.
“I look at 40 Wall Street each and every day,” James added, referencing the landmark Trump property, known as the Trump Building, per the outlet.
Trump owns many other properties in New York, including Trump International Hotel in Manhattan, a golf club in Hudson Valley and a mansion in Westchester County.
Following the revelation that Trump could not obtain the total bond amount, he took to his social media site Truth Social to criticize the appeals process.
“The Corrupt Political Hacks in New York, Judge and AG, are asking me to put up massive amounts of money before I am allowed to appeal the ridiculous decision,” the former president wrote on March 19. “Never done before. No jury, no victim, full disclaimer clause, happy banks. ELECTION INTERFERENCE! WITCH HUNT!”
In addition to the New York civil case, Trump is facing four criminal indictments, including in Georgia and Washington, D.C., concerning his attempts to overturn the results of the 2020 election.
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