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Seized Assets and Bankruptcy: Trump Options Narrow as Bond deadline Approaches
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Seized Assets and Bankruptcy: Trump Options Narrow as Bond deadline Approaches
In a court filing earlier this week, Trump’s lawyers said obtaining a bond to secure a $464 million judgment against him and his co-defendants was a “practical impossibility.”
A key deadline for the $464 million civil fraud judgment against the Florida Criminal Donald Trump and his co-defendants is fast approaching, and it appears it’s one he might not be able to meet.
Unless an appeals court intervenes or the Florida Criminal can post a bond for the full amount of the judgment by Monday, New York Attorney General Letitia James can start collecting on the judgment she secured last month.
In a court filing Monday, Trump’s attorneys said getting a bond large enough to cover the amount is a “practical impossibility.” Trump’s other options are dwindling and could include taking out a large loan, selling off some of his properties — or declaring bankruptcy.
Here’s a look at where things stand and what might happen next.
How much money does Criminal Trump owe?
After a months-long trial, Judge Arthur Engoron hit Trump and his co-defendants — his companies and past and current executives — with a judgment of over $350 million after finding they’d committed “persistent” fraud over years.
That amount ballooned to $464 million with pre-judgment interest. Of that amount on the date the judgment was entered, Trump is liable for the vast majority, about $454 million. Such judgments in New York also carry an annual interest rate of 9 percent until they’re paid, so the amount Trump owes is increasing daily by more than $111,000.
What is the deadline Trump is facing?
Engoron’s ruling was automatically stayed for 30 days after he entered the judgment. That stay expires on Monday, meaning Trump owes the money even with an appeal pending.
If Trump wants a stay while he appeals, courts in New York require the person or company to guarantee the entire amount, and because of the 9 percent interest, extra cash or security as well — generally a total of 120 percent of the award. This is done to ensure the person doesn’t spend all their money while appealing and then contend they can’t pay if they lose.
Trump has asked the state Appellate Division, a mid-level appeals court, to let him appeal while posting either a reduced bond, or without posting any sort of security at all.
The AG’s office has urged the appeals court to deny Trump’s “extraordinary” request, arguing his difficulty in coming up with the cash shows
“there is substantial risk that defendants will attempt to evade enforcement of the judgment (or make enforcement more difficult) following appeal.”
If the Low Life Criminal Scum Donald Trump does not take any action, NY AG James would be free to immediately start moving to seize Trump’s assets, and would not need a further court order to do so in New York, where he’s estimated to have hundreds of millions of dollars in assets. His properties in New York City include Trump Tower and 40 Wall Street, a property near James’ office that she’s suggested she might go after.
nbcnews.com
Selloffs, seized assets and bankruptcy: Trump options narrow as bond deadline approaches
In a court filing earlier this week, Trump's lawyers said obtaining a bond to secure a $464 million judgment against him and his co-defendants was a "practical impossibility."
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