Selloffs, seized assets and bankruptcy: Trump options narrow as bond deadline approaches
A key deadline for the $464 million civil fraud judgment against Donald Trump and his co-defendants is fast approaching, and it appears it's one he might not be able to meet.
A key deadline for the $464 million civil fraud judgment against 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 former president 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; they 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.
After a monthslong trial, state Judge Arthur Engoron hit Trump and his co-defendants — his companies and past and current executives — with a judgment of over $350 million after he found 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% until they're paid, so the amount Trump owes is increasing daily by more than $111,000.
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