For a former President, Donald Trump has faced a surprising number of legal challenges recently. Now, he is dealing with the very real possibility of losing properties if he can’t come up with a $464 million bond in his civil fraud case. An appeal bond is 'an amount of money placed in holding while an appeal is being decided', as defined by Investopedia.
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Last month, Trump was ordered by Judge Arthur Engoron to pay a whopping fee after he was found guilty of inflating the worth of his properties on financial statementsto banks and insurers to get loans and make business deals. However, his lawyers released a statement on Monday that suggests he may not be able to come up with the money:
The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude.
They continued: ‘Despite scouring the market, we have been unsuccessful in our efforts to obtain a bond for the Judgment Amount for Defendants for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented.’
The deadline for Trump to stump up is the 25th of March. Here’s what could happen to his properties if he doesn’t.
Trump knows he has no hope, says expert
New York state lawyers have urged an appellate court to dismiss Trump’s claims that it will be a ‘practical impossibility’ to post a bond that will fully cover the sum while he appeals the judge’s decision. The state insists that Trump and his team ‘didn’t explore every option’.
Attorney Glenn Kirschner said:
I think when he finally broke down and authorised his lawyers to submit that court filing that to him was mortifying and embarrassing because it made it clear that he didn't have the kind of assets as he always claimed to have, including under oath and deposition.
Kirschner explained: ‘He would not have authorised them to file that if all hope was not lost.’
Trump could lose his properties like a ‘buffet’
If Trump is unable to pay, New York Attorney General Letitia James could ask the sheriff’s department to seize his assets- including some of his many properties. Trump is well aware of this, and took to Truth Social this week to write:
Judge Engoron actually wants me to put up Hundreds of Millions of Dollars for the Right to Appeal his ridiculous decision.
He explained: ‘I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!’
Indeed, as Kirschner pointed out:
For AG James, it will be a bit of a buffet for her. She'll be able to look at all of his assets and decide what she wants to go after.
List of properties that could be lost
A document from the attorney general’s office lists the properties that had ‘misleading’ values and could be seized. Here is the full list:
- Trump Park Avenue, New York, N.Y.
- Trump Tower, New York, N.Y.
- 40 Wall Street, New York, N.Y.
- Seven Springs, Westchester County, N.Y.
- Trump International Hotel and Tower, Las Vegas, Nevada
- Mar-a-Lago, Palm Beach, Florida
- Trump National Golf Club Westchester, Briarcliff Manor, N.Y.
- Trump National Golf Club Charlotte, Mooresville, North Carolina
- Trump National Golf Club Colts Neck, Colts Neck, New Jersey
- Trump National Golf Club, Washington, D.C., Sterling, Virginia
- Trump National Golf Club Hudson Valley, Hopewell Junction, N.Y.
- Trump National Golf Club Jupiter, Jupiter, Florida
- Trump National Golf Club Los Angeles, Rancho Palos Verdes, California
- Trump National Golf Club Philadelphia, Pine Hill, New Jersey
- Trump International Golf Links Scotland (Aberdeen)
- Trump International Golf Links Scotland (Turnberry)
If the former President’s properties are seized, Kirschner explained that this will a massive blow to his reputation as a successful businessman. This comes at a terrible time for Trump, as he continues in the presidential race for the November election.
Read more:
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Sources used:
Mirror: EXCLUSIVE: Donald Trump 'mortified' with 'all hope lost' as courts set to seize properties like 'buffet'
Newsweek: Full List of Donald Trump's Properties Letitia James Is About to Take
Investopedia: Appeal Bond: What it is, How it Works, Special Considerations
