Former President Donald Trump is facing a critical deadline to secure a bond for the multimillion-dollar civil fraud judgment against him. The New York Attorney General's office and Trump's legal team are actively working ahead of the Monday deadline to address the ruling made by Judge Arthur Engoron back in February.
Trump personally owes over $454 million, which increases to $463.9 million when including amounts owed by his sons, Eric and Donald Jr., the Trump Organization, and accrued interest. If Trump fails to secure the necessary bonds for the appeal, the Attorney General's office may begin the process of seizing his assets, including properties, bank accounts, vehicles, and aircraft.
Experts suggest that seizing Trump's bank accounts would be the initial step, as it is a more straightforward process compared to seizing properties. The legal battle revolves around whether Trump can post a smaller bond or none at all, citing potential irreparable harm if forced to sell properties prematurely.
If Trump fails to secure the bond, state prosecutors may proceed with seizing assets, starting with bank accounts. The process involves obtaining a court order and working with law enforcement to enforce the judgment.
Seizing properties, especially out-of-state assets like Mar-a-Lago in Florida, presents additional challenges. The Attorney General's office has taken legal steps to initiate the seizure process in New York, targeting properties like Trump's golf course in Briarcliff Manor and Seven Springs estate.
Bankruptcy remains an option for Trump if he cannot meet the financial obligations, although it is a route he aims to avoid. Selling smaller properties to satisfy the debt is another potential strategy for Trump and his legal team.
As the deadline approaches, experts question the courtesy extended to Trump, given the substantial debt owed to the state of New York. The former president's claims about his financial resources and campaign funds have sparked further debate amid the legal proceedings.
Overall, the situation poses significant challenges for Trump, with potential implications for his business operations and financial standing in New York.
