What happens if Donald Trump can’t post $454M bond?
NEW YORK - Donald Trump is right now on the hook for a $454 million dollar judgment following his loss in the civil fraud case brought by New York Attorney General Letitia James.
His lawyers are trying to convince a judge to either put that on hold-- or decrease the amount-- while he files an appeal of the case, but they may not be successful.
"He is saying that he cannot come up with that amount of money," said former federal prosecutor Katie Cherkasky.
Trump’s attorneys say they've contacted 30 underwriters to try to secure that bond, and every one of them said no. His lawyers told the court it’s a "practical impossibility."
But Wednesday, James responded, asking the court to disregard that claim. She’s suggesting he try securing the amount by breaking it up into smaller bonds from multiple underwriters.
Former U.S. President Donald Trump sits at the defense table with his defense team in a Manhattan court on April 4, 2023 in New York City. Trump was arraigned during his first court appearance today following an indictment by a grand jury that heard
At the end of the day, if he cannot pay, James has been clear about her next move.
"We will seek a judgment-enforcement mechanism in court," James told ABC News in an interview last month. "And we will ask the judge to seize his assets."
Trump is facing a March 25th deadline of paying that bond or else he runs the risk of losing-- even if temporarily-- some of his most prized possessions: his property, for example, trump tower. His office tower at 40 Wall Street is another possibility.
"The Trump properties are at risk of seizure," Cherkasky said. "If the appeal does not proceed, if the court does not allow it, then technically James's office is… essentially allowed to begin to recover the damages from the case."
Cherkasy says Trump shouldn’t be counted out just yet.
"He still has until Monday to come up with the financing for this, or reach a negotiation with the appellate court where they would allow him to proceed with the appeal without the full amount posted," she says. "[That’s] something that Letitia James’s office has objected to but ultimately will be the appellate court’s decision."