If Trump can’t secure the bond, New York state officials can begin the arduous process of taking his assets.
Donald Trump has until Monday to come up with more than $450 million to stop his properties from being seized by authorities following the results of his New York civil fraud trial.
According to the ruling by Judge Arthur Engoron, Trump and executives at the Trump Organization inflated his assets. Initially, NY Attorney General Letitia James sought $250 million in damages – but later increased it to $370 million plus interest.
Trump has been seeking a bond of $464 million ($454 million plus $10 million to cover his sons’ fines) in order to post bond and appeal the case.
Last week, Trump said he had “almost $500 million” in cash, however his attorney Chris Kise told CNN that Trump wasn’t referring to cash he has on hand.
“What he’s talking about is the money reported on his campaign disclosure forms that he’s built up through years of owning and managing successful businesses,” he said, which the outlet noted is “the very cash that Letitia James and the Democrats are targeting.”
Assets including buildings, houses, cars, helicopters and even Trump’s plane are on the chopping block if Trump can’t come up with the money. The former president has asked a state appeals court to allow him to post a smaller bond, or none at all, claiming that irreparable harm would be done if he was forced to sell properties in a ‘fire sale’ that can’t be undone if he wins his appeal against the amount due. The court has not come back yet with a ruling.
If Trump can’t secure the bond, New York state officials can begin the arduous process of taking his assets. According to experts cited by a very giddy CNN, the first action should be seizing Trump’s bank accounts.
“The banks are the easiest part, they’ll receive the judgment from the Attorney General – the court order – then the banks will enforce,” said former federal prosecutor Peter Katz, who has handled fraud cases. “They take the funds from the account and put it in the attorney general’s accounts. The other stuff is a little more challenging.”
According to debt collection expert Alden B. Smith, New York officials are “trying to get their ducks in a row,” adding “They want to find the most liquid of the assets they can restrain immediately. A bank account is the most effective way to do it.”
Seizing Trump’s buildings and businesses is far more complicated. Once state prosecutors figure out which properties they want to take from Joe Biden’s chief political rival, they will give the sheriff an execution order, a $350 fee, and then the sheriff will post notice for the property in three places. The AG’s office must then advertise it four times, after which the property will be sold at public auction 63 days after the sheriff is given the execution order.
According to Newsweek, the following Trump-owned properties had “fraudulent” and “misleading” values, and could be on the list (with New York properties taking priority, and those in other states being more complicated to seize).
- Trump Park Avenue, New York, N.Y.
- Trump Tower, New York City.
- 40 Wall Street, New York City.
- Trump Seven Springs, Westchester County, N.Y.
- Trump International Hotel, Las Vegas.
- 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.
Trump has roughly $200 million in cumulative loans on his properties.
Just Now: “THIS IS NOT AMERICA, don’t worry adults will enter the room soon.”
Kevin O’Leary is NOT happy with how democrats are destroying the country by weaponizing the Justice system to target their political opponents. pic.twitter.com/9tuOxRoapl
— Te?asLindsay™ (@TexasLindsay_) March 23, 2024
