Donald Trump’s claim that he cannot raise a $454mn bond to cover the massive fine imposed on him in a civil fraud judgment may soon be disregarded. The lawyers in the New York attorney general’s office on Wednesday (March 20) wrote to the state appeals court to do the same.
What does it mean?
Trump has till Monday (March 25) to secure the $454 million bond demanded to cover the civil fraud judgment during his ongoing appeal against it. But Letitia James, the attorney general, could implement an action plan to seize Trump assets to cover $454 million as soon as the deadline lapses.
Will Donald Trump lose the Trump Tower?
Meanwhile, Trump’s election campaign called for donations from one million of his supporters.
“Keep your filthy hands off of Trump Tower!” read a message to supporters from a joint fundraising committee as well as a separate political committee that has been paying Trump’s legal bills. Trump’s latest campaign plea said: “Before the day is over, I’m calling on one million pro-Trump patriots to chip in.”
A report in the New York Post claimed that Trump might let Monday’s deadline pass and leave it up to Letitia James to make her move. This leaves James with an option to pursue the seizure of Trump Tower in New York.
Trump maintains he is worth several billion dollars. He testified last year that he had about $400m in cash, in addition to properties and other investments.
Also watch | Trump’s civil fraud case: Donald Trump appeals $454 million in civil fraud case
Earlier this year, Judge Arthur Engoron found that Trump, his company, the Trump Organization, and executives including his sons Eric and Donald Jr, schemed for years to deceive banks by inflating his wealth on financial statements used to secure loans and make deals.
Engoron ordered Trump to pay a fine of $355m as well as an interest. At the time of the ruling, the penalty was pushed to more than $450 mn. An interest of $112,000 accrues daily since then.
