Trump Says He Might Have to Sell Properties to Pay $454 Million Penalty – The New York Times
Trump Civil Fraud Ruling
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The former president, who is appealing the penalty in his civil fraud case, offered a bond of only $100 million to pause the judgment.
Ben Protess and
Donald J. Trump on Wednesday lost his initial bid for a New York appeals court to pause the more than $450 million judgment he faces in a civil fraud case, exposing him to potential financial peril.
Mr. Trump told the appeals court that it was “impossible” to secure a bond of more than $450 million — any company providing a bond would most likely require the former president to pledge cash and other collateral — and offered to post one of only $100 million. Any bond that the appeals court accepts would prevent the New York attorney general’s office, which brought the case, from collecting from Mr. Trump while he appeals.
In court filings, Mr. Trump’s lawyers said he might need to sell some properties at fire-sale prices unless the court cuts him a break, a stunning acknowledgment of his financial limitations.
Yet the former president might still avoid that costly outcome.
Wednesday’s ruling came from a single appellate court judge assigned to consider Mr. Trump’s emergency request. Mr. Trump can try again with a panel of five appellate court judges, which next month will entertain his request to pause the judgment and accept a smaller bond.
For now, the initial ruling is a setback for Mr. Trump, who is racing the clock. If he ultimately fails to secure a bond, the attorney general, Letitia James, could seek to collect from him at any moment. Although the office is expected to provide a 30-day grace period that would expire on March 25, it has the power to move swiftly to seize Mr. Trump’s bank accounts and potentially take control of his New York properties.
However the case is resolved, Mr. Trump’s request for relief represented a humbling concession from a man whose public image is synonymous with wealth. His conspicuous displays of gold-plated luxury underpinned his rise to tabloid fame, a stark contrast with the current spectacle of him scrambling to avert financial peril.
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