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20 July, 2024
 
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FT: Judge denies Trump's request to delay $450M payment

The presidential hopeful may need to sell off his properties in order to pay of the judgement

Newsroom

A New York judge has rejected Donald Trump's request to temporarily halt the state's attorney-general from collecting a $450 million judgment while he appeals a civil fraud ruling. The decision implies Trump must find hundreds of millions to deposit with the court or risk the seizure of his assets, including New York properties while awaiting an appeals court hearing. Trump's lawyers warned he couldn't afford the full amount and proposed a $100 million bond. The judge declined the lower bond but postponed enforcement of non-financial penalties.

The Financial Times reports that the battle underscores the financial strain on Trump, facing multiple legal challenges while campaigning for a second presidential term. Trump, appealing the fraud ruling, must post cash or a bond to prevent asset seizure. The bond, costing over $550 million, poses a challenge for Trump due to his record of bankruptcies and unpaid bills. The ruling allows the attorney-general to seize assets if Trump fails to post the bond.

Trump's financial position remains unclear, with his organization being private. Trump's claim of "substantially in excess" of $400 million in cash is hard to verify. The decision raises the possibility of Trump's properties being seized, though their value as collateral may be less than perceived. Trump's shift to licensing the Trump name, not owning properties, may impact collateral options. Key properties, including 40 Wall Street and 1290 Avenue of the Americas, carry mortgages.

Trump could face challenges using Mar-a-Lago as collateral due to varying valuations and deed restrictions. The psychological cost of parting with it is noted. Alternatives include support from wealthy friends, pro-Trump PACs, or the Republican National Committee. However, none currently have sufficient funds to cover the bond. The ruling places financial pressure on Trump as legal battles continue.

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