Smiley face
Weather     Live Markets

Former President Donald Trump is facing a major financial hurdle as he deals with a $454.2 million judgment in his New York civil fraud trial. Trump recently admitted that he may need to sell some of his assets to come up with the funds to pay the full amount. However, a New York appeals court ruled that Trump will not have to post the full amount upfront, allowing him to post just $175 million and delay payment for the rest while he appeals the ruling. Trump, who has roughly $413 million in cash and liquid assets, could still have to pay the full $454.2 million as part of a larger $464.6 million judgment for fraudulently inflating the value of his assets.

During a press conference at his Trump Building tower in New York, Trump stated that he would use cash as collateral for the $175 million bond and promised to do so quickly. He also mentioned that if he has to spend $500 million on a bond, he would no longer have the option of funneling cash into his 2024 presidential campaign and would have to start selling things. Trump’s $454.2 million judgment has created a significant financial challenge for the former president, who has already paid his attorneys nearly $50 million in the last year. Prosecutors have argued that Trump can use multiple companies for multiple bonds, refuting his claim that he could not secure a bond in the full amount.

In addition to the financial impact of the judgment, New York Attorney General Letitia James has laid the groundwork to seize some of Trump’s properties, including those in Westchester County. Prosecutors have threatened to seize properties if Trump fails to pay his bond, including his 40 Wall Street building in Manhattan, where he conducted his press conference. The building already faces financial issues, including a debt of roughly $120 million that Trump must address before his loan on the property matures next year. Trump’s net worth is estimated at $2.6 billion, and he may be supported by his social media platform Truth Social’s Nasdaq debut, though experts suggest that he may not be able to liquidate his shares in the company immediately.

Trump has repeatedly denied any wrongdoing in the civil fraud case brought against him and his co-defendants, which includes executives at the Trump Organization and his adult children. The case stems from allegations that Trump fraudulently inflated the value of his assets for business dealings. An appellate judge in New York granted Trump a partial stay in the ruling, allowing him to delay paying the full amount while he appeals the decision. Despite the legal challenges and financial implications, Trump remains defiant, criticizing the state of New York for losing prestige and businesses while violent crime flourishes. The outcome of Trump’s appeal and his ability to pay the judgment will have significant implications for his financial future and potential political aspirations.

© 2024 Globe Echo. All Rights Reserved.