It’s a big year for Donald Trump. Not only is he running for president of the United States, but he’s also fighting against two dozen civil fraud and several criminal charges in court.
It’s safe to say the former president probably has a lot on his mind these days, but this week, Trump is likely worried about one looming problem more than any other. That’s where he’s going to find $464 million since every bank he asked denied his request for a loan.
Trump’s Complicated Court Case
Trump’s court case is painfully complicated. From criminal to civil fraud allegations, he’s being charged with dozens of crimes by different courts at different times.
However, one thing that has become exceptionally clear is that Trump is going to owe a whole lot of money when this is all over. In fact, the judge on his civil fraud case ruled in February that the former president must pay a whopping $354 million plus interest in fines.
Judge Arthur Engoron Didn’t Go Easy on the Former President
In a 92-page decision, Judge Arthur Engoron outlined the penalties for Trump’s crimes.
It said that Trump has to pay a total of $453.5 million, including interest, he cannot serve as an executive officer or director of any company in New York for three years, and cannot ask any financial institutions in New York for a loan for three years.
Trump Has to Pay That $354 Million Right Now
Additionally, the judge ruled that Trump only had 30 days to pay the almost unbelievable fine of $453.5 million, and now, his month is up.
But it should come as no surprise that Trump has decided to appeal the decision and is now arguing he shouldn’t have to pay the nearly half-million-dollar fine until the appeals process is complete.
The Courts Say Trump Still Has to Pay, But It Will Be Considered a Bond
However, the court still wants the money. They say Trump needs to find a way to pay the almost $464 million now, and they will keep it as a bond.
If Trump wins his appeal, he will get the money back. And if he doesn’t, the $464 million fine will be distributed as originally planned.
Trump’s Lawyers Are Arguing That This Judgment Is “Unprecedented”
Trump’s many lawyers filed a 5,000-page petition on Monday, fighting for the former president’s judgment fine to be reduced.
They wrote that “a bond requirement of this enormous magnitude—effectively requiring cash reserves approaching $1 billion….is unprecedented” and “grossly disproportional.”
No One Will Give Trump the Money
Of course, Trump’s lawyers would likely be arguing against this ginormous bond no matter what, but since no financial institution will give Trump such an enormous loan, they have to fight tooth and nail to get it overturned.
They are claiming that Donald Trump has asked at least 30 companies for the $464 million he needs to pay next week, but no one wants to get involved in the former president’s mess.
Trump’s Lawyers Claim Banks Aren’t Willing to Loan Such a Huge Sum
Within the written request for a decrease in the bond, Trump’s lawyers wrote that they “approached more than 30 surety companies, proposing to pledge as collateral a combination of cash or cash equivalents and unencumbered real estate holdings…[T]he vast majority simply do not have the financial strength to handle a bond of this size.”
And that, “Of those that do, the vast majority are unwilling to accept the risk associated with such a large bond.”
The Political Element
However, while giving a $464 million loan is certainly a big ask, many large banks do technically have the capacity to approve one. Some argue that Trump is being turned down by every institution not because of the sum itself but because of the politics involved in giving it.
New York-based criminal defense attorney Dmitriy Shakhnevich explained, “There’s a whole political element, and an optics element, to this.” Essentially saying, banks don’t want to alienate half the country by showing their support for one of the 2024 candidates.
Isn’t Trump a Muti-Billionaire?
To almost every person on the planet, paying a $464 million bond out of pocket would be completely impossible. However, Trump is one of the richest men in the world, with a net worth of $2.6 billion.
However, it’s important to understand that net worth does not equal liquid assets. The majority of Trump’s money is tied up in real estate, stock options, and other business ventures. And even if the multi-billionaire does have $464 million in his bank account, he probably doesn’t want to give it to New York.
New York Attorney General Letitia James Has Threatened to Seize Trump’s Assets
While Trump’s lawyers are working to minimize his bond, New York Attorney General Letitia James has announced that she is prepared to seize Trump’s assets if he doesn’t pay by the court-scheduled due date.
AG James told the press just a few weeks ago, “If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets.”
What Will Happen if Trump Doesn’t Pay?
Now, you might be wondering, if Trump’s lawyers are unable to get the judgment fine overturned before March 25, 2024, and Trump doesn’t pay the $464 million, will The Donald go to jail?
But the answer is no. The worst-case scenario for Trump right now is that his many real estate assets will be seized by the government until he can or does pay the judgment or until his appeals process is complete. Though that’s still a pretty horrible situation for a presidential candidate.
