The clock is ticking for Republican candidate Donald Trump, with the specter of bankruptcy looming large.
By Monday, he must secure a guarantee bond for the $464 million fine imposed on the “Trump Organization” in financial proceedings.
Trump’s legal team has informed the court of their inability to fulfill this requirement, as over 30 companies approached for guarantees have declined, citing “insurmountable difficulties.”
Compounding Trump’s troubles, the bond must cover 120 percent of the fine, totaling $557 million.
Failure to secure this guarantee by Monday could lead to public prosecutor Letitia James initiating the seizure of his real estate assets. Trump risks forfeiting his right to appeal, facing the possibility of losing iconic properties such as Trump Tower and 40 Wall Street.
He has voiced concerns about being forced into an “emergency sale” of properties, potentially causing “irreparable damage” to his company.
Trump has already appealed to a New York appeals court to halt the deposit of penalty payments, a move some view as a last-ditch legal effort. There’s speculation that authorities could go as far as attaching chains to the entrance of Trump Tower.
DA James could also target broader assets, including freezing bank accounts and possibly seizing Trump’s private plane.
Despite “Forbes” valuing Trump’s assets at $2.6 billion, his liquidity is in question. With a combined value of his properties in New York estimated at $690 million he could lose all of it.
And James potentially could also be taking action against properties like Mar-a-Lago in Florida.
CNN legal expert Ryan Goodman paints a bleak picture for Trump if he fails to comply by Monday, suggesting that James could seize all his assets and bank accounts, not just in New York, but potentially across other locations where he holds assets.
