What happened
Former President Donald Trump's lawyers told a New York appellate court Monday he cannot secure a bond to guarantee the payment of a $454 million judgment for fraudulently inflating his business assets. If Trump does not post the bond or put $454 million in escrow by March 25, New York Attorney General Letitia James can start seizing his assets.
Who said what
Trump's "diligent efforts have proven that a bond in the judgment's full amount is 'a practical impossibility,'" Trump's lawyers said. Some 30 underwriters refused to guarantee a bond that large with real estate — Trump's main asset — as collateral, the lawyers said. And "obtaining such cash through a 'fire sale' of real estate holdings would inevitably result in massive, irrecoverable losses."
The commentary
Of course no one will lend Trump a half-billion dollars — "would you?" Catherine Rampell said at The Washington Post. Even if his real estate is not overvalued or "heavily encumbered by debt already," Trump has an "extensive history of not paying his bills." Trump has adequate net worth, but New York's insurance regulators will not allow real estate as collateral for surety bonds, Peter Coy said at The New York Times.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
If the courts do not help him, Trump can quickly sell assets, ask James to extend her grace period, "seek help from a wealthy supporter" or ally, or declare bankruptcy, the Times said.
-
Why does Trump keep interfering in the NYC mayoral race?Today's Big Question The president has seemingly taken an outsized interest in his hometown elections, but are his efforts to block Zohran Mamdani about political expediency or something deeper?
-
The pros and cons of banning cellphones in classroomsPros and cons The devices could be major distractions
-
Art review: Lorna Simpson: Source NotesFeature Metropolitan Museum of Art, New York City, through Nov. 2
-
Why does Trump keep interfering in the NYC mayoral race?
Today's Big Question The president has seemingly taken an outsized interest in his hometown elections, but are his efforts to block Zohran Mamdani about political expediency or something deeper?
-
Judge lets Cook stay at Fed while appealing ousterSpeed Read Trump had attempted to fire Cook over allegations of mortgage fraud
-
House posts lewd Epstein note attributed to TrumpSpeed Read The estate of Jeffrey Epstein turned over the infamous 2003 birthday note from President Donald Trump
-
Supreme Court allows 'roving' race-tied ICE raidsSpeed Read The court paused a federal judge's order barring agents from detaining suspected undocumented immigrants in LA based on race
-
Trump threatens critics with federal chargesFeature Days after FBI agents raided John Bolton's home, Trump threatened legal action against Chris Christie
-
South Korea to fetch workers detained in Georgia raidSpeed Read More than 300 South Korean workers detained in an immigration raid at a Hyundai plant will be released
-
Why are Trump's health rumors about more than just presidential fitness?TODAY'S BIG QUESTION Extended absences and unexplained bruises have raised concerns about both his well-being and his administration's transparency
-
'The McDonald's menu board is one fascinating thing'Instant Opinion Opinion, comment and editorials of the day
