Donald Trump filed court papers this week claiming he can’t afford to pay the $464 million he owes as part of the New York civil fraud verdict won by New York Attorney General Letitia James, who vowed to seize the former president’s assets if he can’t cover the bill in cash.
Trump filed the motion in a mid-level state appellate court, asking for a delay in paying the staggering fine while he challenges the decision or to be allowed to post a lower bond of $100 million by his March 25 deadline, although usually, defendants must post a bond payment greater than the penalty to become eligible for an appeal.
The interest on the penalty is growing by more than $87,500 each day that Trump doesn’t pay the full amount, following a Feb. 16 ruling that found Trump liable for inflating the value of his New York real estate, including his hotels and golf clubs, while defrauding banks and insurers for decades.
Trump maintains his innocence and seeks to appeal the verdict despite lacking the necessary funds to do so. The former president said in a social media post on Tuesday that he would sell some of his properties for cheap “fire sale” prices in order to pay the debt.
“Judge Engoron actually wants me to put up Hundreds of Millions of Dollars for the Right to Appeal his ridiculous decision. In other words, he is trying to take my Appellate Rights away from me,” Trump wrote on Truth Social about the New York judge who ruled against him. “Nobody has ever heard of anything like this before.”
“I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!” he added.
What Happens If Trump Can’t Pay Bond?
Posting the full bond would pause the fine collection until the appeal process is completed. For now, it is unclear whether the appellate court will rule on Trump’s March 18 bond reduction request before next week’s…
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