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Trump must pay 464 million by today.  What happens if it doesn't work?

Trump must pay 464 million by today. What happens if it doesn't work?

to Viviana Mazza

The former US president, who is again running for the White House, has to pay a huge sum for various convictions. Attorney General James can immediately begin proceedings to seize Donald's assets

Overtaken by Joe Biden (who has $155 million in his electoral coffers, while the latest available data indicates the Republican leader is 40 years old), Trump must now deal with procedural emergencies as a priority. He has no money and has been unable to find collateral to cover the $464 million he was ordered to pay for financial and tax crimes committed by the Trump Organization:
They must pay it by today, as a deposit pending the outcome of the appeal already filed. Here's what could happen if you fail to pay.

What happens if Trump doesn't pay today?

Trump was sentenced to pay $464 million or bail guaranteeing the payment of this amount after appeal. Judge Arthur Engoron's decision,
In the civil trial last February in which Trump and his children were found guilty of providing false information to banks and insurance companies in order to obtain more advantageous deals. If we add to the money owed by his sons, Don Jr. and Eric, and the Trump Organization, and the interest accumulated since the day of the ruling (at a rate of $100,000 per day), the number reaches $463.9 million. The deadline for payment is today, Monday, March 25.

Can Trump get out of this without paying?

Trump asked to be able to post lower (or no) bail pending the outcome of his appeal, stating that the damage would be irreparable for him if he had to sell his property if he won the appeal. His lawyers say he tried to obtain bail through thirty different insurance companies, but none were willing to provide it because they do not accept real estate as collateral, and that he would have to provide them with $550 million in cash and liquid investments. The Court of Appeal has not yet ruled on this matter. He usually issues his rulings on Tuesday or Thursday, and it is unlikely that he will issue his decision today. Declaring bankruptcy remains another option to avoid payment for months or perhaps years (New York City would have to line up with other creditors).
But Trump does not seem to want to consider this option, because it would have a political cost for the White House candidate who is very focused on the image of a shrewd businessman.

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Do you or do you not have cash?

Last Friday, Trump wrote on his social network Truth that he has approximately $500 million in cash that he intends to use in his election campaign and that Attorney James wants to take it from him. His lawyer later told US media that he was not referring to cash on hand, but rather to funds revealed in campaign documents that he had raised in the past. according to The New York TimesRecent interviews and statements show that until recently, the former US president had more than $350 million in cash, plus stocks and other investments that he could sell quickly, but it would not be enough to raise the necessary total. Trump recently had to post $92 million bail while also appealing the libel trial of journalist E. Jean Carroll.
He can find someone to give him a loan. He may decide to sell smaller properties. The fact is that Trump's social network will be listed on the stock exchange today: the value of his package will be $3 billion, but there is an agreement that prevents him from selling shares for six months. He could ask shareholders (most of whom were his allies) to circumvent the agreement, but this would cause the value of the shares to decline.

What assets will the prosecutor look at?

It can target buildings, homes, cars, helicopters and airplanes. But he will likely first target bank accounts, which experts say are easier to attack than the properties that include the 40 Wall Street building (which he mentioned in an interview with the New York Times). Letters of News last month) and Trump Tower. To seize the property, in fact, it is necessary for prosecutors or US Marshals (federal police who have the task of ensuring the implementation of federal court rulings) to go to the headquarters of the banks held by Trump. his money, armed with a court order. The bank manager must present a check with the required value.
If it wants to target Trump's buildings or businesses, the district attorney must give the sheriff a warrant. 63 days must pass before the property can be auctioned. The fact that the District Attorney's Office has communicated Westchester County Judge Engoron's ruling is an indication that he is preparing to seize his golf course at Briarcliff Manor and his private property in Seven Springs (the latter, in particular, is directly involved, along with the offices at 40). Wall Street, in the fraud case).

And Mar-a-Lago?

It is difficult for the New York Attorney General to seize out-of-state property. The ruling has not yet been notified in Florida, where Mar-a-Lago is located.

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