The Guardian, March 2024
Time was running out for Donald Trump to secure a bond covering the $454m loss for his recent fraud case loss on Monday, opening the way for New York’s attorney general to begin the long, slow process of seizing his assets. The former president has until Monday to secure a bond covering the half-billion-dollar judgment against him while he appeals the decision.
Trump must post collateral covering 120% of the judgment, according to court filings, a sum of more than $557m. Last week his lawyers said it was a “practical impossibility” for him to secure a bond of this size. “A bond of this size is rarely if ever seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses,” his lawyers argued.
The attorney general, Letitia James, had made clear that she will seize Trump assets if the bond is not secured. On Friday her office filed judgments in Westchester county, north of New York City, home to Trump’s sprawling Seven Springs estate and golf course. A judgment has already been entered in New York City, home to some of Trump’s most famous assets, including Trump Tower and 40 Wall Street.
The moves are the first step in a chain of events James will have to take to secure Trump assets. “It’s not going to be a piece of cake,” said Nikos Passas, a professor of criminology and criminal justice at Northeastern University.
