Former President Donald Trump finds himself embroiled in yet another legal saga, as he faces mounting financial pressure and the looming threat of asset seizure in the wake of a series of legal setbacks. With a US$454 million bond deadline fast approaching in a New York fraud trial, Trump on March 21, 2024 has issued a fervent plea to his supporters for financial assistance to help fend off what he perceives as politically motivated attacks and save his Trump Tower and other properties from the “filthy hands” of the New York attorney general.
Payment is due on March 25. If the bond is not paid, James will be entitled to begin seizing and selling Trump properties.
Doing so will be politically precarious, but James said last month: “If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets.
“We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day”.
That property, the Trump Building, is in lower Manhattan. Trump Tower, which Trump built in the early 1980s and lived in until becoming president in 2017, is in midtown, a Fifth Avenue landmark.
The appeal came as Trump faced an imminent deadline to pay a huge bond from a New York fraud trial that ended in a US$454m civil judgment against him for overstating his net worth and the value of his real estate properties. If he is unable to post it, authorities could start to seize the former US president’s assets.
Under the headline “Keep your filthy hands off Trump Tower!” a Trump fundraising email sent to supporters read: “Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. This includes the iconic Trump Tower”.
The twice-impeached Trump – currently the presumptive Republican presidential nominee – continued: “Democrats think that this will intimidate me. They think that if they take my cash to stifle my campaign, that I’ll GIVE UP!
“But worst of all? They think that YOU will abandon me, and that you will GIVE UP on our country. Here’s one thing they don’t know: WE WILL NEVER SURRENDER!”
The urgency of Trump’s plea stems from the imminent deadline to pay a massive bond following a civil judgment that found him liable for overstating his net worth and the value of his real estate holdings. Failure to meet this deadline could result in the seizure of Trump’s assets, a prospect that the former president is determined to resist at all costs.
Trump’s legal woes extend beyond the New York fraud trial, with a litany of criminal charges looming over him, including allegations of election subversion, retention of classified information, and hush-money payments.
Despite these mounting legal challenges, Trump remains defiant, using his legal battles as a rallying cry to galvanize his base and solicit financial support.
However, Trump’s financial predicament extends beyond his legal battles, with his campaign facing fundraising struggles compared to his political adversaries. Federal Election Commission filings reveal a stark disparity in fundraising between Trump’s campaign and that of President Joe Biden, raising concerns about the former president’s financial viability heading into the November election.
In a bid to bolster his financial standing, Trump has turned to his Truth Social platform, leveraging his sizable online following to solicit donations and rally support for his legal defense fund. Despite these efforts, questions linger about Trump’s ability to stave off mounting legal challenges and maintain his political relevance in the face of dwindling financial resources.
Lawyers for Trump said this week he could not find surety companies willing to cover the full US$454m bond, making it “a practical impossibility” to pay in full.
On Thursday, James’s office reportedly made preliminary steps in Westchester county which suggested a Trump-owned golf course and estate north of Manhattan could be in line to be seized. Similar steps have been taken in New York City. CNN said steps had not yet been taken in Florida, where Trump lives and owns golf courses, or in Chicago where he owns a hotel.
On March 21, on Truth Social, Trump called Judge Arthur Engeron “crooked” and James, who is Black, “corrupt and racist”, alleging both were involved in “election interference”.
In his fundraising email lamenting the threat to Trump Tower, he said donations would help send “Biden’s corrupt regime … the message … that our patriotic movement CANNOT BE STOPPED!
“So before the day is over, I’m calling on ONE MILLION Pro-Trump patriots to chip in and say, STOP THE WITCH HUNT AGAINST PRESIDENT TRUMP!”
As Trump’s legal battles intensify, the outcome remains uncertain, with the specter of asset seizure looming large over the former president’s empire. With the deadline for the bond payment fast approaching, Trump’s fate hangs in the balance, as he seeks to rally his supporters and weather the storm of legal scrutiny engulfing his presidency.
