Donald Trump is hours away from a deadline to pay a $457 million bond to New York Attorney General Letitia James.
The presumptive GOP presidential candidate was found liable in February by Judge Arthur Engoron for a $454 million judgment, including interest, for conspiring to inflate the value of his assets in New York.
Trump has to put up that amount cash, or a far-costlier bond for that same amount, by Monday or the AG has promised to begin “enforcement action.”
Donald Trump is hours away from a deadline to pay a $457 million bond to New York Attorney General Letitia James.
The presumptive GOP presidential candidate was found liable in February by Judge Arthur Engoron for a $454 million judgment, including interest, for conspiring to inflate the value of his assets in New York.
Trump has to put up that amount cash, or a far-costlier bond for that same amount, by Monday or the AG has promised to begin “enforcement action.”
Trump and other executives of the Trump Organization are liable for the nearly half-a-billion dollar penalty. They were found last month to have conspired to inflate the value of their real estate assets to dupe lenders.
The former president was given 30 days from the judgment to pay up or secure an appeals bond to cover the cost of the fines while he fought the ruling in court. That runs out on Monday.
Though he tried to secure a bond, which would have required he provide $1 billion in cash reserves to cover the risk, he was spurned by roughly 30 companies, The New York Times reported.
Trump’s debt rises daily by $111,984 in interest, meaning he owes New York state another $1 million every nine days.
The debt falls due on the same day as jury selection for Trump’s Manhattan hush-money trial begins. He is expected to attend that hearing.
Source: Business Insider
