Donald Trump may let the deadline pass to post his $454 (£378) million bond in the civil fraud case against him, leaving the New York Attorney General to seize his accounts.
As the former president struggles to gather the cash for his bond, murmurs of filing for bankruptcy, or paying a visit to his portfolio of influential friends have been circulating. However, insiders have said he may wait for New York Attorney General Letitia James to seize his assets, The New York Post reported.
On Monday Trump’s lawyers claimed that gathering the money was a “practical impossibility.” Experts have also said that for Trump to file for bankruptcy would put a major spanner in the works for a 2024 election, complicating the peak of the race.
The other option is for Attorney General Letitia James to seize Trump’s bank accounts or buildings, including Trump Tower, which includes his personal penthouse.
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Trump's lawyers said getting the money was a ''practical impossibility'' (AFP via Getty Images)Insiders say the latter is an option Trump has considered as he believes that on appealing his case he will regain control of said assets, even if he is forced to take his case to the US Supreme Court.
A source close to Trump told The New York Post: “Even if there is a taking, it doesn’t mean he can’t take it back later.” However, the decision to allow his assets to be seized does pose a risk, as the Attorney General’s office is allowed to sell any acquired assets to recover the cash it was owed.
Adam Leitman Bailey, a New York-based attorney who’s focused on the commercial real estate sector said: “They are going after the money and that’s all he has a right to get back, not the buildings — unless the judgement is reversed before they are sold.”
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Trump Tower in New York City (Corbis via Getty Images)Sources close to Trump said he has a strong case, but one insider said his case could have a chilling effect. They said: “It will have a chilling effect on people who do business in New York because it could happen to anyone.
“There will be severe consequences — not an insurrection. People will stop doing business in New York. No one will take the risk, and lenders are now spooked. The real estate market is already a disaster, with office buildings worth a fraction of what they were once worth, and there are metastasizing effects when a large part of the city’s budget is from real estate.”
One source said the ex-president could go to his “friends and supporters” for funds but hasn’t yet. They said: “He’s not an ‘I’m passing the hat’ man — he doesn’t want pity or for anyone to feel sorry for him. He will do what he has to do. He has plenty of wealthy friends who would help him if asked, but he’s not asking, as far as I’m aware.”
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