In an unprecedented twist in a US presidential election campaign, former President Donald Trump faces a three-day deadline to secure nearly half a billion dollars or risk the dismantling of his property empire, piece by piece.
The crisis stems from Trump’s struggle to secure a bond to cover $464 million plus interest charges, allowing him to appeal a civil fraud trial judgment against him, his adult sons, and his company. Failure to secure the funds by Monday could prompt New York Attorney General Letitia James to begin seizing Trump’s assets to fulfill his obligation to the state.
James has prepared for this possibility with court filings indicating Trump’s Seven Springs estate and golf course in Westchester County, New York, as potential targets. “The attorney general is ready to go. They are ready to go after his money to try to fulfill the judgment,” said Adam Leitman Bailey, a real estate attorney who has sued Trump seven times.
While this crisis primarily concerns Trump’s business and personal wealth, it carries significant political implications due to his status as the presumptive Republican presidential nominee. No other candidate has ever faced such a distraction in the midst of an election campaign, separate from the former commander-in-chief’s parallel constellation of criminal cases that will dominate the run-up to Election Day.
Despite these challenges, Trump’s resilience as a candidate remains evident, as shown in two new CNN polls conducted by SSRS. One poll shows the former president leading 50%-42% in Michigan and in a dead heat with Biden in Pennsylvania.
Trump’s posts on social media reveal his desperation, as he claims he’s not guilty of breaking the law but is the victim of endless political persecution. He has also sent out a fundraising appeal to supporters titled “Keep your filthy hands off of Trump Tower!”
Trump’s legal troubles could potentially drive any conventional candidate from the race. However, his standing in the race reflects the daunting problems shadowing Biden’s reelection bid as the unpopular president tries to convince Americans that a recovering economy is healthier than they perceive.
Trump’s struggle to secure funds after multiple insurance firms declined to underwrite the bond raises questions about the extent of Trump’s liquid wealth. The rush to finance the bond has caused panic in the ex-president’s inner circle, but this is only one of the multiple perils confronting Trump.
Despite these challenges, Trump’s net worth could soon soar with the merger of his media properties including the Truth Social network and Digital World Acquisition Corp., a blank-check firm. However, conditions of the deal mean that the ex-president could not liquidate his shares immediately.
State lawyers filed judgments in Westchester County, north of Manhattan, on March 6, a week after the civil fraud judgment finding that Trump, his adult sons, and the Trump Organization had committed massive fraud. Trump’s attorneys have warned that any attempt to sell off properties to meet the judgment would cause him permanent financial damage.
One option that Trump might be forced to consider is bankruptcy, a route he has used several times in his business career. However, the stigma of enduring such a process so close to a general election might be too much for the ex-president to bear.
The multiple dramas again strike at the question at the heart of this election: Do Americans really want four more years of the mayhem, scandal, and challenges to the law that rage around the former president week after week?