Donald Trump is in serious financial trouble, and now all his assets are in the national spotlight as the deadline to pay the multimillion-dollar fine imposed by Judge Arthur Engoron in the New York civil fraud case expires.
Although the former president promised to appeal the sentence that forces him to pay $355 million in fines, to do so, he must deposit a guarantee of more than $400 million before the 30-day period expires, according to a report in the New York Post.
According to the tabloid, Trump's financial situation is quite complex: all of his assets, valued at about $2.6 billion according to Forbes, are now at serious risk of being cut to pay the fine and its interest.
That is to say, Trump's entire New York real estate empire, including his luxury Manhattan skyscrapers, professional-grade golf courses, and a 200-acre property in Westchester, could be up for grabs right now for a quick cash grab.
While Engoron's ruling imposed a $355 million fine, the judge also included a 9% interest rate charge, which will accrue daily until paid. For this reason, experts estimate that the former president will undoubtedly need more than $400 million in conservative calculations. Some even talk about an amount that ranges between 450 and 500 million dollars.
"And Trump will have to collect the money fast: he has just 30 days to come up with the cash, or to find a surety company to guarantee it for him – using some of his properties as collateral," reads the New York Post.
Additionally, the former president cannot receive loans from any bank doing business in New York state, Ergoron ruled.
The positive news for the former president in this whole matter is that legal experts believe that Trump has sufficient grounds to appeal due to the multimillion-dollar fine imposed by Ergoron.
In an opinion column for the New York Post, renowned professor Jonathan Turley, a law professor at George Washington University, stated that the judge's ruling is "obscene" and could amount to a violation of due process under the Magna Carta from the United States.
"The glaring disconnect between $355 million in fines and $0 in actual damages raises obvious concerns over grossly excessive awards," Turley wrote. "In extreme cases, it can be a violation of due process under the federal constitution."
"By imposing an astronomical award, Engoron made it difficult to even appeal his decision," continued the professor, who called this decision "one of the most insidious aspects of the ruling."
"This award should shock the conscience of any objective jurist," he said.
Meanwhile, another former New York judge told NYP on condition of anonymity that Trump has a serious chance of getting the case dismissed or the fine reduced.
Alina Habba, Trump's lawyer, stated that the New York Prosecutor's Office and Judge Ergoron want to remove the former president from the game with a multimillion-dollar fine. But she said that would not happen, and they are ready to get the money and start the appeal process.
However, the appeal cannot be filed at this time with the appropriate court, as the Engoron Court Clerk's Office has yet to submit the ruling documentation to make it official.
After the administrative process is resolved, Trump can file an appeal with the New York Appellate Division, a mid-level appeals court just above the Engoron trial court in the state's judicial hierarchy.
