Rejected by more than two dozen bond companies, Donald J. Trump has so far been unable to come up with the nearly half-a-billion dollar penalty owed by Monday in his civil fraud trial.
Just days before the deadline, the former president’s social media company completed a merger — a move that is poised to pump an estimated $3 billion into Mr. Trump’s coffers.
That is more than enough to cover the $454 million penalty that he owes to the state of New York, but the merger restricts him from selling his shares for six months, or using them as a collateral against a loan.
Unless those rules are waived to allow him to tap the infusion of cash, Mr. Trump faces the possibility that the state’s attorney general will move to freeze some of his bank accounts and attempt to seize his properties in the city where he made his name as a real estate developer.
Lawyers specializing in bankruptcies, foreclosures and corporate insolvency warn that getting control over, and trying to liquidate, any of the former president’s flagship properties is an uphill battle.
Persons:
Donald J, Trump
Locations:
New York, Manhattan, Westchester County