Donald Trump has to raise a half billion dollars in a hurry
By Kara Scannell, CNN
(CNN) — The clock is ticking for Donald Trump to pony up roughly half a billion dollars to satisfy two recent courtroom losses.
The cash crunch challenges Trump’s long-projected image of a successful businessman with deep pockets and a maverick’s ability to outmaneuver legal and financial troubles. He rode that reputation to the White House in 2016.
Now, the presumptive Republican presidential nominee for 2024 could end up heavily indebted to a bank, donor, or some other source of capital. That’s on top of legal fees he owes and the criminal trials he’s facing..
There are two key deadlines in the next three weeks.
Monday, March 11
Trump has until Monday to post $83.3 million to meet the judgment for defaming writer E. Jean Carroll and denying her rape allegations against him.
The former president has asked Judge Lewis Kaplan to allow him to forego posting any money until 30 days after the judge decides motions Trump filed after the verdict to lower the damages amount. Alternatively, Trump asked to post a fraction of the judgment – $24.4 million or $40 million – until the same 30 days period expired.
Trump’s argument is that the jury award is excessive and should be reduced by Kaplan or a federal appeals court.
Without any changes, Trump said he would need to produce $91.63 million, which includes the district court’s common practice of requiring a bond of 110% of the judgment.
Monday, March 25
This is the deadline for Trump to post bond of $454 million in the New York attorney general’s civil fraud case.
An appeals court judge denied Trump’s emergency request to stay, or pause, the deadline. A panel of judges has now taken up the motion to delay posting bond until Trump appeals the verdict. The appeals court is expected to reach a decision by the end of March – roughly the same timing as the deadline.
Trump offered to post a bond of $100 million but that was rejected by the appeals court judge. His lawyers told the judge that a surety – the entity that’s used to actually issue a bond – will often set the bond amount at 120%, which they say means he would need to come up with more than $550 million.
Until the bond is posted interest accrues at a rate of nearly $115,000 per day post judgment.
March 25, meanwhile, is also the first day of jury selection in Trump’s first criminal trial, related to the cover up of hush money payments to Stormy Daniels. Trump has pleaded not guilty.
The-CNN-Wire
™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
