Could there be serious consequences if Trump doesn’t meet the March 25 deadline?

Former US President Donald Trump is reportedly in panic as the deadline approaches to secure a half-billion-dollar bond to appeal his civil fraud case in New York.

Trump’s legal woes have been mounting the past few months coupled with various law suits brought against him involving defamation, fraud, insurrection among others.

The facts

At the present, Trump’s attorneys are struggling to find an insurance provider to underwrite his $454 million bond. Insurance company Chubb, which previously underwrote his $91.6 million bond, stated that the offer is no longer available.

According to experts, the New York Attorney-General may petition the court to enforce the $464 million judgement against Trump and his co-defendants if they are unable to pay the remaining balance of the judgement into an account with the court, obtain a bail, or agree to have the court seize their assets by Monday March 25, 2024.

But Trump who has often complained about the deadline stated that he shouldn’t have to provide the money. He expressed concerns that if he wins the appeal, he would have to mortgage or sell valuable assets at “fire sales”.

The arguments

Trial Lawyer, Kevin O’Brien, predicts a lengthy legal process due to the defendants and the large bail amount, especially if Attorney General James decides to seize the former president’s properties.

There’s also the argument of whether the Trump Tower or the former president’s official residence, Mar-a-Lago, will be seized. The Attorney General is likely to request the New York Supreme Court to order Trump to auction his New York assets including Trump Tower and 40 Wall Street, using a receiver or the New York City Sheriff, reports say.

A seizure of these properties would devastate Trump

The Republican party leader has become more concerned about the potential optics of the March 25 deadline. Trump’s legal team is said to have been on the lookout for wealthy supporters, affluent backers and also considered which of his properties could be sold quickly.

A former White House Press Secretary, Stephanie Grisham, said in an interview with CNN that “this is going to be very very hard on his ego and not just Donald Trump but the entire family. This is going to hurt them; it’s going to hurt their ego and I’m sure soon we’re to hear the Democrats going after him. The wall street is probably the one that he will hate but I think if she [James] tried to seize Mar-a-Lago or the Trump Tower, it will absolutely devastate him. I mean those are his babies.”

For the time being, Trump and his legal team are waiting to see if an appeals court will allow him to pay a reduced amount of $100 million or halt the judgement while he appeals it. Trump had also privately expressed resistance to filing for bankruptcy, and at this point, it seems the least likely option.

He has occasionally labelled the suits brought him against as a ‘political witch hunt’ and has vowed to go after the institutions bringing them if given the nod in the November general elections.