What will happen when President Trump’s $500 million national debt expires?

The appeals court typically hands down decisions on Tuesdays and Thursdays, so there is little chance of a ruling by Monday on President Trump’s request to waive his bail requirement. If that’s not the case, and Trump doesn’t post bail by then, there’s nothing in the law to prevent James from asking the New York City sheriff or city marshal to begin seizing assets. experts say.

But she has a reason to wait. Legal experts say President Trump may get some relief from an appeals court. If James begins using her own assets before her court judgment is handed down, she may then have to go after her. She may also consider optical elements for quick movement. “She doesn’t want to be accused of being overly aggressive or unfair,” said Nikos Passas, a professor of criminology at Northeastern University.

Mr. James has said he plans to seize Mr. Trump’s assets if he fails to pay. “If he doesn’t have the funds to repay the judgment, we will ask the court for a judgment enforcement mechanism and we will ask the judge to seize his assets,” she told ABC News last month. . In her interview, James named President Trump’s office building at 40 Wall Street.

Experts predict that James will likely start with real estate in New York, in part because the LLC that owns 40 Wall Street and the Seven Springs property in Westchester County is a scam. Because he is the defendant in the case. As CNN first reported, James’ office has already filed Engoron’s judgment in Westchester County court, the first step toward seizing Seven Springs’ property.

“Once she has that judgment lien, what she can do is foreclose on that judgment lien and effectively obligate the sale of the property to satisfy the judgment,” said Richards, professor of property and real estate law at Cardozo School of Law. says one Stewart Sterk.

Mr. James could decide to challenge Mr. Trump on multiple fronts, which would create an unprecedented showdown with the Republican presidential nominee. She could start by issuing a subpoena to learn more about what assets he has and where they are located, but the information uncovered in the fraud case makes her You may not need to because you already know. That’s where much of his wealth lies. New York City sheriffs could visit Mr. Trump’s banks and drain his accounts on her orders. Adam Pollock, a former New York assistant attorney general, said: Pollock said it’s also possible to schedule an auction for the property in New York or start filing a lien on property in other states, another step toward acquiring the property. Ta. To receive the full amount, he may need to acquire one or more properties and will be able to choose which properties to acquire.

Trump could find a wealthy person (or people) to come to his rescue and loan him money to post a bond. Someone with Trump’s assets could work with banks, which are typically accustomed to using real estate as collateral, to issue bonds. But records show Trump has few remaining bank relationships and limited access to banks, making the bonds much more difficult to obtain.

The parent company of Trump’s social media platform Truth Social will go public on Friday after receiving approval from investors. His shares in the company are worth about $3 billion at Friday afternoon’s share price. A lock-up agreement prohibits him from selling his shares for six months. He could ask board members, many of whom are close allies, to waive the clause so he could sell the stock, but experts say doing so could risk a decline in the stock price. It is pointed out that there is. President Trump may also consider borrowing against his own company’s stock to issue his bonds, but that could also be complicated by lock-up provisions.

In a post on Truth Social on Friday, President Trump attacked Engoron and the verdict in the fraud case, writing that he had “approximately $500 million in cash.” Experts said the statement appeared to undermine claims by Trump’s lawyers that he did not have enough cash to secure a bond. Trump’s lawyer Christopher Kise issued a statement at the request of The Washington Post. “He’s talking about the money he’s made through years of owning and operating successful businesses around the world (as reported in his campaign disclosure documents).” That’s the cash that Letitia James and the Democratic Party are after,” Kise said.

If Trump does indeed post a bond, court-appointed watchdogs of his business empire and finances should have insight into the deal. Engoron told his monitor, former federal judge Barbara Jones, this week that the bonds were not subject to “any representations made by the Trump Organization in connection with securing the bonds or any personal guarantees made by any state agency. They should be informed in advance of any efforts to secure them.” Defendants and any obligations of the Trump Organization required by the Bonding Company.

The easiest way out of this predicament for Mr. Trump is to get a lifeline from the Appellate Division of the New York Supreme Court. Trump’s lawyers asked the court to reduce, postpone or waive his bond. The court could say there is no need to post bond at all until Trump loses his appeal, or the committee could allow him to post a smaller bond. Trump’s lawyers recently asked an emergency appeals judge to allow him to post bail at $100 million, but the judge denied the request. The case is currently being reviewed by the full committee and a ruling could be made at any time.

Sterk said the court could grant Trump’s request to block seizure of James’ assets until he has had a chance to appeal Engoron’s underlying judgment. If James were to seize and sell Trump’s properties now, “he wouldn’t be able to get them back,” Stark said. Even if Trump ultimately wins his appeal, his real estate sale would be irreversible. The Court of Appeal will need to consider whether the consequences of the decision could be irreversible.

Mr. Trump’s lawyers have already indicated they intend to take their application to the state’s highest court, the Court of Appeals, if the state appellate division fails to stop the seizure of Mr. James’ assets. To do so would require permission from the Appellate Division.

As the Post recently detailed, legal experts and some in the Trump campaign recognize that filing for bankruptcy would likely postpone all of these issues by months, maybe even years. . Mr. Trump cannot escape his debt to the courts, and in fact, interest will continue to accrue, but the need to issue bonds immediately will stop the clock. New York will have to join other creditors in asking a bankruptcy judge for payment.

For a candidate who has pitched himself as a shrewd businessman, filing for bankruptcy could come at a political cost. People close to Trump told the Post this week that the president is not considering it. But he’s done it before. And his options are limited.