As Donald Trump continues his presidential bid, he is simultaneously dealing with two legal crises in New York.
The 77-year-old real estate tycoon, who has secured the Republican nomination despite numerous legal charges, has already been penalized heavily in two civil cases.
In a business fraud case, his legal team must demonstrate on Monday that he can assure payment of the $454 million fine or risk potential asset seizure. This fine was imposed by Judge Arthur Engoron after Trump and his two adult sons were found guilty in a non-jury trial. If Trump fails to provide the necessary bond, his image could drastically change, as per Andrew Weissmann, a former federal prosecutor and author of “The Trump Indictments.”
In a separate development, a criminal court in Manhattan is set to schedule a new date for his landmark trial over payments to adult film actress Stormy Daniels. Trump has been vocal on his Truth Social platform, criticizing Judge Engoron and New York Attorney General Letitia James.
Despite his alleged inability to secure a bond, Trump boasted online on Friday about having nearly $500 million in cash, which he intended to use for his election campaign against President Joe Biden. He also received some positive financial news on Friday when it was announced that Truth Social would go public through a merger, potentially earning him billions of dollars.
If he fails to secure a bond, Carl Tobias of the University of Richmond law school suggests that Trump faces the risk of significant financial damage and humiliation. James could freeze his bank accounts or seize some of his New York properties. Trump might even consider declaring bankruptcy, according to Tobias.
His legal team has been seeking every possible delay to his many trials, ideally until after the November 5 presidential elections. The trial involving Stormy Daniels, whose real name is Stephanie Clifford, was initially set to start on Monday but has been postponed by at least a month. Trump, who denies having an affair, could face up to four years in prison if convicted. His lawyers are requesting a three-month delay to review thousands of pages of evidence recently provided by prosecutors. They also want the trial to be postponed until the US Supreme Court decides on his claim of absolute immunity for actions taken during his presidency.
