What Happens If Trump Can’t Post His $454 Million Bond

Donald Trump owes New York $454 million after losing the state’s civil fraud suit over his asset valuations. The former president is challenging the verdict, but he still faces a March 25 deadline to post a bond covering 120% of the judgment while he appeals. In a March 18 court filing, Trump said 30 companies that arrange such bonds declined to take his real estate as collateral and he doesn’t have enough cash. The stakes are high for his business empire as he campaigns to return to the White House.

He’s been hit with two massive verdicts this year totaling more than $540 million — a large sum even for a billionaire. Collateral of 110% to 120% of a judgment is necessary for appeal bonds, meaning the total amount he’d need to raise is closer to $600 million. That’s likely more than Trump’s cash. Trump said in a social media post March 22 that he has almost $500 million in cash on hand, though he said he’d use a “substantial” amount of that on his campaign. The Bloomberg Billionaires Index estimates his liquid assets at about $400 million, though his exact financial status remains famously opaque.