Donald Trump owes nearly $90,000 for every day he doesn’t pay his $355 million civil fraud trial penalty, according to multiple new reports
Justice Arthur Engoron’s “devastating” judgment increases 9 percent every year until it is paid off, according to the New York Daily News. Tallies from Attorney General Letitia James’ office put that at about $87,500 per day, according to the News.
ABC News calculates interest at more than $600,000 every week which, University of Michigan business law professor Will Thomas told the news station only adds to his mounting legal bills.
"If he ends up losing on appeal, Trump will have to pay both the pre-judgment and the post-judgment interest," Thomas told ABC News. "It's a lot of money.”
Interest alone could amount to a $32 million a year, according to an Associated Press analysis.
Engoron’s ruling also bans Trump from heading a New York business for the next three years. And while Trump has vowed to appeal, the News notes the former president “can’t stop the clock.”
Trump has only until mid-March to secure a bond or hand the cash over to the court.
He has also been ordered to pay $88.3 million after writer E. Jean Carroll sued Trump for defamation.
Gregory Germain, director of Syracuse University’s Bankruptcy Clinic, told the Daily News Trump has three options: come up with the cash, ask the appellate court to lower the bond requirement, or prepare for “trouble.”
“If they refused and he can’t raise the money,” Germain reportedly said, “then he’s in real trouble because the judgment creditors can enforce their judgments against his assets.”
