Donald Trump’s lawyers are asking a New York court to put a $464m (£365m) fine in a civil fraud case on hold, as the former president finds himself in a precarious financial situation that could ultimately see his most prized properties taken.
If Mr Trump wants to continue his appeal in the case without the state seizing the fine from him, he must submit the full amount in cash or secure a bond from a private company by 25 March.
But on Monday, his lawyers said that despite their “diligent efforts” it had been “practically impossible” to find a company willing to act as a guarantor of the full sum and asked for a pause.
“We really are in a moment of serious crisis for Trump personally, as well as for his business,” said Professor Will Thomas from the University of Michigan Ross Business School.
So with the clock seemingly ticking, here’s what could happen next in the case.
1) Trump gets a pause
A panel of appeals court judges will decide by 25 March whether the $464m judgement can be paused while Mr Trump appeals.
This would be a best case scenario for the former president, who is no doubt eager to avoid having to pay an estimated 16% of what Forbes reports is his $2.6bn net worth.
The fact that Mr Trump has assets in the state of New York that can be seized, however, could reassure a court that he would be able to pay the penalty if he lost the appeal, according to Mr Thomas.
Mr Trump is seeking to overturn the judge’s finding that he owes millions in potential lost interest by the banks that loaned him money, and from the profits of his sale of his New York golf course and Washington DC hotel.
“I think it is very likely that he will get some kind of stay – unless they find some other stopgap option,” he told the BBC.
Renato Mariotti, a lawyer who represents large real-estate developers, said it was hard to predict how the court would treat a former president.
“But my clients wouldn’t get a pause,” he said.
2) He secures a bond
Mr Trump could still find a way to secure a bond – for a fee – if his request for a stay is rejected, although according to his lawyers, this could be difficult.
The bonding company would be agreeing to pay the financial penalty if Mr Trump loses his appeal and cannot do so himself.
But his legal team said they had already approached 30 companies without success.
To secure a bond, an individual has to demonstrate to the company providing the guarantee that they have enough liquidity – usually in the form of cash plus stocks or securities which can be sold quickly – to cover the amount.
Mr Mariotti said the fact he could not secure a bond could mean two things: “Trump is not nearly as wealthy as he has led the public to believe – or he didn’t prepare for this possible judgement.”
3) A compromise option
The New York appeals court could come back to Mr Trump with a middle-of-the-road option, experts said.
The court could require Mr Trump to post a bond of a smaller amount while he appeals against the ruling.
Mr Trump, however, has already asked an appeals court to allow him to post a bond covering $100m instead. His lawyers argued he would “suffer irreparable harm” if forced to pay the full sum up front.
That request was rejected by a judge.
