Time is running out.
The civil fraud case against the former president, his adult sons Don Jr and Eric, the Trump Organization, and two of its executives is somewhat underplayed, considering the four criminal cases that add up to a total of 88 charges.
Contrary to popular belief, this revelation challenges two prominent misconceptions about Mr. Trump that have contributed to his fame and success: his immense wealth and his reputation as a skilled businessman with a knack for negotiating deals.
The myths surrounding him were exposed when he was held responsible for fraudulent activities in the lawsuit filed by New York Attorney General Letitia James.
In February, Justice Arthur Engoron made a ruling that held Mr. Trump responsible for paying over $464 million. The ruling stated that Mr. Trump had significantly exaggerated his net worth and the value of his assets for more than ten years. He had done so in order to secure favorable loan conditions.
Mr. Trump intends to challenge the ruling; however, he must post a bond in order to do so. This poses a problem as he seems to lack the necessary funds. Surprisingly, 30 surety companies were unwilling to utilize his namesake properties as collateral.
The companies have stated that they will exclusively accept cash or cash equivalents as payment. These cash equivalents may include marketable securities. Furthermore, the companies usually demand collateral amounting to approximately 120 percent of the judgment’s value.
In a court filing, Mr. Trump’s attorneys admitted that he was unable to produce the nearly $560 million total. However, Mr. Trump himself has taken to his social media platform, Truth Social, to assert that he possesses $500 million in cash, which he attributes to his hard work, talent, and luck.
He is most likely depending on political action committees and the Republican National Committee to cover his growing legal expenses as he continues to campaign.
According to Ms. James, her office is fully prepared to take possession of the former president’s assets if it becomes necessary to settle the judgment against him. State attorneys have filed the Manhattan court judgment in Westchester, which is the suburban county in New York where Trump National Golf Club and his Seven Springs estate are located. This action serves as the initial step towards seizing his assets.
The 2024 Republican presidential candidate, currently in the midst of his campaign to return to the White House, seems to have been understandably affected by this significant blow to his wealth and image.
The trending topic on social media platform X on Sunday was “Don Poorleone.”
Over the weekend, Mr. Trump took to Truth Social to share updates about his situation, as is his usual style.
In the past, he vehemently criticized various individuals and institutions involved in the case, including the judge, the attorney general, the fundamental aspects of the case, the clerk of the court (resulting in a gag order), and even the state and city of New York.
According to him, the Biden administration is to blame for the case, as he believes that the “Trump hating attorney general” is taking orders from the White House. He continues to falsely accuse them of “election interference at a level never seen before!!!”
According to Mr. Trump, the state seizing his property is comparable to “communism” and he argues that businesses are either leaving New York or canceling plans to relocate there as a result of his situation.
During an interview on CNN, Representative Alexandria Ocasio-Cortez expressed concerns about the potential actions that the former president might take in order to secure funds to cover the debt.
She expressed her belief that there is a potential risk in not taking advantage of these assets and the current opportunity to secure funds through alternative methods.
“We have witnessed numerous intriguing transactions taking place through Truth Social and other channels. This raises a legitimate concern regarding the potential for political corruption.”
In an effort to prevent the state from seizing his properties, Mr. Trump has turned to his presidential campaign supporters, urging them to financially support him. He is asking them to generously contribute and help him out of his current situation.
The attorney general has previously mentioned that she views Mr. Trump’s 40 Wall Street property daily from her office, suggesting that it may be one of the assets under scrutiny. However, considering the substantial outstanding loans on the building, it is likely that it is not a top priority. The same can be said for Trump Tower.
Locksmiths won’t be working on any Trump buildings this week because the process of seizing property is lengthy and complex.
The attorney general has the authority to seize various assets, including jewelry, artwork, cars, and even Trump Force One, the former president’s beloved plane.
According to Ms. Ocasio-Cortez, she expressed her admiration for the way Attorney General James has been handling the case, stating that she believes all individuals should be treated equally under the law. She emphasized that if the seizure of assets would be pursued for any other American, then Donald Trump should be treated in the same manner.
A potential ray of hope, albeit in the distant future, lies in the potential merger between Truth Social and publicly-traded shell company Digital World Acquisition Corporation. With a 60 percent stake, Mr. Trump’s shares could potentially be valued in the billions of dollars. However, it is important to note that major shareholders of Trump Media are restricted from selling their shares for a period of six months.
