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Trump, who could not raise enough money, was furious and scolded all night!
On the 18th, a lawyer for former US President Donald Trump told the court that Trump did not have enough cash to appeal against a $45.4 billion fine. Media analysts believe that this may lead to Trump facing asset forfeiture.
Rumors of imminent bankruptcy followed on the Internet, dealing a humiliating blow to Trump’s carefully crafted image of a self-made business tycoon.
Related terms such as Trump’s bankruptcy have been on the top search list of social media platform X.
That night, Trump cursed all night on his social media platform TS, posting more than a dozen posts in a row.
Trump’s fury was triggered by a lawsuit he lost that exaggerated his assets. On Feb. 16, New York State Supreme Court Justice Arthur Ngoren ruled that the Trump family had been granted loans and tax breaks by exaggerating their net worth for years, a move suspected of fraud and sentenced to a fine of $45.4 billion.
It is reported that Trump is appealing the outcome of the trial, but if he wants to continue the appeal and prevent New York from enforcing the verdict, he will need to pay the deposit in full, which is due at the end of March.
Even if there is more money, it will be difficult to come up with more than $400 million at once, not to mention the chances that Trump does not have so much liquidity. The New York Times recently calculated that Trump has about $3.5 billion in cash on hand, while most of his wealth is related to real estate investments.
Trump reportedly said he had contacted about 30 guarantees through four different brokers and spent countless hours negotiating with one of the world’s largest insurances. However, potential guarantees seek to get Mr Trump to pay cash so that they do not consider using Mr Trump’s assets as collateral for margin.
To make matters worse, earlier this month, Trump paid a $91.6 million deposit in an appeal against the Carroll libel case.
Therefore, it is a bit difficult to spend more than US $400 million.
In response, Trump complained in a post on social media on the 18th that the amount of the deposit was unconstitutional, unAmerican, unprecedented, and almost impossible for anyone (including anyone as successful as me).
Trump posted a short composition on social media after 6: 00 a.m. on the 19th.
It is precisely because it is impossible that Trump seems to have insomnia, scolding the relevant sentences and judges and prosecutors all night. I will be forced to mortgage or sell important assets and may be able to sell them at a low price, and even if I win the appeal, they will cease to exist, Trump said in the post. Does it make sense? it’s witch hunting, interfering in elections!
Trump also raised the impact of the case to a level that affected the New York state economy, saying bluntly that New York companies would be scared to run away when they saw the case.
If you scold, the problem must be solved. Analysts believe that there are several options in front of Trump.
First, the time given by prosecutors is not yet up, so Mr Trump still has time to sell assets quickly or seek help from wealthy supporters.
In addition, his lawyer has appealed to a higher court for a deposit of about $100 million. At the same time, New York State prosecutors may, out of tolerance, give the former president more time to raise money.
As Trump’s last card, he can also ask the Trump Organization involved in the case to file for bankruptcy, which will automatically suspend the verdict against the entity. However, Trump is running for the US presidential election in 2024, a politically worrying choice, and he is likely to be reluctant to file for bankruptcy because of the trauma left by Trump’s bankruptcy filing in the 1990s.
To say the least, filing for bankruptcy is not a panacea. Legal experts say seeking court protection could raise a series of new problems, such as the risk of default on his loans after filing for bankruptcy, which could further spark lawsuits over whether Mr Trump is still liable to repay his debts. About a week ago, Trump locked in the Republican presidential nomination in the 2024 election, and there are still about eight months to go, during which time the campaign expenses are not small.
If none of these options happens and Mr Trump is unable to raise the money, Mr Trump’s assets may indeed be confiscated after March 25.
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