Trump’s legal woes are sending the former president broke

Donald Trump's lawyers said he may have to sell assets to pay the bond in his fraud civil case.

Donald Trump's lawyers said he may have to sell assets to pay the bond in his fraud civil case. Photo: Getty

Donald Trump’s legal woes are sending him broke, with his legal team admitting in court filings that he doesn’t have the money to pay the huge fines levied against him for financial fraud and defamation.

Trump’s lawyers had asked the New York court to pause a $450 million judgment and let him pay only $100 million of the fine, promising to pay the fine in full if his appeal was unsuccessful.

A judge knocked back that request and if he is unable to secure a bond for the full hearing, the state of New York can begin seizing his assets like his property empire and money in his bank accounts.

In filings to an appeals court, Trump’s lawyers raised the possibility of the former president having to sell properties to raise capital to cover the full fine in the fraud case and another $83 million owed to E. Jean Carroll for defamation.

“In the absence of a stay on the terms herein outlined, properties would likely need to be sold to raise capital under exigent circumstances,” Trump’s lawyers said.

“There would be no way to recover any property sold following a successful appeal and no means to recover the resulting financial losses.”

He is currently being charged over $100,000 daily in interest after the judge struck down his attempt to not pay the bond in full.

May not pay

E. Jean Carroll has expressed “serious concerns” that the advice columnist won’t be able to collect $83 million from Trump, according to court filings in her separate win against Trump.

“To begin, recent developments give rise to very serious concerns about Trump’s cash position,” her lawyers said.

“He simply asks the court to trust me and offers, in a case with an $83.3 million judgment against him, the court filing equivalent of a paper napkin; signed by the least trustworthy of borrowers.”

E Jean Carroll’s lawyers are concerned Trump will be unable to pay the $83 million defamation verdict. Photo: Getty

Trump said in April, under oath in court, that he has “in excess of 400 million in cash”.

“Developers usually don’t have cash. They have assets, not cash,” Trump said.

“We have, I believe, 400 plus and going up very substantially every month.”

Electoral challenges

The former president was, however, handed a win when the Supreme Court of America decided to hear his argument about having complete immunity to charges related to events on January 6, 2022.

While legal scholars believe he has little likelihood of winning, the Supreme Court will delay the trial until just before the next general election, where Trump is almost certain to be the Republican candidate.

The Supreme Court has already heard arguments on whether Trump can be removed from the ballot by states due to his involvement in January 6, with a decision pending.

This week, a judge ruled that Trump should be removed from the ballot in Illinois based on the Fourteenth Amendment of the United States Constitution, which disqualifies insurrectionists against the United States from holding office if they have previously taken an oath to support the Constitution.

The former president will face the first of several criminal trials this month in New York, where he has been accused of using campaign funds to pay off former porn star Stormy Daniels from revealing the pair’s affair.

Topics: Donald Trump
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