The recent stunning verdict against former President Trump in his fraud case in New York has brought to light his precarious financial situation, which has caused the typically angry real estate mogul to become unhinged.
In his Truth Social posts, Trump has expressed his strong disapproval of the judge and attorney general involved in the case. He accuses them of attempting to deceive him and take away his substantial amount of cash, which amounts to half a billion dollars.
Trump’s online rants and lively rallies have always been a signature of his political style, consistently energizing his dedicated supporters. However, the recent $454 million bond he is required to pay, with the potential risk of his assets being seized, seems to have pushed the former president to the brink.
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“They have no regard for the Law, the facts, or anything else; their sole objective is to restrict my finances and meddle in the Election!!” expressed Trump in a post on Truth Social on Wednesday. “This case should have been resolved already, but instead, the Attorney General intends to misuse her authority to seize my funds!!”
According to former aides, Trump seems to be extremely angry about the New York fraud trial because of the deeply personal implications involved.
The core allegations of the case posed a significant threat to several aspects that Trump holds dear. It directly challenged his reputation as a shrewd negotiator and prosperous entrepreneur, attributes that played a crucial role in his triumphant campaign for the presidency in 2016.
According to a former Trump White House official, the reasons behind his actions are linked to his business, family, and brand.
The trial and its consequences have also affected his adult children, particularly Eric Trump and Donald Trump Jr., who both hold executive positions at the Trump Organization. The court mandated that the brothers pay a sum of over $4.6 million each and imposed a two-year prohibition on their ability to hold prominent leadership positions in any New York-based company.
Ivanka Trump, the daughter of Donald Trump, was initially involved in the case. However, she was dismissed from it by a state appeals court due to a statute of limitations that had expired. Despite being removed from the case, Ivanka still testified during the trial, providing a restrained account of her involvement in the business.
During the trial, Trump found himself at odds with his longtime associate and confidant, Michael Cohen. Over the years, Cohen has transformed into a vocal opponent of the former president. In his testimony, Cohen revealed that Trump instructed him and another high-ranking executive to manipulate his assets in order to achieve a desired outcome. Trump’s legal team, on the other hand, dismissed Cohen as a deceitful individual with no credibility.
The case occurred in the vibrant city of New York City, which holds significant meaning for Trump as it is where he was raised and established his real estate empire. However, it is important to note that Trump’s journey in New York City has not always been smooth sailing, as he faced challenges in gaining recognition and respect.
Bennett Gershman, a law professor at Pace University, acknowledged the significant impact made by the subject in New York. Gershman noted the subject’s persistent efforts to integrate into the New York establishment, indicating a desire to achieve substantial success in the city.
He added that there are several factors that contribute to the significance of this case, which brings together New York and Trump in a highly dramatic manner.
Over the course of two months, around 40 witnesses from Donald Trump’s business circle testified in his hometown to determine whether his business was involved in deceptive practices over a span of more than ten years.
Trump attended the trial in person multiple times, even though it was not mandatory. There were instances where he would be present for consecutive days.
The trial began with Trump expressing his fury towards New York Attorney General Letitia James for initiating the case and Judge Arthur Engoron for allowing it to proceed. His anger was a prominent feature throughout the trial.
Tempers flared and disagreements escalated during the courtroom proceedings, as evidenced by the intense gazes and occasional fiery debates between the involved parties and Engoron. The discussions took on a political tone, with Trump even going so far as to insinuate that the judge should face criminal charges for his alleged contribution to “election interference.”
In a stunning verdict, Engoron held Trump, the Trump Organization, and key executives responsible for fraud even before the trial commenced. And as the trial concluded, he concluded that they had colluded to manipulate the former president’s net worth in order to gain tax and insurance advantages.
“I currently possess nearly five hundred million dollars in cash… The judge, who is often criticized for biased decisions, ruled against me in the unjust and corrupt case led by the Attorney General. Despite being innocent, he aimed to strip me of this significant amount. This is why he came up with the outrageous figure of approximately $454,000,000, along with his unreasonable interest demand,” Trump expressed on Friday morning, emphasizing his point on Truth Social in capital letters.
In a recent development, Donald Trump emerged as the frontrunner for the Republican nomination for president, signaling a potential rematch with current President Biden.
During a recent rally in Michigan, Trump vehemently criticized the initial judgment, labeling it as a “lawless and unconstitutional atrocity that disregards our laws like no other instance in the history of our nation.”
During a rally in Ohio on Saturday, Trump hinted that his personal legal challenges might have negative implications for the state of New York.
During a speech to his supporters, Trump expressed that many individuals and companies are inclined to leave due to the ongoing lawfare. He explained that companies are hesitant to get involved in legal issues similar to the ones he faced, where they are targeted without any valid reason or evidence. Trump emphasized that there is no victim or concrete basis for these attacks.
During the fraud case, Trump utilized his campaign funds to support his legal defense, along with the four other criminal cases he is currently facing. In 2023, approximately $50 million from Trump’s fundraising committees went towards legal consulting fees. Notably, his fraud trial lawyers, Chris Kise, Alina Habba, and Clifford Robert, were among the recipients of the highest payments.
Unfortunately, campaign donations will not be able to assist him in covering the expenses of the multimillion-dollar judgment he is currently confronted with.
If Trump fails to post his bond by Monday, James has the authority to start seizing his assets. These assets include renowned New York properties like 40 Wall Street and Trump Tower.
Last week, the state initiated the process of seizing Trump’s Seven Springs golf resort and private estate by filing judgments in the county where it is situated. Judgments have already been filed in Manhattan, where the trial took place.
According to Trump’s lawyers, the ex-president is unable to obtain a complete appeals bond due to his limited available funds. Instead, they have requested that the court accept a $100 million bond, which is less than a quarter of the total amount he owes.
In a recent post on Truth Social, Trump proudly declared that he has almost $500 million in cash, attributing his financial success to hard work, talent, and luck. However, this statement could potentially work against his request for a more affordable bond.
According to Gershman, the individual in question is refusing to make payment and is seeking legal protection. He argues that he is unable to afford the payment and claims that he is unable to secure a bond from anyone.
“He might be right; individuals would be hesitant to provide him with a bond due to their lack of trust,” he continued. “After all, why should they place their trust in him?”
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