Former President Donald Trump’s financial future appears in jeopardy as he faces mounting penalties from recent lawsuits. Legal analyst Glenn Kirschner has predicted that Trump’s “empire” is on the brink of collapse after a New York City judge ordered him to pay approximately $355 million in penalties for inflating the value of his assets and net worth.
The ruling resulted from a civil fraud lawsuit filed by New York Attorney General Letitia James against Trump, his adult sons, and other members of the Trump Organization. The penalty includes $100 million in interest. Trump, who is currently the front-runner for the 2024 GOP presidential nomination, has maintained his innocence and claimed that the lawsuit is a politically motivated attack.
In addition to the civil fraud case, Trump is facing a separate lawsuit filed by former Elle columnist E. Jean Carroll. A New York City jury recently ordered Trump to pay $83.3 million in damages to Carroll for statements he made in 2019, where he accused her of lying about being sexually assaulted by him in the 1990s. The damages include compensatory damages, reputational repair, and punitive damages. Trump has denied any wrongdoing in this case as well.
These substantial penalties have raised questions about Trump’s ability to pay, especially considering the significant legal fees he incurs from his other ongoing legal battles. Kirschner, a former assistant U.S. attorney, has expressed concerns about Trump’s financial situation, suggesting that he may not have the resources to appeal these cases or satisfy the hefty money judgments.
With a deadline of approximately 30 days to pay the court-ordered amount or post a substantial bond for an appeal, Trump faces a challenging financial situation. CNBC has reported that it is unlikely for Trump to use his properties as collateral for the bond payment.
According to Kirschner, it seems that Trump is struggling across various legal fronts, leading to speculation that his financial empire is on the verge of collapse. Trump’s lawyer, Alina Habba, has stated that the former president is prepared to pay the nearly $400 million bond required to appeal the business fraud ruling. However, the future of Trump’s empire remains uncertain.
In summary, former President Donald Trump’s financial empire faces significant challenges following recent lawsuit penalties. With mounting fines and the possibility of appeal bond payments, Trump’s ability to navigate these legal battles and sustain his empire remains uncertain.
