Former President Donald Trump could be forced to declare bankruptcy if he fails to post $454 million bail by Monday’s deadline in his civil fraud trial, according to a leading business writer.
Best-selling author and financial journalist Bill Cohan said Sunday in an interview with Puck reporter Peter Hamby on the podcast “The Powers That Be” that he has other plans for the 2024 Republican nomination. He said there was no way. Mediaite reported.
“I think that’s his only option at this point,” Cohen said of filing for bankruptcy. “The only way he will do that is unless the Court of Appeals rules on his behalf and reduces the amount he has to pay, the bond he has to pay, or gives him more time. I don’t think the New York State Court of Appeals would do something like that with this guy. Why should they? But they might.”
Trump’s lawyers claim the 2024 presidential candidate faces “insurmountable difficulties” in securing a massive $454 million bail by the March 25 deadline He submitted documents and asked the appellate court to give him more time.
Mr. Trump approached more than 30 companies in an attempt to raise funds, but was unsuccessful.
He also boasted on social media Friday that he had “almost” $500 million in cash, more than enough to cover the bonds.
“Through hard work, talent and luck, I now have nearly $500 million in cash, a significant amount of which I intended to spend on my presidential campaign,” Trump, 77, said in all caps. I wrote this on Truth Social.
New York Attorney General Letitia James, who won a landmark lawsuit against the former president, told ABC News last month that she would go after President Trump’s Manhattan real estate portfolio if it failed to pay the judgment against him.
“If we don’t have the funds to repay the judgment, we will ask the court for a mechanism to enforce the judgment and we will ask the judge to seize our assets,” James said.
Mr. Cohan said Mr. Trump would be “out of luck” and have to file for bankruptcy if his lawyers’ Hail Mary appeals court request is not granted.
“That way he can suspend the judgment, he can suspend the asset sale, he can buy himself more time,” he said, adding that entering bankruptcy court could delay the process for another year. suggested that there is a sex.
But the business journalist said the best possible outcome for Trump is for New York to become a “general and secured creditor” of the Trump Organization or Trump personally, the newspaper wrote. There is.
“That’s probably the best way for him to reduce the size of his judgment. This is the best way for him to sell his assets in an orderly manner,” Cohan said.
“He will definitely lose his assets. He will have to pay that judgment. But it will all be done in a much more timely, slower, more orderly manner than the next five days. You will be killed.”
