Trump's 'financial empire about to crash and burn' as he faces £315million bill
An expert has warned that Donald Trump's businesses could be in big trouble after a court ruling on civil fraud.
According to Glenn Kirschner, the former US president's empire might be about to "implode". In a YouTube video, Mr Kirschner, who used to be an assistant US attorney and often criticises the former president, said Trump's "financial empire" was in dire straits after a recent decision by New York City Judge Arthur Engoron.
Mr Kirschner thinks Trump's "empire" is close to falling apart after the latest court result. Trump was told he had to pay about $355 million in penalties for saying his assets and his own personal wealth were worth more than they really were, as part of a scheme to acquire more favourable business loans. With interest, the amount of money he would have to pay would be around $400 million (£315million).
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An expert claims Donald Trump's business empire is facing collapse (AFP via Getty Images)Judge Engoron made his decision after a civil fraud lawsuit was brought against Trump, his sons Eric Trump and Donald Trump Jr, and other people in the Trump Organization by New York Attorney General Letitia James. The penalty also includes roughly $100 million in interest. Trump, who is the leading Republican candidate in the 2024 presidential election, has always said he is innocent and claimed that the lawsuit was just a way to stop him from being elected.
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But his problems don't stop there. A New York City jury has said that the former president must pay £62 million ($83.3 million) to E Jean Carroll, a former Elle columnist. This is because of Trump's 2019 claims that she was lying about saying he sexually assaulted her in a Manhattan department store changing room in the 1990s.
That amount includes £5.4 million ($7.3 million) in compensatory damages, £8.2 million ($11 million) for reputational repair, and £48.4 million ($65 million) in punitive damages. A different jury last year gave Carroll £3.7 million ($5 million) from Trump for sexual abuse and defamation. Trump has said he did nothing wrong in those cases too.
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And facing these big financial penalties, Mr Kirschner suggested that Trump will not be able to pay these fines, based on the amount he has had to spend on legal fees for his many other legal battles. He said: "Donald Trump's financial empire, such as it is, is about to crash and burn. It doesn't look like he has the money, the cash, the assets on hand to even begin to appeal these cases, never mind satisfy these massive money judgments."
The ex-prosecutor said Trump has about a month to pay the full court-ordered sum or put down a big part of it if he wants to appeal. Trump has mentioned he plans to appeal against the Carroll defamation and his civil business fraud cases. For the fraud case, he might need to post an appeal bond up to 120 per cent of the verdict plus interest, and it's not likely he can use his properties as security.
Trump's lawyer, Alina Habba, told Fox News' Martha MacCallum that Trump is ready to pay the nearly $400 million bond needed for his business fraud appeal. Ms Habba, who led Trump's defence in the fraud case, said they will post a bond, "which is the full amount and some, and we will be prepared to do that".
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