Trump Begs For Cash To Keep Properties Out Of Letitia James' 'Filthy Hands'
Former President Donald Trump is on the verge of losing two of his valued real estate assets, and the alleged billionaire is now panhandling the public for small-dollar donations to hang onto his wealth.
The Guardian reported that Trump's 2024 campaign is sending emails to supporters specifically asking for their financial support to help pay the $464 million in judgment penalties and interest he owes for defrauding the State of New York. Attorney General Letitia James has already started the process of seizing the real estate tycoon's assets to cover the judgment, including one of his golf courses in Westchester County. She also said she looks at Trump's 40 Wall Street property "each and every day."
"Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. This includes the iconic Trump Tower," the ex-president wrote in an email with the subject line "Keep your filthy hands off Trump tower!"
"Democrats think that this will intimidate me. They think that if they take my cash to stifle my campaign, that I’ll GIVE UP!" The email continued. "But worst of all? They think that YOU will abandon me, and that you will GIVE UP on our country. Here’s one thing they don’t know: WE WILL NEVER SURRENDER!"
Trump's legal costs are likely far too large to be crowdfunded. A GoFundMe campaign to pay his New York civil fraud judgment that's still online as of this writing has only raised $1.6 million out of a $355 million goal (fundraisers to pay legal restitution are prohibited under GoFundMe's terms and conditions). It's not known yet how much Trump will raise from his email appeal, but the amount raised may not even cover the estimated $111,000 in interest his judgment accumulates with each passing day.
And of course, the civil fraud judgment isn't the only financial blow to Trump's empire. Former Elle columnist E. Jean Carroll successfully sued Trump for both sexual abuse and defamation, winning judgments of $5 million and $83.3 million, respectively. The former president posted a $90 million bond guaranteed by insurance giant Chubb Group earlier this month, which includes both the judgment and interest necessary to appeal civil judgments in the Empire State. However, his legal team has complained that obtaining a bond to cover the fraud judgment is a "practical impossibility."
"A bond of this size is rarely if ever seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses," said Gary Giulietti of brokerage firm Lockton Companies. Giuletti — whom Trump hired to help him obtain a bond — added that for nine-figure judgments like Trump's, most guarantors won't accept real estate assets as collateral and would only agree to cash or cash equivalent assets, like securities.
If James did move to seize 40 Wall Street, she may be able to obtain as much as $220 million according to a 2012 appraisal. Trump Tower — the ex-president's signature Fifth Avenue property — was valued at $117 million by Forbes in 2017. His Mar-a-Lago estate in Florida could garner close to $20 million, and his Seven Springs property could bring in close to $57 million.
The 45th president of the United States may have a way out of losing his assets depending on how his Truth Social platform's initial public offering (IPO) performs in financial markets after its expected debut next week. The ex-president is expected to make $3 billion off of his stake in the company, which would be more than enough to cover the fraud judgment and his judgments in both E. Jean Carroll lawsuits.
Trump has continued to use Truth Social to attack both James and Judge Arthur Engoron, who handed down the $355 million verdict in the bench trial. He recently called the penalty "CRAZY" and referred to the judgment as "ELECTION INTERFERENCE."
"If I sold assets, and then won the Appeal, the assets would be forever gone," Trump wrote on Thursday. "Also, putting up money before an Appeal is VERY EXPENSIVE. When I win the Appeal, all of that money is gone, and I would have done nothing wrong."
Reprinted with permission from Alternet.
