Experts say a cash crunch in coming weeks could thrust the former president’s business into greater uncertainty than it has seen in decades.

Experts say a cash crunch in coming weeks could thrust the former president’s business into greater uncertainty than it has seen in decades

Hours after a New York judge ordered Donald Trump to pay a $355 million penalty for submitting false data to financial institutions, the former president railed against the decision during a fundraiser at his Mar-a-Lago Club with some of the Republican Party’s wealthiest donors.

Trump claimed at that Feb. 16 gathering that the judge in the civil fraud case had made history by ordering him to pay such a staggering sum, according to two people who were there. He suggested that the judgment was so severe that the public would consider it unfair and rally in support. Over and over, he returned to the penalty, livid at its size.

The episode offered a glimpse of Trump’s preoccupation with a legal decision that threatens his wealth and has thrust his business empire into greater uncertainty than perhaps any time since the 1990s, when his Atlantic City casinos fell into extreme debt, leading six of his companies to file for bankruptcy.

Trump, who built his business and political identities around boasts of financial savvy, now faces an immediate cash crunch of more than a half-billion dollars — the combined cost of two legal battles that will now test the limits of his personal wealth.

Non-paywall link

    • gregorum@lemm.eeEnglish
      301·
      10 months ago

      The state of New York will start seizing his assets. That’s what. They’re not fucking around, and it will start happening immediately.

      • BigFig@lemmy.worldEnglish
        226·
        10 months ago

        That’s what should happen but I’m so tired of hearing about prosecutors “not fucking around” with trump, and yet he’s still walking around just fine

        • gloss@discuss.tchncs.de
          131·
          10 months ago

          US courts are sloooow. It’s only recently that he’s been held accountable at all. Most of these cases will wind on for years. But the bill on this case is due now.

          • JeeBaiChow@lemmy.world
            103·
            10 months ago

            Exactly the point. Even if he does default, it’ll take them months to get through the bereaucratic red tape to finally sieze the assets, after which he very well could become the president again and make it all go away.

            Good god people. Get out and vote.

    • FuglyDuck@lemmy.worldEnglish
      172·
      10 months ago

      After 30 days expire (from Friday?) then they start seizing assets.

      450 million or so plus interest for every day (87k per day? Which, if my math checks out comes to over 2.5 million. Probably more if the interest increases the total rather than being a straight fine.)