Donald Trump pleaded for special permission on Wednesday to post only a small portion of the civil fraud award against him, officially entered at $464 million. He lost, but an appellate court judge created a path that may allow him to borrow money to put up the entire amount he owes. But Trump’s pleading is the latest indication that his wealth is not nearly as vast as he claims.
Losers in civil cases routinely must put up cash or a bond covering the entire award if they want to delay paying the winners while they appeal. The former president, though, asked permission to deposit only $100 million, less than a fourth of the award plus interest.
Trump has frequently sought forgiveness and official favors since I started reporting on his finances more than 35 years ago.
Appellate Judge Anil Singh lifted the trial court’s ban on Trump borrowing money from New York banks. But it remains to be seen whether any licensed financial institution will lend Trump the money he needs. Not that desperation for cash is new for Trump. Whether paying interest on loans, repaying loan principal, paying vendors, workers or taxes, Trump has frequently sought forgiveness and official favors since I started reporting on his finances more than 35 years ago.
In 1990, he told me he was worth $3 billion. I said that I didn’t believe him because I, a newspaper reporter with eight children, paid my bills on time, while he hadn’t paid hundreds of suppliers in months. A few hours later, Trump told another reporter that he was worth more than $5 billion.
Soon New Jersey casino regulators revealed that Trump owed $295 million more than the value of his assets. As I reported at the time: “You are probably worth more than Donald Trump.”
My impression, after decades of following Trump’s financial travails, is that he just makes it up. Indeed, in 2007, Trump testified under oath that his net worth depends on his mood. But one cannot pay a civil fraud award in moods.
The clock is ticking fast…
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