Trump's financial data worth examining as $454 million bond deadline nears

Not too long ago, just before the 2016 presidential election to be exact, Donald Trump said this: his net worth exceeded TEN BILLION DOLLARS.

Donald's humblebrag appeared in a press release as he prepared his first and successful bid for the White House.

Presumably he used all caps for emphasis.

His wealth and success as a businessman (real estate and reality TV) made him uniquely suited to become president and solve the country's multiple problems that the political class could not.

Yes, we all know Trump's propensity for bluster, but even by his garrulous standards, it's hard to understand what's going on right now.

He has been reduced to begging banks, and even his loyal MAGA supporters, to pay what should be a pittance for someone with his alleged wealth: a $454 million civil judgment from a state judge. The New York State in questionable civil case of bank fraud has been filed. by the hyper-ambitious Attorney General, Tish James.

The James case is a joke on so many levels, how she found a sympathetic judge to agree with her remains a mystery.

She claims Trump exaggerated the value of his Trump Tower apartment when applying for a loan from Deutsche Bank, which had no complaints about the deal because the bank did its own due diligence.

Trump was good for money.

The judge in the case, Arthur Engoron, may or may not be sensitive.

What is certain is that he fits comfortably into the mold of a political hacker almost as much as James, who ran for office promising the Democratic base that he would find a crime, no matter what. crime, for which to arrest Trump as he prepared to run for president. again, even if it is without casualties.

Victimless but serious: Trump has until Monday to either provide the money his lawyers say he doesn't actually have, or secure a bond to cover that amount, which no bank or insurance company seems willing to do as this article goes to press.

He could also ask his coterie of billionaire pals for money, but for now, they don't seem too keen on getting out of that either.

On Friday evening, Trump said he had miraculously found the money, but didn't want to use it.

So now what happens? Trump has previously claimed to be worth more than $10 billion. REUTERS

So what happens with all those billions of dollars Trump supposedly had at his disposal, and what happens on Monday if he doesn't meet the courts' demands?

First, if you know what Trump thinks he's worth and what others say he's worth, the relationship has been strained.

Donald is known for harassing Forbes magazine, which publishes a popular annual ranking of the world's richest people, to inflate their estimates of his worth.

He once unsuccessfully sued a journalist who believed his worth was significantly less than $1 billion.

Forbes, as of September 2023, estimates Trump's net worth at $2.6 billion, still making him very wealthy.

On top of that, Trump is expecting a huge looming payday, as the investment vehicle that owns his social media platform Truth Social is about to go public.

This could net Trump a huge payday, up to $3.4 billion.

But there are complications.

The deal to take Truth Social public through a merger with a company called a SPAC has sparked serious litigation, and according to the company's regulatory filings, Trump would not be able to sell his shares for six months.

Shares of the SPAC, known as Digital World Acquisition, have more than doubled to around $37 in recent months as Trump finalizes the GOP nomination for this year's presidential election against Sleepy Joe Biden.

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Still, Truth Social is only a fraction of Elon Musk's X traffic and if X struggles to make money (Musk keeps complaining), that will double for Truth Social.

Trump's stake could be worth a lot less if he can cash it in.

Meanwhile, its existing shares probably can't be used as collateral for a loan, securities lawyers tell me; ditto for its largely illiquid real estate holdings in New York, where commercial real estate is not exactly a booming business.

Who knows what he could get from the Trump National Doral in Miami or even the swanky Mar-a-Lago Golf and Country Club in Palm Beach if he were to sell there.

Crucially, Trump has always had little cash available, and even less now after doling out $83 million to satisfy the judgment in the E. Jean Carroll defamation case that he is also trying to appeal.

So what's a cash-poor billionaire who's awaiting a $454 million judgment to do?

Pray that Tom Barrack, Bernie Marcus or Howie Lorber will change his billionaire friends' minds about writing the check and stopping Tish James from chaining the front door of Trump Tower on Monday morning.

Maybe ask Musk for a few dollars.

Or maybe pray that James grabs his Westchester properties and calls it quits (very doubtful, knowing James).

Or she's accepting less money because she fears that Trump abandoning all his New York properties at once would further depress the city's commercial real estate market.

Trump could play it very strong, which he certainly knows how to do, given his long and tortured history of doing business.

As I first reported, Trump's advisers are considering whether to hand over all the properties to James and let her figure out the complexities of the property, including her sponsors, until she gets Trump's share.

By the time that happens, the case may have been overturned on appeal for all its ridiculousness.

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