Donald Trump claimed to have nearly $500 million in cash on Friday but said he would rather spend it on his presidential campaign than on a $454 million civil fraud judgment against him in New York. The former president vowed to appeal “all the way to the U.S. Supreme Court if necessary” because the state could seize some of his assets if he doesn’t pay the hefty fee.
As he appeals the shocking verdict, Trump has been trying to get a state appeals court to waive the requirement that he provide financial guarantees to show he has the money.
The Republican presidential candidate has not provided any documentation of his claim for the cash, and his lawyers have said it is not feasible to tie up so much cash in bonds while keeping businesses open and meeting other obligations. Among them, according to financial records: One of his real estate loans was conditional on him maintaining liquidity of at least $30 million.
A Manhattan judge found in February that Trump repeatedly lied about his wealth in financial statements he provided to banks and other institutions to obtain loans and make deals. A judge ordered him to give up profits from certain real estate deals and money he saved by getting lower interest rates on loans. Trump denies he tried to deceive anyone.
As recently as Thursday, Trump’s attorneys reiterated in court filings that they are having trouble getting bonds to cover judgments because underwriters insist on collateral in cash, stock or other liquid assets rather than real estate. They said more than 30 bonding companies rejected their request.
Trump’s lawyers asked the state’s intermediate appeals court to overturn an earlier ruling and require him to post a full bond to halt execution. New York Attorney General Letitia James opposed Trump’s request, urging the appeals court to require full damages to ensure the state has easy access to the money if the verdict is upheld.
Trump’s lawyers have said that in order to be released on bail, he may have to pay 120% of the judgment, or more than $557 million. The appeals court has yet to rule.
“I will fight all the way to the United States Supreme Court if necessary,” Trump told Fox News Channel on Friday. He misinterpreted the law, adding: “They can’t take your property until you have a chance to appeal. .”
Because the fraud case is being heard in state court, Trump may have to exhaust the state appeals process first, or ask a federal court to take up the case, which is rare, or even have a chance to take his lawsuit to the U.S. Supreme Court . A litigant who loses in a federal appeals court or in the New York State Superior Court (called the Court of Appeals) can file a petition for writ of certiorari, which is a document asking the Supreme Court to review the case.
Contrary to Trump’s claims, seizing assets is a common legal tactic when someone cannot obtain enough cash to pay a civil penalty, even while an appeal is pending. An appeal itself does not stop collection. Barring court intervention, James has every legal right to begin seizing Trump’s property if Trump doesn’t pay.
Trump posted on his “Truth Social” platform on Friday that he had enough cash to at least pay the verdict in full, but he didn’t think he should spend it that way.
“Through hard work, talent and luck, I currently have nearly half a billion dollars in cash,” he wrote in all caps, adding that he planned to use “a lot of money” in his presidential campaign.
Trump has never previously suggested he would donate to his 2024 campaign and has been soliciting contributions from outside donors since before he left the White House. During the 2016 campaign, Trump repeatedly claimed that his campaign was self-funded, even though he relied on donor funds.
“I don’t need anyone’s money,” he said in his 2015 announcement speech. “I use my own money. I don’t use lobbyists, I don’t use donors. I don’t care. I’m really rich.”
Ultimately, Trump ended up spending about $66 million of his own cash on loans and contributions to the campaign — far less than the $100 million he often promised.
Whether Trump actually has nearly $500 million in cash, as he claims, may be the subject of a future court battle over his assets. James, a Democrat, could begin efforts to assemble her legal victory against Trump as early as Monday unless an appeals court steps in.
James said she was prepared to seek to seize some of Trump’s assets, but it was unclear how quickly that would unfold. Her office declined to comment on its plans.
Last April, Trump testified during a deposition in a civil fraud case that he had “more than $400 million in cash,” but that was after he sold management rights to a New York City golf course to a casino operator for $60 million. Before Bally’s. . Most recently, Trump had to post a $91.6 million bond to avoid paying an $83.3 million defamation verdict against author E. Jean Carroll while he appealed.
Previously, in his financial statement on June 30, 2021, Trump reported having $293.8 million in cash and cash equivalents, for a total net worth of $4.5 billion.
Trump’s vast personal fortune is likely to grow further on Friday when shareholders of a publicly traded shell company that operates the social networking site Truth Social approved a deal to merge with Trump’s media business. Based on Thursday’s stock price, Trump’s stake in the company could be worth more than $3 billion, although rules may prevent him from selling newly issued shares for at least six months.
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