Donald Trump announced Friday that he possesses close to $500 million in cash. He indicated a desire to allocate these funds towards his presidential campaign instead of resolving the $454 million civil fraud judgment in New York. The ex-president vowed to contest the verdict “all the way to the U.S. Supreme Court if necessary,” as authorities in the state consider seizing some of his assets if he does not settle the considerable sum.
Trump has been petitioning a state appeals court for leniency, requesting to be relieved from the requirement of providing financial guarantees proving his capacity to satisfy the substantial judgment as he challenges the momentous ruling.
The probable GOP nominee did not provide evidence for his cash claim, and his legal team has suggested that it is unfeasible to immobilize such a substantial sum of cash with a bond while also supporting his businesses and meeting other obligations. These include a stipulation in one of his real estate loans that requires him to maintain a minimum liquidity of $30 million, according to financial records.
Trump’s reluctance to pay the judgment is worsened by his attempt to persuade a state appeals court to exempt him from providing financial guarantees while he appeals. Essentially, Trump is entangled in a intricate legal dispute where New York Attorney General Letitia James is ready to seize his assets if the debt is not settled.
Trump’s lawyers stated that he would need to provide 120% of the judgment, which amounts to over $557 million, in order to secure a bond. The appeals court decision is pending.
“I’ll fight this all the way up to the U.S. Supreme Court if necessary,” Trump told Fox News Channel on Friday. Mischaracterizing the law, he added: “They can’t take away your property before you’ve had a chance to appeal.”
In a post Friday on his Truth Social platform, Trump suggested he had enough cash to at least cover the judgment in full — but didn’t think he should have to spend it that way.
“Through hard work, talent, and luck, I currently have almost five hundred million dollars in cash,” he wrote in all caps, adding that he had planned to use “a substantial amount” on his presidential campaign.
Trump has never before suggested that he would contribute to his own 2024 campaign and has been soliciting contributions from outside donors since before he left the White House. When he ran in 2016, Trump repeatedly claimed that he was self-funding his campaign, even though he relied on donor funds.
“I don’t need anybody’s money,” he said in his announcement speech in 2015. “I’m using my own money. I’m not using the lobbyists, I’m not using donors. I don’t care. I’m really rich.”
Without providing evidence for his cash claim, Trump has communicated through his lawyers that it would be impractical to lock up such a large amount of cash as a bond. His legal team has faced significant obstacles in securing a bond, as underwriters demand liquid assets for collateral, not real estate. More than 30 bonding companies have reportedly rebuffed their attempts.
In a blistering critique of the current legal proceedings, Trump criticized the judge in charge of the case as a “political hack” with a reputation for questionable rulings, and accused the attorney general of leading a prejudiced attack against him. Trump strongly denied any misconduct, claiming that the excessive amount requested in the case, coupled with unfair interest fees, was a tactic to unfairly deprive him of his assets.
“I did nothing wrong except win an election in 2016 that I wasn’t expected to win, did even better in 2020, and now lead, by a lot, in 2024. This is communism in America.” Trump added in a post, “No trial, no jury, no crime, no victim, only a crooked judge and a corrupt, Trump hating attorney general who takes her orders directly from the White House. Election interference at a level never seen before!!!”
Additionally, reports emerged on Friday indicating a novel fundraising arrangement between Trump and the Republican National Committee (RNC), where donations are initially directed towards Trump’s campaign and a political action committee (PAC) named Save America, which in turn covers his legal expenses, before any portion is allocated to the RNC.
This unconventional allocation of funds to the Save America PAC was disclosed in an invitation to an event in Florida on April 6, obtained by the Associated Press. This structure increases the likelihood of donors’ contributions being utilized for Trump’s legal fees, which have amounted to at least $76 million over a span of two years.
The fine print of the agreement specifies that donations will first be allocated to maximize contributions permissible under federal law to Trump’s campaign, which amounts to $6,600 for individuals contributing during both the primary and general elections. Any surplus funds are then directed to reach the maximum contribution limit of $5,000 for Save America. Any remaining excess is subsequently distributed to the RNC and state parties.
Relevant articles:
– Trump says he has nearly $500 million in cash but doesn’t want to use it to pay New York judgment
– Trump says he has nearly $500m in cash but doesn’t want to use it to pay New York judgment, The Boston Globe, Fri, 22 Mar 2024 15:40:00 GMT
– Trump claims to have ‘almost $500m in cash’ despite inability to pay bond, The Guardian US, Fri, 22 Mar 2024 18:27:00 GMT
– Trump Says He Has Nearly $500M In Cash As Bond Deadline For NY Civil Fraud Judgment Approaches, The Daily Wire, Fri, 22 Mar 2024 15:21:20 GMT