Trump says he has nearly $500 million in cash but doesn’t want to use it to pay New York judgment
NEW YORK — Donald Trump claimed on Friday to have nearly half a billion dollars in cash, but said he would rather spend it on his presidential campaign than on the $454 million civil fraud judgment against him in New York. The former president vowed to challenge the verdict “all the way to the U.S. Supreme Court if necessary,” as the state prepares to potentially seize some of his assets if he doesn’t pay the hefty bill.
Trump has been trying to get a state appeals court to exempt him from the requirement that he provide financial guarantees proving his worth while he appeals the staggering verdict.
The presumptive Republican presidential nominee has not provided any documentation for his cash claim, and his lawyers have suggested it is not feasible to tie up that much cash in a bond while keeping his business afloat and meeting other obligations. Among them, according to financial records: a condition on one of his real estate loans that he maintain a minimum liquidity of $30 million.
A Manhattan judge ruled in February that Trump repeatedly lied about his wealth on financial statements provided to banks and others to secure loans and close deals. The judge ordered him to give up profits from certain real estate transactions, as well as money he saved by obtaining lower interest rates on loans. Trump denies that he tried to mislead anyone.
As recently as Thursday, Trump’s lawyers reiterated in court filings that they had difficulty obtaining a bond to cover the judgment because underwriters insisted on cash, stocks or other liquid assets instead of real estate as collateral. More than 30 bonding companies have rejected their pleas, they said.
Trump’s lawyers have asked the state’s interim appeals court to overturn an earlier ruling that required him to post a bond covering the full amount to halt enforcement. New York Attorney General Letitia James has contested Trump’s request, urging the appeals court to seek the full amount to ensure the state can easily access the money if the judgment is upheld .
To obtain bail, Trump’s lawyers said he would likely have to post 120% of the judgment, or more than $557 million. The appeals court has yet to issue a ruling.
“I will fight this all the way to the U.S. Supreme Court if necessary,” Trump told Fox News Channel on Friday. He mischaracterized the law, adding: “They can’t take your property before you have a chance to appeal.”
Because the fraud case was heard in state court, Trump would likely have to first exhaust the state appeals process or ask a federal court to hear the case, which is rare, to even have a chance to take his fight to the U.S. Supreme Court. A litigant who loses in a federal appeals court or a state Supreme Court — in New York, called the Court of Appeals — can then file a petition for a writ of certiorari, a document asking the Supreme Court to hear the case. revised.
Contrary to Trump’s claim, seizing assets is a common legal tactic when someone cannot have enough cash to cover a civil penalty, even while an appeal is pending. Appealing to oneself does not stop collecting. Barring court intervention, James would be well within her legal rights to seize Trump’s property if he doesn’t pay up.
In a post Friday on his Truth Social platform, Trump suggested he had enough money to at least fully cover the judgment — but he didn’t think he should spend it that way.
“Thanks to hard work, talent, and luck, I currently have nearly $500 million in cash,” he wrote in all caps, adding that he planned to use “a substantial amount of money” for his presidential campaign.
Trump has never previously suggested he would contribute to his own 2024 campaign and has solicited contributions from outside donors even before leaving the White House. When he ran for office in 2016, Trump repeatedly claimed that he was self-financing his campaign, even though he relied on donor money.
“I don’t need anyone’s money,” he said in his announcement speech in 2015. “I use my own money. I don’t use the lobbyists, I don’t use donors. I do not mind. I am really rich.”
Ultimately, Trump spent about $66 million of his own money on loans and contributions to that race — far less than the $100 million he often promised.
Whether Trump actually has nearly $500 million in cash, as he claimed, could become the subject of a future lawsuit over his assets. James, a Democrat, could start collecting the legal judgment she won against Trump as early as Monday unless an appeals court intervenes.
James has said she is willing to seize some of Trump’s assets, although it was not clear how quickly that could happen. Her office would not comment on the plans.
Last April, Trump testified in a deposition in the civil fraud case that he had “significantly more than $400 million in cash,” but that was before he sold his rights to manage a New York City golf course to casino operators for $60 million. operator Bally’s. Trump recently had to post $91.6 million in bail to avoid paying an $83.3 million libel judgment against writer E. Jean Carroll while he appealed that case.
Trump previously reported in a June 30, 2021 financial statement that he had $293.8 million in cash and cash equivalents and a total net worth of $4.5 billion.
Trump’s considerable personal wealth likely grew even further on Friday when shareholders of a publicly traded shell company approved a deal to merge with his media company, which operates the social networking site Truth Social. Based on Thursday’s stock price, Trump’s stake in the company could be worth more than $3 billion, although rules could prevent him from selling newly issued shares for at least six months.
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Associated Press reporter Jill Colvin contributed to this report.