Donald Trump is facing a crucial deadline to provide $454 million for appealing the New York civil fraud case. Department of Justice veteran Andrew Weissmann has stated that the former president is unlikely to file for bankruptcy.
The criminal case brought by Manhattan District Attorney Alvin Bragg accuses Trump of falsifying business records to disguise hush money payments to adult movie star Stormy Daniels before the 2016 election. Weissmann highlighted the contradictory statements from Trump and his attorneys regarding his financial situation in the civil fraud case.
Weissmann believes that bankruptcy is not an option for Trump due to various reasons. Politically, it might be detrimental as it would mean a complete open disclosure of his finances. He emphasized that going through bankruptcy would waive attorney-client privilege and result in a loss of control for Trump.
The potential ramifications of the case include the freezing of Trump’s assets by New York Attorney General Letitia James. There is speculation that certain properties might be targeted to settle the judgment. Trump’s properties have been historically laden with debt, making it challenging to liquidate equity to settle the debt.
Weissmann and MSNBC political commentator Tim O’Brien suggested that James’ office could seize all income streams coming in, including rent royalties and interest owed to Trump. This could significantly impact Trump’s financial independence and publicly embarrass him.
Overall, the situation facing Donald Trump is complex and uncertain. The former president’s financial woes are under scrutiny, and the decisions made in the coming days could have far-reaching consequences for his political and financial future.
