Michael Cohen, a former personal attorney for Donald Trump, said Friday on MSNBC’s “Deadline” that the former president can not afford the New York City civil fraud trial judgment against him.
Cohen said, “Where does he come up with $355 million? That’s exclusive of the $86 million or $88.6 million that he owes to E. Jean Carroll in that civil case. This is a staggering amount of money for virtually anybody, maybe there’s a handful of people in the entire country who can afford to write a check for half a billion dollars, Donald is not one of them. Right now the pressing issue if he’s going to appeal, how does he appeal? Does he put up a cash bond? Where is he getting the cash bond from? He’s not going to find somebody to bond it for him. He couldn’t find somebody to bond $5.3 million in the E. Jean Carroll case.”
Anchor Alicia Menendez said, “Talk ,me through What it would look like for the business to potentially sell off assets in order to get to place of financial liquidity?”
Cohen said, “I don’t think it’s possible, at least not with the New York State assets.’
He continued, “The parking lots that he owns, the restaurants, they were all taken as the sponsor when he was developing the properties. So he has zero basis in that. You’re going to have capital gains tax on the differential when they get sold, no different than anybody would pay. So chop it by 40 percent or 50 percent. So that $240 million asset is $120 million clean, but then you have mortgages on it. None of these assets aren’t encumbered by a mortgage. So it’s very little. All the assets in New York, if they were sold, I don’t think cover the $355 million.”
Menendez said, “Just to underscore what you’re saying he’s stuck.”
Cohen said, “That’s great way to describe it. And I’m going to use your language. He’s stuck.”
Menendez said, “What happens to Donald Trump when he gets stuck?”
Cohen said, “He goes into complete and total panic mode. Donald’s theory right now, the only out for him financially and criminally regarding incarceration, is if he wins the election. He’s not running for the presidency of the United States to do good for the United States. He wants to do, and the only way he can do, good for himself is to win the presidency. This is all about running for the purpose of saving himself.”
Follow Pam Key on Twitter @pamkeyNEN
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