Legal analyst Glenn Kirschner recently forecasted the imminent collapse of former President Donald Trump’s business “empire” in the wake of hefty lawsuit penalties.
On February 16, a New York City Judge ruled that Trump must pay approximately $355 million in penalties for inflating asset values and his net worth to obtain more favorable loans. This ruling stemmed from a civil fraud lawsuit filed by New York Attorney General Letitia James against Trump, his adult sons, and other Trump Organization members. The penalty includes about $100 million in interest. Trump, a leading contender for the 2024 GOP presidential nomination, maintains innocence, framing the lawsuit as a political attack.
In another blow, on January 26, a New York jury ordered Trump to pay $83.3 million in damages to E. Jean Carroll for defamation regarding her sexual assault allegations against him. This adds to a previous $5 million judgment. Trump denies wrongdoing in both cases.
Speculation abounds about Trump’s ability to pay these fines amidst mounting legal fees. Kirschner, in a YouTube video with commentator Brian Tyler Cohen, painted a bleak picture of Trump’s financial future, suggesting he lacks the resources to appeal the judgments.
Former federal prosecutor Kirschner noted Trump’s 30-day window to pay or post a significant appeal bond, which could exceed 120 percent of the verdict plus interest. CNBC reports Trump may struggle to use properties as collateral.
Trump’s attorney, Alina Habba, confirmed plans to appeal, stating they are prepared to pay the substantial bond required. However, doubts persist about Trump’s ability to sustain his legal battles as his financial woes deepen.
*Newsweek reached out to Trump’s office for comment; updates will follow.*
Trump’s legal saga underscores the precarious state of his financial affairs, signaling potential repercussions for his business empire.
