On Friday Judge “Arther Engoron” ruled in Donald Trump’s civil fraud case and defamation case of Writer E. Jean Carroll, He ruled out Donal Trump’s narrative and gave him a huge financial penalty of $355m plus interest and he has been banned for taking any business directorship for a three-year term in New York and so his business will be monitored by an independent director.
Writer E. Jean Carroll case- Donal Trump sexually assaulted her for a long time decades ago, As per Carrol.
Attorney General Letitia James Says ‘no one above law’ after the high-profile Trump Ruling, who sued Trump in 2022 over business deceitful practices.
As Donald Trump’s nature, he denied that he should be punished for fraud because his company has paid all the dues in full. He claims that the fraud case is just for political reasons to keep him out of the White House.
Trump’s Niece ‘Mary Trump’ wrote on Twitter that the ruling penalty is for to end the Trump family legacy. “Today is an emotional day, but one thing is for certain: the Engoron decision is absolutely devasting for Donald,”.
These penalties turned around to be $438.3m which can be Approximately $500m by adding Interest. Which can lead him to a very bad financial condition as ‘Forbes’ declares approx. $2.6 billion and the Bloomberg Billionaires index declares approx. $3.1 billion.
3. Ex-President Donald Trump’s Financial Empire and its downfall.
Including his home, personal jet, and all personal assets, his collective wealth estimate can be $600m as per Forbes and Bloomberg predictions.
A business law professor at the University of Michigan ‘Will Thomas’ said “This is a huge amount of money- I don’t care how wealthy you are,”. This shows that this double rule will hit Trump’s wealth as well and it may be the downfall of Donald Trump’s political and financial career. His career luck may be as similar to Mob Boss ‘John Gotti’.
2. How Donald Trump can pay these penalties
The amount for penalty is about over $450m which indicates that Trump has to sell one of his properties to pay this amount if he does not lend cash for it. Another side If Trump pays the penalty amount, then the judgment will be verified by him.
A New York business litigation David Slarskey said Posting collateral or an appeal bond would enact an automatic stay, but in doing so, that money would become “immediately collectible” if Trump loses on appeal. It means that if Trump fills the appeal bond and if the appeal is accepted then he will get the automatic stay from the penalty, but if he loses the appeal then the amount will be “immediately collectible”
Mr. Thomas said the same thing “I would expect that Trump’s legal team maybe not want to do that, because it makes it self-executing- makes it automatic,”. Continuing ahead “That payment’s made once the judgment has been confirmed.”
1. The solution to come out of this situation.
Trump can fill personal bankruptcy to avoid the penalties temporarily. But to fill the bankruptcy, he would have to prove that the penalty amount is more than his net worth.
But Trump already claimed that his “Worth much more than the numbers shown on my financial statements”.
It will not be easy for ex-President Donald Trump to come out of this situation because till now his empire is as high as Trump Tower Height, and he is not the person who loses the fight without fighting.
