Former Trump Lawyer Warns of Asset Liquidation Amid $500 Million Legal Blow

“He doesn’t have it”: Michael Cohen predicts Trump will have to “start liquidating” his assets

Michael Cohen, once the trusted personal lawyer of Donald Trump, has made a stark prediction concerning his former employer’s financial future, suggesting that Trump will soon be compelled to embark on a process of asset liquidation.

These comments emerged following a significant development in Trump’s legal battles. The judge presiding over Trump’s New York civil fraud trial recently issued a ruling mandating the former president to pay a staggering $355 million penalty.

In an interview with MSNBC host Ali Velshi on Saturday, Cohen pondered the options left for Trump in light of these mounting financial obligations. “What else is he supposed to do at this point?” Cohen questioned, highlighting the enormity of Trump’s financial liabilities. “There is now a judgment against him for over $500 million, not including the $88.6 million he’s going to owe to E. Jean Carroll. It’s an enormous amount of money that he does not have.”

Trump (Credits: Bloomberg)

According to reports from The New York Times, Trump’s debt will balloon to over $400 million with accrued interest, a sum that threatens to exhaust his cash reserves entirely. Cohen’s assessment coincides with this grim financial outlook, echoing concerns about Trump’s solvency.

This latest legal setback compounds Trump’s financial woes, following a separate trial where a New York jury ruled in favor of columnist E. Jean Carroll, ordering Trump to pay $83.3 million for defamation.

Despite Trump’s public assertions, Cohen remains skeptical of his financial stability. “I don’t care what anybody wants to write in any newspaper, regardless of what their credentials may be, unless [Trump’s] going to show you that his bank account has more than a half a million, he doesn’t have $400 million of cash on hand,” Cohen asserted. “He doesn’t have it. They’re going to have to start liquidating assets.”

Trump, however, remains undeterred, vowing to appeal the recent ruling and expressing confidence in overturning the verdict.

I'm Richard Rosales, I cover political news and ongoing US elections.