Legal AF by MeidasTouch - Trump GETS BUSTED in Court and CAN’T ESCAPE This Time

Episode Date: January 30, 2024

Trump is busted financially and will be out of all of his cash on hand to pay the almost $700 million in judgments/verdicts coming out of the next 7 days alone. Michael Popok reports on his findings that the Trump Org is dead in the water with no new deals in the last 14 months and no banks willing to lend to Trump now, as he must look to fire sale assets just to stay afloat. Get started today at https://OneSkin.co and receive 15% Off using code: LEGALAF Visit https://meidastouch.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

This NBA season, make every three-pointer alley-oop and buzzer beater even more exciting with fan duel. Download the app today to see why we're North America's number one sportsbook. 19 plus and physically located in Ontario. Camlin Tom, call 1866-531-2600 or visit ConnectsOntario.ca. This is Michael Popak, Legal AF. By my calculation, Donald Trump will be out of all of his cash after he pays the judgments and verdicts just this week in the two civil cases brought by Eugene Carroll and the New York Attorney General.

What's that you say? Isn't he a three billionaire popock? Well, I know the Bloomberg index likes to talk about it that way, but of that amount, most of it, I would say 90% of it, 85% of it is tied up in real estate and other revenue producing assets. Cash on hand, according to Donald Trump in his own deposition that he gave about a year ago to the New York Attorney General, he's got just $400 million

in cash. That's a lot of money to you and me, but not a lot of money for somebody that's about to face up to $600 million in judgments and verdicts. Let me do the math and expose something else that came out in my reading of the new monitor of the former federal judge, Barbara Jones's, of the Trump entities and his assets and what I discovered buried in the report that's now been produced and given over to Judge Angoron, the judge who's going to issue his judgment, I think, well, north of $500 million just in a couple of days time. I'm going to put these two concepts together and I'm going to show you that Donald Trump is in dire financial straits unless he begins a fire sale to liquidate some of his real estate assets,

a process that he's not yet done. Let's start with how is he going to pay for the judgments and the judgments that I'm talking about. We've got an $83.5 million verdict just returned a couple of days ago by a jury in New York that runs with interest once it's reduced to a final judgment, which will be in the next 30 days. And until Donald Trump pays it, interest is running at a very high rate in New York. That could easily pop up to 90 million or 95 million by the time Donald Trump turns around and pays it. He'll have to post either a cash bond for that amount plus another almost a hundred million dollars cash bond or obtain a bond from a bonding company based on assets that nobody in New York is believing.

This is a company that's been a judged already twice to have committed persistent fraud and that it has cooked books that nobody can rely on. Donald Trump talked a lot about Deutsche Bank being his bank of choice. They're very happy with him. There's no victims. Deutsche Bank already publicly announced in the last six months that they are no longer in the business of Donald Trump, nor lending money for him with him. Now the thing that I noticed in Barbara Jones, the former federal judge's report,

is that effectively the Trump organization and its businesses are coasting on existing assets and haven't done a major transaction in the last 14 months since the New York Attorney General brought her case. What do I mean by that? They haven't taken it alone. They haven't refinanced. They haven't entered into any relationships with any counterparties that require them to put up their statement of financial condition or the assets of Donald Trump or the guarantee

of Donald Trump, meaning they are effectively dead in the water. Yes, they have income producing properties, right? They make a lot of money from Bar-a-Lago, $50 million plus. They make a lot of money from their golf courses around the country, $150 million in gross revenue from the golf courses. They make a lot of money from other properties in Vegas, $30 million in gross revenue in Vegas. Even if you total all that up, it's $232 million of gross revenue in a year. That's not net profit.

Let's just call net profit 30%. For that means 60 million or so of revenue of gross, sorry, net revenue in the pockets of Donald Trump and others is coming his way. That's not enough to pay judgments that are stretching into 10 times that amount. To put this in perspective, the judgment that we believe Judge Angoran,

based on 11 weeks of testimony, a finding of persistent fraud in at least four or five of the remaining counts of the New York Attorney General civil fraud case. The discouragement penalty here with interest could easily surpass $500 million. Judge Angorne doesn't even have to listen to the amount that the New York Attorney General

was asked for. Sure, it could come in lower, but I doubt it based on his evaluation of the evidence and based on the monitor reporting to the judge that basically the Trump organization should get an F report card over the last 14 months for how they've run their business, even while the case is going on, under the leadership of one Donald Trump, Don Jr, and Eric Trump. And so I think it goes north of 500 million and interest. We're now at $600 million. 600 million plus 83 and a half million, call it 90 million,

is almost $700 million. Donald Trump only has 400 million cash on hand. That means he's gonna have to go borrow or sell, borrow or sell to make up that Delta, that $250 million difference. If he sells, then he's on a fire sale. Everybody knows he's on the balls of his ass and his property sure has been benefited

by the real estate market increasing in these various communities like Florida, but he'll have to sell under duress, meaning he won't recover as much. According to the monitors report, he already has for sale one private residence and one airplane. He needs the cash, right? He can't use to answer the question I know I'm going to get on the hot take. He cannot without violating election law and campaign finance law. He can't use the money

that he's separating from his donors for his campaign because none of the campaign money can be used for judgments. That would be a violation. He'd have to report that on a quarterly basis. And of course, there'd be lawsuits over it. He could try to stick his hand in that cookie jar, but it should snap shut. And it could be a criminal violation of campaign finance law. See George Santos. So let's assume for now that even though we've seen, you know, the Trump family commit the greatest kleptocracy in the history of American government when Donald Trump was, it was president, or as Donald Trump likes to say in his deposition testimony to the New York

Attorney General, my brand is what got me elected. It's worth at least $10 billion. All right, put that aside for a minute,uming that he's not going to grab the third rail of criminal campaign finance violations, he's not going to take the money from the campaign. Now, that doesn't mean he can't create a separate fundraiser and just have people suckers, the suckers bet, give him more money. But that's a lot of money, by the way. It's not like he needs like five or $10 million just to tide him over. He needs a lot of money to pay these judgments.

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In addition to draining every last dime of his cash to pay these two judgments I've just described, he's also gotta pay ongoing about $4 to $5 million a month going up to close to $10 million a month as we approach trial for his attorney's fees related to the civil and criminal cases around the country. 91 felony indictments in four different jurisdictions is really expensive to defend against. Even though you've got these kind of low-brow lawyers,

John Loro, Todd Blanche, Chris Kice, Alina Habba, I wish I'd never heard of any of these people, Susan Neckliss, she's not bad actually, Steve Seydow in Georgia, John Sauer, the appellate lawyer, some other people that I know that have joined has come to the game late to do his appellate work. They're expensive. They charge hourly. Rudy Giuliani has listed Donald Trump as somebody that owes him money for his attorney's fees

on his bankruptcy filing, right? And so the knives are out. Knives are out. So let's take cash complete wipeout of cash off the board. Off the board. Because of Donald Trump and the way he's acted in court and the criminal conduct and civil bad conduct that he's done. Take it off the board. How does he replenish it? You see while he's got 230 or 240 million of gross revenue coming into the Trump Organization She's got a lot of mouths to feed. She's got a lot of expenses

Rides around in a jet that he brags about being better than Air Force one lives in homes that he brags about being better than the Than the White House. Okay, those are expensive. Melania has very expensive tastes She doesn't work. And so, you know, she lives on top of Tiffany's and across from Bergdorf Goodmans. Do the math. So we got rid of all that cash and he's only replenishing it. Let's say after he gives his allowance, whatever it's called to Don Jr. and Eric,

and whatever's left for Ivanka. Yeah, Ivanka, you know, maybe he's got, I don't know, $30 million that comes in a year for him should be enough, but it's not enough when you're spending $5 to $10 million a month in legal fees to defend yourself and all your cash just got taken away like in a bad divorce. Robbie Kaplan put it best when she approached the jury and told the jury just last week to kind of orient them to their role that the judge had already instructed them

that the rape of E.G. and Carroll had already been established. They are to assume that she was raped by Donald Trump, that his fingers went into her vagina is how the judge put it. They are to assume that she has been defamed by Donald Trump as president and after, including during the trial, including at the moment before the verdict, well, while juries were being selected, they are to assume that as well. Now we're left as Robbie Kaplan told the jury with punitive punishment type damages. And she used his own words, Donald Trump's own words against him, because he was so busy on one hand up the street in the New York state Supreme Court, arguing to the judge, to judge Angoron that

his personal financial statement was much greater than the numbers listed there, not less, but more. I'm not a one billionaire. I'm a three billionaire, and, and which is his way of trying to get out from under the New York attorney general case. But that was the exact opposite of what he wanted to say to a jury who had to put a punitive damage number together to punish a man who's a three billionaire. And so Robbie Kaplan looked at the jury and said this in the closing, quote, billionaire like Donald Trump could pay a million dollars a day for 10 years and still have money left in the bank.

Not anymore. Let's leave it at that. Million dollars a day for 10 years, right? That was good. I liked Robbie for that one. She went on to tell the jury with that sort of extreme wealth, it will take an unusually high punitive damages award to have any hope of stopping Donald Trump to have any chance of allowing Miss Carol's life to return to normal. They returned a $65 million punitive damage amount on top of 18.3 million compensatory

damages. But he's out of cash. He's busted. He hasn't done a new deal in 14 months. He hasn't done a new licensing deal in 14 months. He hasn't taken out a new bank loan or refinanced his bank loan. Sure, he grabs some cash when he sold the old post office. But no banks. This is the other thing. His access to capital markets is severely constrained because he's been convicted already.

He's been a judge already, a committer of persistent fraud in the last 10 years as part of his business operation. Mazers is outside of countens and auditors noisily departed the Trump representation telling the world that nothing that they did for 10 years in his audits, personal and corporate can be relied upon because they got misled by Donald Trump. What American bank, what American bank, international bank, maybe Jamie Diamond, but I don't even think him is, and they're

underwriting department and their loan department is going to lend Donald Trump money on his tax returns that nobody's seen and or on his balance statement, which everybody knows is cooked and justify as fiduciaries to their investors and to their stockholders, that they just lent hundreds of millions of dollars to somebody facing 91 felony counts, has been a judge to be a fraudster in his home state, is close to being banned from the real estate industry for life, name the bank.

And maybe he goes to Dubai. Maybe he goes to United Arab Emirates, I guess. Maybe he goes to China. He's borrowed money from China before. This is the dire financial straits that Donald Trump is in. Don't let his whistling past the graveyard fool you. He is, as much as a real estate developer can be on the balls of his butt with no cash,

he's in that position, place their by his own misconduct. We'll continue to follow what happens as we get the final number. But remember that math, 400 million in cash, limited amount of money coming in yearly from revenue and $10 million a month going out to attorney's fees and his inability to go to capital markets or US banks to borrow money and his basically they're dead in the water, the Trump organization in conducting any business the last 14 months.

So reported the monitor continue to follow everything like this at the intersection of law politics and justice one place legal AF on the Midas Touch Network, 2 million free subscribers strong. Follow me, Michael Popak on legal AF on Wednesdays and Saturdays, our full length podcast, one hour long. We do four or five stories like this at that intersection. I do it with Ben Myselis on Saturdays, Karen Friedman-Nifolo on Wednesday. So until my next dot take, thumbs up here helps. Leave a comment, keeps the ratings up, keeps the network on the air.

Until my next legal AF, this is Michael Popak reporting.