Michael Cohen, former President Donald Trump’s lawyer-turned-accuser, says his old boss is frustrated about the massive bond amount in his New York civil case because he is confronting a thorny situation with no clear way out.
Mr. Cohen, speaking late Monday on CNN, said Mr. Trump is “really angry right now” over his inability to land the $464 million bond he needs to stave off next week’s collection of a business-fraud judgment against him during an appeal.
“There is a situation that is completely out of control, and we know that it is out of his control,” Mr. Cohen said. “Thirty different lenders said, ’Hey, thank you but no thanks, we just can’t do it.’ And he’s not wrong about that, to post a $500 million bond is not easy to do no matter who you do.”
Mr. Cohen said other billionaires could probably write the check, adding that Mr. Trump in the past had suggested he had stores of cash that could approach the amount.
Mr. Trump is scrounging for money while he fights the case brought by New York Attorney General Letitia James at the appellate level.
Earlier this year, Ms. James successfully argued in court that the Trump Organization submitted fraudulent financial documents to gain favorable terms on loans and insurance.
SEE ALSO: Trump fumes over ‘un-American’ bond amount in New York civil fraud case
Judge Arthur Engoron levied a massive judgment against Mr. Trump, his eldest sons and their real estate company.
Mr. Trump’s lawyers on Monday said it is impossible to secure a bond against the judgment while they appeal, sparking speculation that Ms. James will try to seize Mr. Trump’s prized properties.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” she said in a Feb. 20 interview with ABC News. “We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at [Trump-owned] 40 Wall Street every day.”
The prospect infuriated Mr. Trump, who says his legal woes are a Democratic plot to thwart his presidential bid.
“Nobody has ever heard of anything like this before. I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense?” Mr. Trump posted on Truth Social.
Mr. Cohen weighed in on Mr. Trump’s psyche after serving for years as the ex-president’s counsel, or “fixer.” He turned on Mr. Trump in 2018 and testified to Congress that Mr. Trump would routinely manipulate the values of his properties to gain favorable terms.
The testimony fueled Ms. James’s investigation into the Trump Organization.
Mr. Trump says Mr. Cohen has been known to lie and cannot be trusted. The lawyer spent more than a year in prison after pleading guilty to campaign finance violations, tax fraud and bank fraud.
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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