'Very revealing': Trump biographer says 'fire sale' will expose financial 'house of cards'
The astonishing amounts Trump may be on the hook to pay are exposing his real wealth.
Trump's staring down the barrel of an $83.3 million E. Jean Carroll jury judgment and possible $370 million civil fraud decision by a New York judge that could jeopardize his business license and hinder his real estate empire.
Author David Cay Johnston appeared on CNN, saying former President Donald Trump's in huge trouble.
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"I think we can expect the judge will renew his order removing Donald's business licenses, we call them certificates in New York, so Donald can't do business in New York," Johnston said.
He's referring to the late September ruling by Manhattan Supreme Court Justice Arthur Engoron siding with Attorney General Letitia James' prosecutors who brought the civil lawsuit.
He determined the former president’s companies must be wrested from his control and dissolved because Trump, his grownup sons Erik and Don Jr., some executives, and the Trump Organization overhyped the value of his portfolio and bottom line in critical paperwork to secure more favorable deals and bank loans.
The state is asking for $370 million and to bar Trump and other defendants from being able to oversee any company in the Empire State.
If he doesn't have the $10 billion that he claimed back in 2015, the 45th president will need to liquidate.
"He is probably going to have to sell some properties, and it may be done through the monitor, to come up with the necessary cash, but of course the sale under these circumstances is not going to be at the highest price, it'll be closer to a fire sale price, for any of his assets."
Compounding Trump's issues are the details in a report delivered to Engoron by Trump Organization's monitor, Barbara Jones who reported to Engoron that the issues, specifically a $48 million loan between Trump and one of his companies, "may reflect a lack of adequate internal controls," according to The New York Times.
Trump’s lawyers hit back at Jones denying the fraud and accusing her of acting in bad faith.
This may be the start of exposing Trump's financials.
"There's a lot you don't see in Trump's financial statements that raise questions about reality versus fiction," said Johnston. "So, this is going to be very revealing about how much of a house of cards Donald's finances are."
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