No, as we do not have “debtor’s prison” in the United States…at least not officially. There are certainly ways the system works around that.
However, in this case the state will file a lien against all of his properties, and then begin the legal process of recouping the funds from the judgement if he defaults.
He’s about to need to sell off a large percentage of his holdings, but he won’t be poor by any stretch. He’ll still likely be a billionaire, with a B. Even low estimates put his worth at somewhere around $2B.
And losing a quarter of that to a legal decision is a huge hit, but he’ll still have $1.5B in worth afterwards. Even if he did nothing with it and just let it accrue interest, he and his entire family would still be set for life. I hate the man, but this isn’t going to be what ruins him. This is one slice of a very large pie. I’d be happy to be proven wrong.
it’s unlikely he’s even a billionaire now, as that valuation is entirely based off of what now is revealed to be entirely bullshit estimations pulled directly out of his ass of his worth. the fact that he cant’ even come up with a fraction of that in cash (he could barely come up with $5M for the first E. Jean Carroll judgement and is struggling to produce the $84M for the second) speaks volumes to that.
And, while he s certainly going to have to liquidate a great deal of his holdings to produce that cash necessary to pay for these judgements, it may turn out that:
the percentage of his ownership of many of his real estate holdings is not sufficient to cover the total sum of the judgements against him and,
he may already be leveraged on those holdings (mortgages, etc.) to banks, etc. so that their value is even less than his ownership stake, making them worthless in any sale.
he may already have other undisclosed financial obligations which further impede his current financial standing.
the fact is: nobody knows how much Trump is truthfully worth but Trump. even he may not know, however, we are all about to find out, at long last.
No, as we do not have “debtor’s prison” in the United States…at least not officially. There are certainly ways the system works around that.
However, in this case the state will file a lien against all of his properties, and then begin the legal process of recouping the funds from the judgement if he defaults.
We don’t have debtors prison for the wealthy, but we do for the poor
That’s what I meant by the “not officially” and “the system works around that” parts 🙃
Trump is about to be poor
He’s about to need to sell off a large percentage of his holdings, but he won’t be poor by any stretch. He’ll still likely be a billionaire, with a B. Even low estimates put his worth at somewhere around $2B.
And losing a quarter of that to a legal decision is a huge hit, but he’ll still have $1.5B in worth afterwards. Even if he did nothing with it and just let it accrue interest, he and his entire family would still be set for life. I hate the man, but this isn’t going to be what ruins him. This is one slice of a very large pie. I’d be happy to be proven wrong.
it’s unlikely he’s even a billionaire now, as that valuation is entirely based off of what now is revealed to be entirely bullshit estimations pulled directly out of his ass of his worth. the fact that he cant’ even come up with a fraction of that in cash (he could barely come up with $5M for the first E. Jean Carroll judgement and is struggling to produce the $84M for the second) speaks volumes to that.
And, while he s certainly going to have to liquidate a great deal of his holdings to produce that cash necessary to pay for these judgements, it may turn out that:
the fact is: nobody knows how much Trump is truthfully worth but Trump. even he may not know, however, we are all about to find out, at long last.