Donald Trump's former attorney, Michael Cohen, said the civil lawsuit against the former president would put his business in a "death spiral," Breitbart reported. Cohen made this prediction Monday on CNN's "Primetime."
New York Attorney General Letitia James is suing Trump for $250 million, alleging he inflated the value of his assets to obtain loans, the New York Post reported. Cohen believes this could be the end for Trump's financial life.
"He’s watching as his company, his 50-plus-year company, is in a death spiral. I mean, basically what Letitia James did, our unsinkable attorney general, she gave him the corporate death penalty," Cohen alleged.
"Judge Engoron is in agreement with Letitia James that the company should not be able to practice, neither should Donald," Cohen added. Trump's former attorney also believes this will be a blow to his identity.
"This is actually a big one for Donald, because Donald’s entire id, his ego, his superego, have all been predicated around the notion that he is this incredibly rich entrepreneur genius businessman. And what this does is it strips him of all of that," Cohen said.
"It demonstrates that he’s neither rich, he’s certainly not a genius businessman, and he’s certainly not a good entrepreneur," Cohen added. The network anchor, Abby Philip, asked whether Trump can "survive a penalty of a quarter of a billion dollars" and possibly more as the penalty is ultimately up to the judge's discretion.
"Correct. That’s also something that people make a terrible mistake with," Cohen said.
"What Attorney General James stated is that it is a baseline of 250 million, meaning that’s the bottom. That doesn’t mean that that’s the top," Cohen said.
"The way I calculate it based on the information that I know, it’s going to be at least double, if not 2.5 times that amount, with penalties and interest and so on. And the answer is no, he cannot survive this. He cannot recover from this," Cohen said.
Trump had requested a delay to the trial after James sued him, the Trump Organization, and his children, The Hill reported. That request was denied by Judge Arthur Engoron, but Trump took the opportunity to blast the state's actions on Sunday on his Truth Social.
"I’m going to Court tomorrow morning to fight for my name and reputation against a corrupt and racist Attorney General, Letitia James, who campaigned on ‘getting Trump,’ and a Trump-Hating Judge who is unfair, unhinged, and vicious in his PURSUIT of me," Trump said in his post. "He values Mar-a-Lago, in Palm Beach, Florida, at 18 Million Dollars, when it is worth 50 to 100 times that amount," Trump said of the judge.
"His valuations are FRAUDULENT in pursuit of Election Interference, and worse. THIS WHOLE CASE IS A SHAM!!! See you in Court – Monday morning," Trump concluded.
Of all the cases pending against Trump, this is the most outrageous in both the substance and the possible penalties. It seems officials in New York have found a way to destroy Trump's life using the justice system.
They are trying to bankrupt the former president at this crucial time in his campaign and effectively take him out of the race. Unfortunately, it seems there's little recourse to stop them.