Trump could struggle to 'make payroll' if fraud case appeal fails: NY Times reporter

Former President Donald Trump's whole company could be teetering on the verge of collapse if he can't get the $450 million civil fraud ruling reversed, New York Times reporter Russ Buettner argued on CNN Tuesday morning.

This comes as Trump agreed to last-minute concessions to state Attorney General Letitia James in order to get his $175 million bond accepted, which had been a point of contention as state officials were suspicious of the circumstances under which he secured the money while he appeals the case.

"Yesterday, one of the things that we heard from Donald Trump was him railing against this $175 million bond, and the confusion or the questions over whether or not it was done properly by the state attorney general," said anchor Sara Sidner. "What does that tell you, as you've looked into his finances for so long — what does that tell you about where he is in his finances now?"

"Well, I think first, it tells you that his finances are the most important thing in his life, and the perception of that, right?" said Buettner, who has covered Trump's finances in depth, including an expose that revealed his tax returns.

"The perception that he is endlessly wealthy and that everything that he has is worth billions of dollars is what matters most to him and his identity. I think that that number is so important to him, as you said, that he's like really wrestling with, to make clear that he's got that money and that it's all there. It tells you just how close it is to the line."

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In reality, Buettner added, he has been in a declining financial situation for a while."When we looked at his finances since 'The Apprentice,' it's sort of dwindled off in popularity, that money had cut off, the money from licensing fees had really dropped with the popularity of 'The Apprentice,' his finances had really diminished over the last few years," he said.

"He sold some assets, so he had for the first time a little more cash. He was really low on cash."

As an example, Sidner and Buettner noted, he had to sell his controversial hotel in Washington, D.C. that had long been accused of being a hot spot for foreign influence-peddling, "Because he was having to pump $10 million a year into it to keep it open. "That produced a little bit of a windfall, not quite covering as tall investment in those things, but still he's got a little bit of cash, but that's about it. And this puts him right on the line."

"If he gets more below that much, he starts to have a difficulty, maybe even making payroll," Buettner added. "He's going to be living off of the cash flow of those businesses. So I think this is really an existential moment for him, that decision, if he loses the 475, he has a major problem. He will no doubt have to unload some assets, and probably into a market and a situation that's not going to be good for him."

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