The last thing Trump wants is to 'scrap' with Letitia James as his bond deadline looms

Appearing with MSNBC host Katie Phang on Saturday afternoon, former Donald Trump lawyer and "fixer" Michael Cohen claimed his former client is struggling to raise the cash he needs after losing a half-billion dollar judgment in Judge Arthur Engoron's courtroom.

Worse still, he stated, the former president doesn't want New York Attorney General Letitia James pouncing on him if he doesn't meet his bond deadline.

Asked, "Your thoughts about what Donald Trump is doing in order to secure that very large bond," he replied, "Donald Trump will do anything within which to ensure the bond gets obtained and the bond gets posted."

"This is a real problem for him," he elaborated. "He had a hard enough time getting the $91 million [for E. Jean Carroll], which again, I can't understand how a publicly traded company like Federated, which is Chubb Insurance, was able to justify making to a guy that does not pay his bills, that's something we all know for sure."

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"But rest assured of something else," he added, "The last person that Donald Trump right now wants to scrap with is our unsinkable Attorney General Tish James. She already knows what is going to happen come the day the bond is not filed. She will start seizing the assets, there is going to a major sale of these assets."

"One of the things that I talk about quite often is that people do not realize just because you sell the asset does not mean the full sale price goes to, let's say Donald Trump or Letitia James in order to offset the amount of the $500 plus million bond with $110,000 a day of accruing interest," he explained. "There are taxable consequences that take place on these assets as well because his basis is substantially low."

"On top of that, many of these assets are also encumbered with mortgages. It is not as if 100 cents on the dollar will go toward paying off that $500 million obligation," he stated.

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