There was a time, back when the White House was just a glimmer in Donald Trump’s eye, that the future president might have been best known as the owner of the Buffalo Bills.
It was 2014 when the death of longtime Bills owner Ralph Wilson precipitated the sale of the NFL team with a host of greedy and wealthy suitors, including Trump.
Now, state Attorney General Letitia James said in a civil lawsuit filed Wednesday against Trump, three of his children and others that the former president not only exaggerated his financial ability in a slew of real estate transactions , but also in its billion-dollar takeover bid. the bills. Indeed, the attorney general’s action includes a lengthy review of the attempted purchase of the Bills, concluding that the potential suitor was once again inflating his assets in order to secure favorable financing.
James claims that up to $800 million of the offer could have been financed by a bank, and that Trump and his Trump Organization needed a “letter of confidence” to solidify the offer.
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“Mr. Trump asked Deutsche Bank … for this letter,” the lawsuit says, noting that Trump and Jeffrey McConney – a lawyer for Trump named in the lawsuit – met with Deutsche Bank staff in connection with the request in July 2014. .
“Mr. McConney then certified Mr. Trump’s liquidity as of June 30, 2014 and that there had been ‘no significant decrease’ from the 2013 statement of financial position figures previously certified by Mr. Trump,” the lawsuit states. “Mr. Trump’s candidacy package – which was partially successful, insofar as Mr. Trump advanced further in the candidacy process – included a letter … stating that, based on the bank’s review financial information from Mr. Trump, he would have the “financier” to fund his bid to buy the Bills football team. »
But James’ action notes that although Trump’s 2013 statement of financial position — which she called “inflated due to misleading strategies” — reported a net worth of about $5, $1 billion, he told bankers his net worth was much higher.
“Mr. Trump sent a separate letter, under his own signature, using an even higher figure in an effort to win the tender: ‘I have a net worth of over eight billion dollars (financial statements to be supplied on request), ” ” says the costume.
Terry and Kim Pegula emerged as the eventual winners of the Bills’ bidding war with their $1.4 billion bid. But Trump noted during his 2016 presidential campaign in an interview with The Buffalo News that his attempt to buy the Bills was “half-hearted.” He then admitted that running his own business empire, owning an NFL team and running for president at the same time would be difficult.
“You know, I bet on it, but I knew I would do this,” he said then. “I have enough on my hands.”