When Donald Trump left office in early 2021, he was apparently on much thinner financial ice than almost anyone knew.
show that Trump—a billionaire on paper—only had control over about $65 million in liquid assets as he prepared to depart the White House.
The filing goes on to cite those internal records, which admit that “distributions are at the discretion of Vornado” and “at this point we do not have all of the data that goes into Vornado’s decision making, thus we are attributing no distribution for these properties.”Citing Trump Organization financial statements, James points out that of the $92.7 million that Trump held in liquid assets in 2020, $28.25 million of that amount was tied up in “partnership entities Mr.
But a huge chunk of that interest income, about $9.74 million, appears to have come from partnership entities related to properties controlled by Vornado, according to the returns. As James’ lawsuit points out, Trump is a minority member in those properties, has no control over his stake, and cannot access it whenever he wants—in other words, phantom income.
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