He was forced into a managed exit byDeutsche Bank.
New court papers show that Trump dodged the bank's questions for months.
Hundreds of millions of dollars in debt were zeroed out by Trump.
For the past 10 years,Deutsche Bank has been Donald Trump's banking bestie, lending him more than $400 million as he developed a Miami golf resort, a tower in Chicago, and a luxury hotel in the heart of Washington, DC
According to a new court filing by New York's attorney general, the two are in the middle of an ugly, shotgun divorce.
According to James' filing, the international bank has enforced a "managed exit" from its lucrative relationship with the former president since Trump left office.
In May, Trump zeroed out all but $45 million inDeutsche Bank debt, which appeared to be a breeze.
After James accused the former president of inflating his net worth in financial documents, Trump bragged on Fox that he paid them back.
Trump said the banks made a lot of money. She is defending banks that were paid off.
The split between Trump and the bank began with acrimony, in a behind-the-scenes crossfire of accusations, ultimatums, and shade- throwing.
The bank was ghosted by Trump's lawyers for six months as he struggled to stay in office.
The bank was frustrated by Trump's lack of response.
James' new court papers offer a glimpse into the back-and-forth behind the break up.
James has said in the past thatDeutsche Bank knew that Trump was exaggerating.
The AG said that the bank applied a percentage reduction to what the former president said he was worth.
Two summers ago, the attorney general alleged that no Trump haircut could make pretty.
James was accusing Trump of committing fraud in the very documents the bank used to decide how much to lend, what interest to set, and whether the loans remain in good standing.
The attorney general is looking into whether the Trump Organization inflated the value of Mr. Trump's assets in order to get loans and benefits.
After two months, the 2020 presidential campaign would reach its final frenzy and the AG's subpoenas would begin to be asked questions.
In October of 2020, the bank wrote a letter to Donald Trump Jr., who had signed off on a lot of his father's fuzzy math even though he had admitted to being ignorant of accounting principles.
James, the New York attorney general, said in a letter thatDeutsche Bank wanted to know what was happening with the investigation.
The annual, 20-page self-certified accountings of Trump's father's personal net worth were asked if they were a fraud.
Greg Khost, the bank's head of private wealth management, was nice to Donald Trump, Jr.
The back-and-forth released by James shows that the Trump Organization didn't respond to the letter for more than a month.
By December 7, 2020, Trump was in the swamp of election denial. Instead of Donald Trump, Jr., it was the Trump Organization's top lawyer, Alan Garten.
The October 29 letter only recently came to our attention.
The top Trump Organization lawyer said that the company wanted to cooperate with the bank whenever possible.
We are not aware of anything that would require us to respond. If you know of any authority to the contrary, please let us know.
Happy holidays, but don't expect any gifts.
It's not known if Trump was told of the bank's concerns. According to the American Presidency Project, he was occupied and fired off 16 election denials on that December day.
The exchange got worse a week after that. The Trump lawyer's email was answered by a lawyer of the bank.
It was now a fight between lawyers.
Donald J. Trump is required under the terms of his loan guarantees to provide annual financial statements toDeutsche Bank and to ensure that those statements are true and correct in all material respects.
The AG's fraud allegations were the subject of a request from the bank. He said the bank needs that information in order to decide whether an event of default may have happened.
The bank's lawyer appreciated the quick response.
The "D" bomb had been dropped by the bank. If Trump lied to get the loan, the bank could call it in.
The lawyer for Trump replied two days later. It was December 16th, 2020 and Trump was saying that the election was fraudulent.
The lawyer for Trump said that they were looking at the email and hoped to reply in the next few days.
In an email dated January 8, 2021, three weeks and one Capitol siege later, a lawyer forDeutsche Bank asked Trump's lawyer where the response would come from.
What would be the end of the exchange?
I'm looking at the emails below. I would like to know when we can expect a response. I would like to thank you.
"To all of those who have asked, I will not be going to the Inauguration on January 20th," was the one from 3:44 p.m.
The AG's filing said that "none was forthcoming" when it came to the final request from the bank.
The Trump Organization's failure to respond led to the decision byDeutsche Bank to leave the company.
Three bank executives made a decision during a call on May 27, 2021, according to James' filing.
It would take a year for most of Trump's debt to be retired.
Forbes' Dan Alexander first reported in July that the $375 million sale of Trump's hotel in DC left him with enough money to pay off the Old Post Office loan and the $125 million loan he took out for his Miami golf course.
The final vote to end its relationship with Trump took no time at all.
It took 11 minutes and 8 seconds for the call to end.
A Trump lawyer did not return a request for comment on Trump's insistence that his business has not committed fraud and that the attorney general is engaged in a political witch hunt.
A spokesman for the bank wouldn't comment on legal claims or client accounts.
The Bank takes its legal obligations very seriously.
Business Insider has an article on it.
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