Rudy Giuliani:1Files for bankruptcy after being awarded $146 million judgment Now
Rudy Giuliani files for bankruptcy after being awarded a $146 million judgment in a defamation suit.
Rudy Giuliani, the lawyer for Donald Trump and a former mayor of New York City, filed for bankruptcy on Thursday, according to a court document.
Less than a week after a jury found Giuliani liable for $146 million in damages to Ruby Freeman and Shaye Moss, two election workers in Fulton County who had sued him for defamation, Giuliani filed for Chapter 11 bankruptcy.
Rudy Giuliani:1Files for bankruptcy after being awarded $146 million judgment
He believes that his debts total between $500 million and $100 million. The federal judge overseeing the case subsequently lowered the damage award from $148 million to $145,969,000.
“This maneuver is unsurprising, and it will not succeed in discharging Mr. Giuliani’s debt to Ruby Freeman and Shaye Moss,” Michael Gottleib is an attorney said in a statement on behalf of the two women.
Judge Beryl Howell of the U.S.
District Court for the District of Columbia issued an order requiring Giuliani to pay the two election workers right away on Wednesday.
She expressed concern that Giuliani might have misrepresented his financial situation and that he might not follow the ruling.
Following the 2020 presidential election, Giuliani falsely stated that election personnel had participated in a phony ballot processing scheme.
His lawyer had recently hinted that his finances were insufficient to cover the compensation that Moss and Freeman had been demanding.
Rudy Giuliani:1Files for bankruptcy after being awarded $146 million judgment
Ted Goodman, a political advisor to Giuliani, told CBS News that “no one should be surprised” by the bankruptcy filing.
“It was illogical for anyone to think that Mayor he said in a statement that Rudy Giuliani “would be able to pay such a high punitive amount.”
“Chapter 11 will afford Mayor Giuliani the opportunity and time to pursue an appeal, while providing transparency for his finances under the supervision of the bankruptcy court, to ensure all creditors are treated equally and fairly throughout the process.”
Giuliani’s wealth
Giuliani’s wealth has decreased, despite estimates that it once exceeded $50 million. He values his assets between $1 million and $10 million in the bankruptcy filing.
According to legal documents, Giuliani owes the IRS approximately $724,000 in income tax for the years 2022 and 2021 and is also liable for an additional $265,000 in income tax to the state of New York records.
Giuliani also lists “unknown” debts to two voting technology companies: Smartmatic USA, which filed a lawsuit against him in a related case alleging defamation, and Dominion Voting Systems, which sued him in 2021 after he allegedly made false claims that the company was involved in manipulating the 2020 presidential election.
Rudy Giuliani:1Files for bankruptcy after being awarded $146 million judgment
Additionally, Giuliani’s bankruptcy filing reveals that he owes President Biden’s son, Hunter Biden, an amount that is not specified.
According to the Associated Press, Hunter Biden filed a lawsuit against Giuliani and another attorney in September, claiming that they had improperly accessed and shared his personal information that they had acquired from the proprietor of a Delaware computer repair business.
Rudy Giuliani:1Files for bankruptcy after being awarded $146 million judgment
He made $911 selling 9/11 t-shirts and pitched sandals sold by Mike Lindell, an ally of Donald Trump. In addition, he began charging $325 for video messages on Cameo, even though Giuliani’s page on the platform indicates that he is no longer active.
Prior to the verdict ordering Giuliani to pay millions in damages, Giuliani’s attorney Joe Sibley told the jury last week that the monetary damages sought by Freeman and Moss would be the “civil equivalent of the death penalty.”
Editor’s note: To make it clear that the judge lowered the amount owed to $146 million, this story and headline have been updated.
Megan Cerullo is a CBS MoneyWatch reporter covering consumer spending, small business, healthcare, and personal finance from her base in New York. She frequently discusses her reporting on CBS News streaming.
Rudy Giuliani:1Files for bankruptcy after being awarded $146 million judgment
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