Michael Cohen's cash woes may spur talks with investigators

Michael Cohen's world is crumbling and he may have no other choice than to cooperate with the federal investigators probing his finances, according to a detailed report Saturday.

President Trump’s longtime “fixer” and personal attorney owns a taxi business that’s deeply in debt and losing money daily, his commercial real estate is earning only a modest income and his legal and consulting work remains on hold while he’s under investigation, Bloomberg News reported.

FBI agents raided Cohen’s office, home and hotel room earlier this month seeking records about a nondisclosure agreement the lawyer had porn star Stormy Daniels sign in the days before the 2016 presidential election.

Daniels, whose real name is Stephanie Clifford, has said she had an affair with Trump in 2006 and has sued Cohen, alleging defamation, and is seeking to dissolve the confidentiality agreement.

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Donald Trump's longtime lawyer Michael Cohen
U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 11, 2018. REUTERS/Brendan McDermid
Michael Cohen, personal attorney for U.S. President Donald Trump, arrives to appear before Senate Intelligence Committee staff as the panel investigates alleged Russian interference in the 2016 U.S. presidential election, on Capitol Hill in Washington, U.S. September 19, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump's personal lawyer Michael Cohen drives after leaving his hotel in New York City, U.S., April 11, 2018. REUTERS/Brendan McDermid

Attorney Michael Cohen arrives at Trump Tower for meetings with President-elect Donald Trump on December 16, 2016 in New York.

(BRYAN R. SMITH/AFP/Getty Images)

Michael Cohen, personal attorney for U.S. President Donald Trump, talks to reporters as he departs after meeting with Senate Intelligence Committee staff as the panel investigates alleged Russian interference in the 2016 U.S. presidential election, on Capitol Hill in Washington, U.S. September 19, 2017. REUTERS/Jonathan Ernst

Retired Lt. Gen. Michael Flynn, President-elect Donald Trump's choice for National Security Advisor, Michael Cohen, executive vice president of the Trump Organization and special counsel to Donald Trump, and former Texas Governor Rick Perry talk with each other in the lobby at Trump Tower, December 12, 2016 in New York City. President-elect Donald Trump and his transition team are in the process of filling cabinet and other high level positions for the new administration.

(Photo by Drew Angerer/Getty Images)

UNITED STATES - SEPTEMBER 19: Michael Cohen, center, a personal attorney for President Trump, leaves Hart Building after his meeting with the Senate Intelligence Committee to discuss Russian interference in the 2016 election was postponed on September 19, 2017. (Photo By Tom Williams/CQ Roll Call)

Attorney Michael Cohen arrives to Trump Tower for meetings with President-elect Donald Trump on December 16, 2016 in New York.

(BRYAN R. SMITH/AFP/Getty Images)

Michael Cohen, President Donald Trump's personal attorney arrives with his attorney, Stephen M. Ryan to speak with reporters after meeting with Senate Intelligence Committee staff on Capitol Hill in Washington, U.S., September 19, 2017. REUTERS/Aaron P. Bernstein

Retired Lieutenant General Michael Flynn, White House national security adviser-designate, from left, Michael Cohen, executive vice president of the Trump Organization and special counsel to Donald Trump, and Rick Perry, former governor of Texas, speak in the lobby of Trump Tower in New York, U.S., on Monday, Dec. 12, 2016. Senate Majority Leader Mitch McConnell said he had the 'highest confidence' in the intelligence community, in sharp contrast to President-elect Donald Trump's attack on the CIA after reports it found that the Russian government tried to help him win the presidency.

(Albin Lohr-Jones/Pool via Bloomberg)

Michael Cohen, President Donald Trump's personal attorney, looks on as his attorney (not pictured) delivers a statement to reporters after meeting with Senate Intelligence Committee staff on Capitol Hill in Washington, U.S., September 19, 2017. REUTERS/Aaron P. Bernstein

Attorney Michael Cohen arrives to Trump Tower for meetings with President-elect Donald Trump on December 16, 2016 in New York.

(BRYAN R. SMITH/AFP/Getty Images)

UNITED STATES - SEPTEMBER 19: Michael Cohen, center, a personal attorney for President Trump, leaves Hart Building after his meeting with the Senate Intelligence Committee to discuss Russian interference in the 2016 election was postponed on September 19, 2017. (Photo By Tom Williams/CQ Roll Call)
U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 11, 2018. REUTERS/Brendan McDermid
U.S. President Donald Trump's personal lawyer Michael Cohen is pictured leaving a restaurant in the Manhattan borough of New York City, New York, U.S., April 10, 2018. REUTERS/Amir Levy
Michael Cohen, President Donald Trump's personal attorney, arrives with his attorney, Stephen M. Ryan, on Capitol Hill in Washington, U.S., October 25, 2017. REUTERS/Aaron P. Bernstein
U.S. President Donald Trump's personal lawyer Michael Cohen is pictured arriving at his hotel in the Manhattan borough of New York City, New York, U.S., April 10, 2018. REUTERS/Amir Levy
Michael Cohen, personal attorney for U.S. President Donald Trump, departs after meeting with Senate Intelligence Committee staff as the panel investigates alleged Russian interference in the 2016 U.S. presidential election, on Capitol Hill in Washington, U.S., September 19, 2017. REUTERS/Jonathan Ernst
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A judge Friday delayed the civil suit against Cohen, who has invoked his Fifth Amendment rights against self-incrimination, citing the criminal investigation he’s facing.

The 51-year-old, who drives a white Rolls-Royce, sports a $50,000 watch and often wears $5,000 sports coats, has tried to project nonchalance by smoking cigars with pals and maintaining his lavish lunch routines.

But Cohen’s public show of playing it cool may mask a more tenuous financial picture.

Cohen and his wife, Laura, own 32 New York City taxi licenses — known as medallions. The couple have taken out at least 16 loans based on their once-soaring value, Bloomberg noted.

The Daily News has previously reported that the Cohens owe $53,836 in unpaid taxi taxes, according to the state’s Department of Taxation and Finance.

The couple’s bank said in a November public filing that it had loans out to three taxi borrowers, and all were at high risk of default.

Unpaid taxes and fines have piled up at the Cohen taxi companies, triggering a suspension of about half of the medallions, city records show.

The taxi business isn’t Cohen’s only problem.

Cohen said he borrowed from his home-equity credit line to make a $130,000 payment in October 2016 to Daniels.

Trump answered questions about Daniels for the first time earlier this month and said he had no knowledge of the payment and didn’t know where Cohen (photo) had gotten the money.

The White House has repeatedly said Trump denies the affair. Trump said Thursday on “Fox & Friends” that Cohen handles very little of his legal work, but did represent him in the “crazy Stormy Daniels deal.”

Cohen has denied any wrongdoing.

Cohen, facing possible charges for bank fraud and violating campaign-finance laws, does have millions tied up in real estate holdings across the city, Bloomberg notes.

Cohen is linked to companies that own two investment properties purchased in 2015.

The larger one, with 92 units on New York’s Upper East Side, is 38% owned by Cohen’s companies and a downtown building with 20 units.

Together they likely generate less than $1 million in annual net income after accounting for partner interests, expenses and financing costs, data compiled by Bloomberg show.

Last October, the Cohens sold a unit at Trump World Tower, near the United Nations, for $3.3 million.

Cohen previously owned four buildings in need of repairs in Lower Manhattan, rehabilitated them and sold them for $32 million in 2014, more than doubling his initial investment, according to Bloomberg.

But his decade at Trump’s side as his lawyer and enforcer could yield information he might trade to investigators looking into the Trump campaign and Russia’s interference in the U.S. election.

Trump has bristled at the prospect of his longtime lawyer flipping and cooperating with prosecutors.

“Most people will flip if the Government lets them out of trouble,” even if “it means lying or making up stories,” the President tweeted last weekend from his West Palm Beach, Fla., golf club. “Sorry, I don’t see Michael doing that despite the horrible Witch Hunt and the dishonest media!”

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