New York's attorney general could start seizing Trump assets if he cannot come up with a $464 million bond in his civil fraud case.
  • Neato@ttrpg.networkEnglish
    210·
    8 个月前

    In case you didn’t want to go into the article.

    • Trump Park Avenue, New York, N.Y.
    • Trump Tower, New York, N.Y.
    • 40 Wall Street, New York, N.Y.
    • Seven Springs, Westchester County, N.Y.
    • Trump International Hotel and Tower, Las Vegas, Nevada
    • Mar-a-Lago, Palm Beach, Florida
    • Trump National Golf Club Westchester, Briarcliff Manor, N.Y.
    • Trump National Golf Club Charlotte, Mooresville, North Carolina
    • Trump National Golf Club Colts Neck, Colts Neck, New Jersey
    • Trump National Golf Club, Washington, D.C., Sterling, Virginia
    • Trump National Golf Club Hudson Valley, Hopewell Junction, N.Y.
    • Trump National Golf Club Jupiter, Jupiter, Florida
    • Trump National Golf Club Los Angeles, Rancho Palos Verdes, California
    • Trump National Golf Club Philadelphia, Pine Hill, New Jersey -Trump International Golf Links Scotland (Aberdeen)
    • Trump International Golf Links Scotland (Turnberry)
    • gregorum@lemm.eeEnglish
      123·
      8 个月前

      The cool thing is she’s probably going to have to take all of them because they’re all leverage to the tits and his ownership stake in them is worth almost nothing. lol

      • Neato@ttrpg.networkEnglish
        221·
        8 个月前

        Interesting. If the government seizes properties that have been borrowed against, the government has to pay those loans? Can’t just cancel them or anything? Then you’re right and they might be worth a pittance. Especially after the over-inflating fraud. I wonder if Trump was able to get loans based on their fraudulent amounts.

        • gregorum@lemm.eeEnglish
          82·
          8 个月前

          No. The state gets what part he still owns— Trump still owes the debts. If it ends up Trump really has nothing and, after seizing all of his real estate and investments, it still doesn’t amount to what he owes the state, Trump will have to declare personal bankruptcy. At that point, all of his assets will go up for sale and all his debt consolidated and managed, and all of his income will be garnished until his debt is paid off.

          This may, in fact, be what happens. Just like Rudy Giuliani and Alex Jones.

          • Passerby6497@lemmy.worldEnglish
            131·
            8 个月前

            I’m so hoping that Jones sees the IW brand sold to someone who will make it a reasonable force for good. I know the Knowledge Fight guys would love to have it, and they’re fighting the real info war!

        • michaelmrose@lemmy.worldEnglish
          32·
          8 个月前

          If a property is seized the government only gets the equity that the owner had in it so if Trump owns a 2B in property but owes 1.5B then the government may seize all 2B in order to satisfy the debt he owes the government. Worse the government will try to get as much value as possible but the value realized by a short term sale may be less than could have been realized had the customer had time to find the appropriate buyer. So if they only get 300M they can seize additional properties to satisfy the debt.

          Nobody in their right mind wants the government doing this for them instead of mortgaging and or selling their own stuff. He committed such obvious fraud he should have known the jig was up when it went to trial and started seeking buyers or mortgaging. They could have self funded an appeal bond hoping to reduce the damages and prepared for worst case losing it all.

          • Philippe23@lemmy.caEnglish
            91·
            8 个月前

            I assume what’s worse with the 300M scenario is that he still owes the other parties the 1.5B. Since the collateral is now gone, those parties will immediately demand full payment. So he’ll be forced to sell other properties to pay those debts, and it’s a cascade of a whole other set dominos of fire sales.

        • halcyoncmdr@lemmy.worldEnglish
          28·
          8 个月前

          Not the government directly, from my understanding the loan payment comes from the sale amount, before it is applied to the judgment. The property would end up being sold, then minus any outstanding debts on the property, and the remainder applies towards the judgment.

          Outstanding loans must still be repaid, creditors don’t get screwed just because it’s part of a court judgment and seizure, in fact they get an immediate return. Depending on the loan agreement, if there are prepayment penalties for those loans… those would likely apply as well.

          So it is technically possible it seems, with Trump’s fraudulent property valuations for loans, that he could end up with a negative overall return by selling various highly leveraged property. If they fraudulently valued something at say $600M and got a loan for $500M based on that… but the property is actually valued and sells for $300M, that loan would be underwater, like millions of American homes. He would still owe $200M for that loan, but would no longer have the property.

          If all of his properties are massively overvalued and highly leveraged against, he could end up with basically nothing left from this. Forced to declare personal bankruptcy and losing all the real estate. Court judgments for fraud very rarely can be discharged by bankruptcy, so while other debts might be discharged the penalties will likely all apply, regardless.

          I believe the sales would count as income for tax purposes next year as well. Just to be another kick in the nuts.

          • Neato@ttrpg.networkEnglish
            391·
            8 个月前

            If all of his properties are massively overvalued and highly leveraged against, he could end up with basically nothing left from this. Forced to declare personal bankruptcy and losing all the real estate.

          • michaelmrose@lemmy.worldEnglish
            5·
            8 个月前

            Here is an interesting question in the example case where he owes 500M on a 300M property ergo negative equity can the government still force the sale when the expected return is negative ergo the government expects to get nothing? Alternatively are seizures irrespective of expected return and if it turns out to be overvalued it’s his problem?

            • MNByChoice@midwest.social
              10·
              8 个月前

              The government forces the sale and facilitates, they do not take the face value. This can be a real shit show.

              A smart person should never allow the government to do the sale. These things should have been for sale months ago.

            • Maggoty@lemmy.world
              41·
              8 个月前

              The government gets the money from the sale. If the sale is worth more than he owes the government, then he gets the extra. Trump is left to pay the loans off himself.

              If this is as bad as the newspapers are saying then his creditors are already counting everything up and waiting for him to miss a payment so they can take whatever the government doesn’t. In some states they may be able to use this fraud ruling to demand the entire loan amount back immediately.

              • michaelmrose@lemmy.worldEnglish
                3·
                8 个月前

                I do believe the people previously loaning money on the property get paid BEFORE the government so the net effect of seizure isn’t seizure FROM innocent parties. So if he owes 100M on a 80M property I’m wondering if the seizure goes through at all as there is no value to seize. if he owes 80M on a 100M property the government gets the 20M and keeps taking his shit. I suspect that the government ends up seizing a broad swath of property and holds it while they figure out what they have actually gotten and it takes months to actually shake out. I think if he’s under water he’ll end up losing it by virtue of being under water in the loan. In WA understandably a different state this is an issue with commercial property. If its revalued at less than the loan the loan can be called.

                • Maggoty@lemmy.world
                  12·
                  8 个月前

                  I’m sure it’s all very complicated. I was just talking about the simple facts we’re all here to celebrate.

              • jkrtn@lemmy.ml
                2·
                8 个月前

                I’d like to see Donald send his Trumpanzee cult against the banks. We’ll see the justice system magically start working, and swiftly, if he endangers billionaires or their profits.

          • frezik@midwest.social
            2·
            8 个月前

            This sounds like it wouldn’t be just another bankruptcy, either. He’s gone through the bankruptcy process before. Lots of businesses do as a strategic move. He could end up with absolutely nothing after this, and even if he lived for another few decades (unlikely), he has no foundation for rebuilding.

    • goldteeth@lemmy.dbzer0.comEnglish
      56·
      8 个月前

      Mar-a-Lago, Palm Beach, Florida

      Holy shit. I’ve figured it out. I’ve cracked the master plan.

      “Um, excuse me, stolen classified documents piled high to the rafters in my bathroom? I believe that’s the New York attorney general’s bathroom, athankyouverymuch. Case dismissed!”

      This makes the fairly generous assumption that the man is capable of planning, but whatever.

      • Potatos_are_not_friends@lemmy.world
        8·
        8 个月前

        Genius play by Master Trump.

        “Officer, there’s no way I shot that man. Because my gun is currently in the evidence room. Also check fucking mate. (Drops mic, dabs, makes out with the hottest cop and wheelies out)”

    • Glowstick@lemmy.worldEnglish
      29·
      8 个月前

      OMG OMG OMG

      I would so LOVE to see his name stripped off of all those properties! …but I’m still trying to not get my hopes up. Aside from him suffering through court cases and losing them in a very public way, if his properties get seized it would be the first REAL consequences he receives

      • Riven@lemmy.dbzer0.com
        12·
        8 个月前

        Depending on the contract the properties might still have to keep the name even if sold. There’s a couple cases of that our there currently for Trump buildings. He sold them and they have to keep the name, last thing I heard they were trying to sue to remove the name because of all the bad publicity the trump name brings.

        • jkrtn@lemmy.ml
          5·
          8 个月前

          If Donald sells them he can put whatever he likes in the contract. If the government sells them I doubt they’ll be encumbered with bullshit like that.

  • Pronell@lemmy.world
    47·
    8 个月前

    So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed, isn’t he?

    Ahahahahahaha!

    • partial_accumen@lemmy.world
      221·
      8 个月前

      I wouldn’t think so. I would think they’d seize properties base on only the equity, not the total mortgaged value. Likely why this list is so large, so little equity in any of the properties so more need to be seized to meet the total balance of the judgment.

      • MisterD@lemmy.ca
        7·
        8 个月前

        Oh yes he is on the hook for the rest. If Jared won’t use some of his 2 billion he got from the Saudi, then Trump goes bankrupt… again.

        • partial_accumen@lemmy.world
          11·
          8 个月前

          So…you do think so.

          No…? I’m not sure how you got that. I think the confusion in communication goes back to @Pronell@lemmy.world 's statement. Let me introduce my additional understanding there. They said the following, note my addition:

          So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed [on the mortgages], isn’t he?

          So to restate my position:

          No, I do not believe so. I don’t think if the court took a $10million property with a $9million mortgage on it (meaning $1million in equity), I do NOT believe Trump would still owe the outstanding $9 million mortgage. The court would have the equity AND the debt, and would sell off the property keeping the equity and paying the lender the outstanding balance.

          Further, lets say for easy math the judgment was only $5 million. Lets also assume that there were 5 identical properties with value, mortgage, and equity. I believe the court would take 5 properties which would equal the $5 million in equity which would equal the $5 million in the judgement.

          Does that add clarity?

    • orcrist@lemm.ee
      6·
      8 个月前

      If the properties are seized, they’ll be sold, not mortgaged, and that amount of money will be applied to what is owed, I believe.

      It’s often better for people to sell the property themselves first, because a court officer overseeing the sale doesn’t care as much about getting the highest possible sale price.

  • tenchiken@lemmy.dbzer0.com
    332·
    8 个月前

    This at the bottom of the article made me laugh so hard. Somehow the maga trolls are butthurt enough to think this constitutes far left.

    • Treczoks@lemmy.world
      8·
      8 个月前

      No, for that he already provided a juicy pack of securities that he provided in the hope they would also do the new bond secured by real estate.

      The bond provider basically pulled the self-proclaimed “business genius” straight over the table. I expect him to lose the appeal, which would cost Trump way more than just USD91M.

  • YurkshireLad@lemmy.ca
    273·
    8 个月前

    Quit yacking and do it. Take the properties and give Trump what he deserves. I hope this isn’t another story that fizzles out.

    • Ranvier@sopuli.xyz
      19·
      8 个月前

      He has a few more days technically, then she can start seizing. There’s one month after the ruling to come up with the money.

      • KevonLooney@lemm.ee
        4·
        8 个月前

        Since no one reads the article, the deadline is Monday. Trump is just stalling. Nothing will be seized.

        He could either:

        1. Give some of these properties to the Supreme Court of NY as potential sales (not sell them yet)
        2. Go bankrupt to stall the judgement and payment
        3. Get a loan on his properties to pay the judgement
        4. Divide up the bond between different insurance companies

        He has lots of options. Don’t listen to him when he says he has none. It’s a lie. He will probably do a combination of things: get a loan for half and find a few insurance companies to give him bonds for the rest. He will have to pay a lot of money, so he’s just looking for someone else to pay it for him.

  • RagingSnarkasm@lemmy.world
    23·
    8 个月前

    Please please please please please please please please please please please please please please please take Mar-a-lago.

  • some_guy@lemmy.sdf.org
    241·
    8 个月前

    “Judge Engoron actually wants me to put up Hundreds of Millions of Dollars for the Right to Appeal his ridiculous decision. In other words, he is trying to take my Appellate Rights away from me,” Trump wrote. “I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!”

    How is that election interference? I’m missing that part.

    • Viking_Hippie@lemmy.world
      191·
      8 个月前

      How is that election interference? I’m missing that part.

      It’s not. Trump is just banking on his cult uncritically repeating any gibberish he spouts in all caps as unassailable truth. Like they always do.

    • experbia@lemmy.world
      3·
      8 个月前

      it makes sense to his followers, which is his intent. he wants them riled up. they don’t see this as him experiencing the consequences of his own actions, they see this as a left wing democratic deep state attack on trump to try and prevent him from winning the upcoming election. they believe this “deep state” is afraid of trump because of how he’s obviously (/s) about to win a landslide election and finally flush all the “undesirables” out of power and turn america back into the racist wifebeating paradise of the 1970s. he wants them to be thinking about “defending him” from this “deep state attack”. he’s trying to solve his massive Impending financial apocalypse by gently prodding his followers into thinking about domestic terrorism.

    • PhAzE@lemmy.ca
      3·
      8 个月前

      It’s his war cry. If shit goes down, he’s ready to call for war for those that believe this is a “travesty”.

  • Chocrates@lemmy.world
    14·
    8 个月前

    Do we have a running list of judgements? He has two for Ms Carrol I think and this one as well, so far.