A number of properties New York Attorney Letitia James could seize, including Trump Tower, have accrued loans, according to financial disclosures.

cross-posted from: https://lemmy.world/post/13390307

Donald Trump has multiple loans on his properties amounting to at least $200 million, which may devalue their worth and make it less likely that they will be seized to recuperate the costs of his legal fines.

The former president has until March 25 to come up with the bond amount or New York Attorney Letitia James could begin seizing some of his assets and properties after Judge Arthur Engoron ruled that the former president will have to pay roughly $355 million in penalties for fraud. The February ruling stated that Trump and top executives at The Trump Organization inflated the value of his assets to obtain more favorable terms from lenders and insurers.

The lawsuit, brought by James, initially sought $250 million in damages, but she increased this figure to $370 million, plus interest. With interest, the payment exceeds $464 million.

    • Chocrates@lemmy.worldEnglish
      18·
      9 months ago

      They literally can’t. Trump still has time to appeal. Seems like March 26th is the day they can start siezing them.

      • bfg9k@lemmy.worldEnglish
        125·
        9 months ago

        Ridiculous that he keeps getting second, third, fourth and fifth chances

        • Chocrates@lemmy.worldEnglish
          10·
          9 months ago

          You’re not wrong, but everyone has the right to appeal most cases. We can argue that this should have happened decades ago perhaps, or that this case moved too slow, but not his right to appeal it.

        • kamenLady.@lemmy.worldEnglish
          73·
          9 months ago

          Any other person would have been stopped immediately and locked away, if they would have allowed themselves to do any of the things Trump has done.

          • KevonLooney@lemm.eeEnglish
            41·
            9 months ago

            Maybe for contempt of court, but a 30 day time limit to come up with $460 million is actually pretty short. They literally already have a court official monitoring and approving all business transactions for the Trump Org.

            At 8 AM Monday (or Tuesday, not sure), they are going to start seizing property unless he turns it over willingly.

  • pr06lefs@lemmy.mlEnglish
    22·
    9 months ago

    Wonder if he got bigger loans because of fraudulently overvaluing his properties. Which means that property minus loan will be small, meaning they’ll need to sell more properties to pay off the judgement. Plus, commercial real estate is super low after the pandemic. Not really a great time to be selling those assets. Really looking forward to a series of painful losses for TFG.

    • gregorum@lemm.eeEnglish
      7·
      9 months ago

      That’s literally what he was just found liable for in this case and probably why nobody will give him a bond— he’s a fraudster and nobody actually knows what his properties are worth now or how much debt he really holds in them.

      It’s probably far more than $200M

    • orbitz@lemmy.caEnglish
      5·
      9 months ago

      The guy that used charity money for Boy Scout fees probably didn’t leave much equity in his loan collateral properties.

      Unsure if that means the state wouldn’t bother selling them off cause no profit (then he can claim he has real estate and puff up his image still, not as bad of an image hit) or just start at the top and go down the list and see what it gets them and leave Trump with bills. Actually kinda curious on what the options really are.

  • FiveMacs@lemmy.caEnglish
    18·
    9 months ago

    Seize em all anyways, pay off the loans then go after him for the remainder

    • thefartographer@lemm.eeEnglish
      16·
      9 months ago

      Seize em all anyways, pay off the loans then go after him for make him perform manual labor at the properties for the average hourly rate he paid his contractors to pay off the remainder

    • BluesF@lemmy.worldEnglish
      1·
      9 months ago

      A comment on the other thread suggests that NY don’t need to pay the debts, they can seize the properties and keep the full value, the creditors can sue Trump for the debts.