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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump's Assets Could Be Seized As He Can't Afford $464 Million Bond
Trumps lawyers admitted in court that he cant post the $454 million fraud judgment bond because he lacks the cash to back it. CNN reported on a filing by Trumps lawyers:
The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude, Trumps lawyers wrote. (Trump himself was ordered to pay $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.) ... An insurance broker, Gary Giulietti, who testified for Trump during the civil fraud trial, signed an affidavit stating that securing a bond in the full amount is a practical impossibility. ... Potential underwriters are seeking cash to back the bond, not properties, according to Trumps lawyers.
Donald Trumps problem is that he doesnt actually own much real estate in New York. His biggest holding appears to be Trump Tower, but it is unclear if he owns the building outright. Other buildings that either carry Trumps name in New York or are listed among his holdings are licensing deals, ground leases, or places he might own a portion of.
It is very difficult for Trump to sell a building or two in New York to cover the bond when he does not own much in New York that he could sell. James could seize Trump Tower and 40 Wall Street, but unless Donald Trump wants to sell his Florida properties, it is clear why he is struggling to come up with the cash. Donald Trumps illusion of vast wealth was just another con.
https://www.politicususa.com/2024/03/18/trumps-assets-could-be-seized-as-he-cant-afford-464-million-bond.html
Blue Owl
(50,578 posts)And maybe lock him up?
Traildogbob
(8,893 posts)My take a crane.
magicarpet
(14,219 posts)But who the hell wants that ? Even Melania has rejected it.
SoFlaBro
(2,012 posts)Ocelot II
(115,985 posts)Blue Owl
(50,578 posts)SergeStorms
(19,205 posts)Put it in a chopped garlic jar with formaldehyde in it and charge the MAGAts $10 to worship it for 5 minutes.
I'd make a fortune to pay for Attorneys to help immigrants entering the U.S. Nothing would frost Trump's and his cult's flakes more than that. 😁
I'd damn sure get better Attorneys than Trump has, too!
elleng
(131,391 posts)WarGamer
(12,509 posts)Ping Tung
(782 posts)WarGamer
(12,509 posts)Ping Tung
(782 posts)Putin Towers has a rather exotic ring to it.
Ocelot II
(115,985 posts)Most of it is either co-owned, mortgaged, encumbered in other ways, or was never his to begin with; he just licensed his name to use on some properties. He was never as rich as he let on, and now he doesn't even have much cash or other relatively liquid assets like stocks that he could sell.
Ha, ha.
NYC Liberal
(20,138 posts)Thatll easily cover it. Obviously he would never inflate his propertys value right?
WarGamer
(12,509 posts)He can certainly sell his Tower penthouse and the commercial/parking areas...
But he doesn't want to as he's probably hoping for the judgment to be reduced by the Courts
Just a delay tactic I guess
NanaCat
(1,530 posts)And turn it into a migrant detention center. After redecorating it. We don't want to traumatize our future citizens.
WarGamer
(12,509 posts)NanaCat
(1,530 posts)Are you trying to say that migrants aren't good enough to live next to the owners of those flats? Who are they to be so particular? They lived next to a pig when he resided there. The migrants would be an improvement.
BTW: I realize it won't happen. It's fun to think about, though.
LiberalFighter
(51,349 posts)WarGamer
(12,509 posts)He simply has to ask the monitor for permission to sell property to satisfy the judgment or bond.
The court appointed monitor would have no legitimate reason to say no.
LiberalFighter
(51,349 posts)If so, I would think the actual owners would want to remove his name asap.
Ocelot II
(115,985 posts)SergeStorms
(19,205 posts)at $10 billion, or some ridiculous amount?
Get George Soros to buy it (the patron saint of liberals, right?) then the whole Trump family can't use their last name anymore.
Have the contract stipulate that George would even get to choose Trump's replacement name. "Duck" would be good, but they'd probably run into ©️ problems with Disney. "Donald Shithead" has a nice ring to it. The possibilities are endless! 😉
Irish_Dem
(47,928 posts)Interesting.
getagrip_already
(14,970 posts)But it's doubtful they can since much of it heavily leveraged, or he is just a minority owner in a real estate trust, or there isn't enough equity to bother with.
He is running a game of 3 card Monty with other people's money and the bond companies aren't interested in playing.
Irish_Dem
(47,928 posts)Michael Cohen says Trump's properties are all heavily mortgaged.
Looks like Cohen is right.
Trump's properties have no financial value to Trump.
And he obviously doesn't have much cash.
Sounds like Trump is broke?
Ocelot II
(115,985 posts)And now he's screwed. I love it.
Irish_Dem
(47,928 posts)But Trump says he is worth $10 Billion.
NOPE.
ProfessorGAC
(65,401 posts)Back in '16, he claimed assets of $10.2 billion & debt of $5.4 billion.
So his greatest exaggeration was being worth $4.8 billion.
Yeah, that was a lie. Moody's estimated asset value at barely over $8 billion, but we now know there was at least another $1.2 billion in long term debt.
Sure, that's would still be positive net worth in 10 figures, but now we know that values may have been more overstated than even Moody's could define. And, we don't know how much off-the-books loans are out there because they could be personal loans, not part of the company.
But, if he has too little cash or near cash to come up with $470 million, he can't be worth over a billion, and he's got all his eggs in one basket.
He definitely lied about his net worth, but even he never claimed that high a number.
LiberalFighter
(51,349 posts)gab13by13
(21,494 posts)I love when she Beoach slaps him right across the kisser. She doesn't pull any punches.
Irish_Dem
(47,928 posts)Like Nancy Pelosi. She can cut off your head and you don't even know it happened.
aeromanKC
(3,331 posts)NanaCat
(1,530 posts)It's a civil matter, not criminal.
SWBTATTReg
(22,205 posts)amount of money over the decade(s) or so that he's ripped off people. I hope that he suffers. He deserves it.
Pinback
(12,174 posts)But hes underqualified.
Irish_Dem
(47,928 posts)Or a hamburder?
MLAA
(17,370 posts)MOMFUDSKI
(5,792 posts)clown makeup? Then the Adderol supply ?
Kammer
(111 posts)Take his Jet first!
magicarpet
(14,219 posts)That will curtail his coast to coast Nazi Rallies.
Ocelot II
(115,985 posts)and in any event it's more than 30 years old. He paid $100M for it in 2011 (or so he says), but a lot of that cost went into making it special - it even has gold-plated bathroom fixtures and seat belt buckles. What's the resale value of a 30-year-old airplane with an interior that looks like it once belonged to Saddam Hussein's pimp. It's tacky in the same way the Trump Tower apartment is tacky.
The airplane is owned by one of the Trump Organization companies, Tag Air. "In an April filing with the Office of Government Ethics, Trump claimed that the TAG Air had a value of $1,001 or less. Then, in a revised July filing, Trump valued TAG Air at between $5 million and $25 million. In the mere three months that elapsed between the two disclosures, Trump's estimate of TAG Air's value jumped by a factor of 5,000 or more. It's unclear what prompted Trump's accountants to make such a drastic change. Steven Cheung, a spokesperson for Trump's campaign, did not respond to a request for comment." https://finance.yahoo.com/news/april-trump-said-private-jet-172603696.html
LiberalFighter
(51,349 posts)getagrip_already
(14,970 posts)Depending on last overhaul, maintenance history, and flight history.
Not more than $20m though. Lots of similar Corp jets listed for sale in that range.
Irish_Dem
(47,928 posts)But it's a start.
getagrip_already
(14,970 posts)And then the auction house gets a third.
Then creditors get whatever the note is worth.
Plus airport fees.
Ny might end up with almost, if not nothing. Trump would still owe the note though I think.
Irish_Dem
(47,928 posts)Yes I assume he still owns the debt.
JustABozoOnThisBus
(23,382 posts)If he owns it, how much is owed to the bank?
There may not be much money there.
Ocelot II
(115,985 posts)Whether there are mechanics' liens for work on the airplane or other debts isn't clear (but Trish James might know by now). It certainly isn't worth the $100M he said he paid for it.
Takket
(21,703 posts)NanaCat
(1,530 posts)His crappy tower has around 260 other tenants who own their flats, plus numerous business tenants who can't be booted, willy-nilly.
Turning it into a migrant center is exceedingly unlikely, much as many of us wish it could be.
Jerry2144
(2,131 posts)Im sure he has pulled that level of fraud. More than likely he owes double what each propertys worth. I doubt there is any untapped equity in anything.
His mental decline will accelerate as it becomes more clear how big a fraud he is
Irish_Dem
(47,928 posts)Sounds like he is upside down on everything.
He has no equity in them at all.
louis-t
(23,313 posts)Then tries to screw contractors, partners, the government, whoever, to make up the loss. He usually fails, as in the golf courses in Scotland and Ireland that are losing a million or more every year. 'Great businessman', my ass.
Happy Hoosier
(7,480 posts)I found it hard to imagine a bond company being willing to accept the risk of a half-billion dollars. My guess is that damn few bond companieseven have the assets to pledge such a bond without immediately liquid collateral.
That kind of money is a potential company-ending event. Who would risk that on Don the Fraud?
RobertDevereaux
(1,858 posts)NanaCat
(1,530 posts)Filed the ruling officially before they can begin asset seizure. That won't be until next Monday.
Even then, it won't be a matter of going in and grabbing to be grabbing. Many of his assets aren't the property of the organization alone--he has partners and so on that must be sorted out.
Purrfessor
(1,188 posts)Silent3
(15,438 posts)How many more decades until the Sandy Hook parents see a dime from him?
OAITW r.2.0
(24,764 posts)And Trump had a lot to do with that.
By not reacting to the Covid 19 virus that was standing up CDC in Dec of 2019, he helped the virus to gain a broad foothold in the US. Lots of people were forced out of offices to work remotely. The RE markets in many large US cities have not recovered from this change. These large properties have to be worth way less than they were prior to Covid. Add to this all of the loans he's made on these properties.....I really doubt he's got anywhere near any significant net value in these properties.
twodogsbarking
(9,925 posts)Demobrat
(9,039 posts)to get her cash in place. Would suck to be at the end of the line of his creditors.
CTyankee
(63,926 posts)limbicnuminousity
(1,407 posts)The 25th should be fun.
lastlib
(23,377 posts)that his butt can't cash.......
and neither can his bank(s).
Tragic.....I just want to cry for him........
( ) j/k.
Runningdawg
(4,531 posts)[link:https://thehill.com/regulation/court-battles/4527387-judge-approves-trumps-91-million-bond-in-e-jean-carroll-lawsuit/|
Someone wanting their 15 min of fame and willing to pay 500 million for it will guarantee this one too.
cloudbase
(5,531 posts)Barry Markson
(271 posts)The Biden administration needs to start confiscating the assets and property of all the traitors to this country as well!
FDR did it to the Japanese by executive order after the attack on Pearl Harbor.
What Trump and his bloodthirsty followers committed deserves no less!