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BumRushDaShow

(129,150 posts)
Tue Feb 20, 2024, 06:32 PM Feb 20

Letitia James says she's prepared to seize Trump's buildings if he can't pay his $354M civil fraud fine

Source: ABC News

February 20, 2024, 4:50 PM


Four days after a judge ordered former President Donald Trump to pay $354 million in his civil fraud case, New York Attorney General Letitia James told ABC News that she is prepared to seize the former president's assets if he is unable to find the cash to cover the fine.

"If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets," James said in an interview with ABC News' Aaron Katersky.

Trump was fined $354.8 million plus approximately $100 million in pre-judgment interest on Friday after Judge Arthur Engoron determined that he inflated his net worth in order get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.

Saying that she was "very confident" with the strength of her case on appeal, James reiterated that her office would not hesitate to seize one of Trump's buildings -- listing Trump's 40 Wall Street skyscraper by name -- if Trump is unable to find the case to cover the court-ordered disgorgement.

Read more: https://abcnews.go.com/US/letitia-james-shes-prepared-seize-trumps-assets-pay/story?id=107381482

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Letitia James says she's prepared to seize Trump's buildings if he can't pay his $354M civil fraud fine (Original Post) BumRushDaShow Feb 20 OP
This brightened my day. sop Feb 20 #1
Please in the name of all that is good everywhere, let this be a thing. onecaliberal Feb 20 #2
When she seizes them, use tRump LOWEST valuations as their value. . . . nt Bernardo de La Paz Feb 20 #3
Seized assets are usually sold at auction, for fire sale prices. TomSlick Feb 20 #9
You go girl! sheshe2 Feb 20 #4
I guess she can't take any properties outside of New York State FakeNoose Feb 20 #5
There is a process to seize out of state assets. TomSlick Feb 20 #16
Merry Lardo might not be able to be seized if it's declared TFG's residence Kennah Feb 20 #25
Nope, Dan Feb 20 #34
Cool. So he can't declare it his "homestead" in Florida. Kennah Feb 20 #37
It depends on Florida's homestead exemption, about which I know nothing. TomSlick Feb 20 #40
I've read that it's incredibly permissive Kennah Feb 20 #44
Nope, MAL cannot legally be a residence obamanut2012 Feb 21 #84
I was wondering about that. I wonder if anyone has told him yet? LiberalFighter Feb 20 #41
Seize and sell? Then return the "change" to Trump? Oopsie Daisy Feb 20 #6
But how to pay off the Pootie Gang? PTL_Mancuso Feb 20 #12
If their assets (and debts) are seized and forfeited... then it's just icing-on-the cake! Keep it all! Oopsie Daisy Feb 20 #18
I'm great with that so long as some of it goes to paying down my tax bill PTL_Mancuso Feb 20 #20
NY has a population of 20.2 million so if his fines were divided equally among taxpayers * Oopsie Daisy Feb 20 #21
And it sounds like so much money. 8( 8D PTL_Mancuso Feb 20 #35
I'dlike it if Trump's properties were seized, sold and the proceeds sent to Ukraine rurallib Feb 20 #45
How to pay off Melanoma? COL Mustard Feb 20 #36
*rump might end up falling out of one of his own windows. Dem2theMax Feb 20 #64
Michael Cohen says all of Trump's properties are heavily mortgaged. Irish_Dem Feb 20 #23
OK, so Kennah Feb 20 #26
It may come to that. Irish_Dem Feb 20 #33
Do the "Tower" first, Ms. James!! It will be lovely to watch his name being removed. Oopsie Daisy Feb 20 #7
Dosen't Trump and his cronies live there? Mawspam2 Feb 20 #8
I think he lives in Merry Lardo Kennah Feb 20 #29
Also known as MAGA Lardo. LakeArenal Feb 20 #30
And Mierda Largo (big POOP) PTL_Mancuso Feb 20 #38
S! LakeArenal Feb 20 #39
The infamous 30ksqft apt is there.... getagrip_already Feb 21 #76
And fun to watch the all the Russians scurrying out of the building ... 70sEraVet Feb 20 #10
Restore it to the Bonwit-Teller Building Shoonra Feb 20 #43
You do realize that the Bonwit Teller building was destroyed to build that niyad Feb 20 #57
You could kinda do it jmowreader Feb 21 #85
i dont know how much of it he owns. it's condos. mopinko Feb 21 #74
I figured... and I imagine that property values would increase WITHOUT Trump's name * Oopsie Daisy Feb 21 #80
dont think so, he actually built it. mopinko Feb 21 #81
Seize and house the immigrants!! chowder66 Feb 20 #11
Force him and his family to house and feed new (legal) immigrants in his hotels! PTL_Mancuso Feb 20 #15
Dig deep MAGAts Demobrat Feb 20 #13
I think they're close to... SergeStorms Feb 20 #42
Works for me! calimary Feb 20 #58
Seize it . . . AverageOldGuy Feb 20 #14
I wish Taylor Swift would do that. LakeArenal Feb 20 #32
I like the way you think Conjuay Feb 21 #83
Al Capone went to jail for tax evasion and had to pay fines. Aussie105 Feb 20 #17
"(A topic for future research.)" BumRushDaShow Feb 20 #24
I had base housing that wasn't that nice! COL Mustard Feb 20 #31
It might not have had ghouls roaming around at Halloween! BumRushDaShow Feb 20 #46
Well, I *did* hear a lot of moaning coming from COL Mustard Feb 20 #52
LOL BumRushDaShow Feb 21 #86
Well I guess it time that I own up to the fact that I spent about 30 days in a state prison. You will never forget..... usaf-vet Feb 21 #79
Fascinating story BumRushDaShow Feb 21 #87
One sound I never want to hear COL Mustard Feb 21 #89
Thanks for posting that! MorbidButterflyTat Feb 21 #82
No problem! BumRushDaShow Feb 21 #88
"Last I checked tourism is up. Wall Street is doing just fine," James said riversedge Feb 20 #19
She is so sharp. llmart Feb 20 #28
Thursday works for me. twodogsbarking Feb 20 #22
I'm sure the GoFundMe will cover all of that. COL Mustard Feb 20 #27
Over $760K so far. SergeStorms Feb 20 #49
Putin can (and maybe will) enable Trump to pay .... Shoonra Feb 20 #47
Take it Tish. Make orange Pigman squeal Evolve Dammit Feb 20 #48
'If you've got them by the balls, their hearts and minds will follow.' Theodore Roosevelt possibly. twodogsbarking Feb 20 #50
There's Donald now... The Unmitigated Gall Feb 20 #51
The standard bet InstantGratification Feb 20 #60
Sounds impressive melm00se Feb 20 #53
Articles say Donald may get $4 billion from the stock offering involving his social truth media. keithbvadu2 Feb 20 #54
Yes, but... InstantGratification Feb 20 #61
Hopefully put a hold on it's possession. keithbvadu2 Feb 20 #63
Trump has built his empire on fraudulent loans... Duppers Feb 20 #55
While we revel in Senior Shitler's huge financial nut kick, remember Qusay and Uday got hit with a $4 mil fine each. Comfortably_Numb Feb 20 #56
Gross enid602 Feb 20 #59
The question now becomes . . . Aussie105 Feb 20 #62
Trump just has to put up a bond to file an appeal. n/t Jacson6 Feb 21 #65
But the interest on the full amount is accruing daily until the full amount is paid BumRushDaShow Feb 21 #66
He only has 30 days, right? Novara Feb 21 #67
Just what I was thinking. That's a LOT of sneakers. n/t NH Ethylene Feb 21 #71
Submit it now and make him squeal. Wonder Why Feb 21 #68
He will delay-delay-delay and try to get an injunction * Oopsie Daisy Feb 21 #69
Does Trump have any assets worth seizing? JustABozoOnThisBus Feb 21 #70
He doesn't even own most of the buildings with his name on them. Mr.Bill Feb 21 #72
he can put up a title for his bond. mopinko Feb 21 #73
HA! I wonder who'll clean up his diaper after he gets the news! CTyankee Feb 21 #75
Taking some of trump's buildings will leave him with a feeling of being castrated! Omnipresent Feb 21 #77
TFG will have to declare bankruptcy if he is unable to file a bond LetMyPeopleVote Feb 21 #78

FakeNoose

(32,656 posts)
5. I guess she can't take any properties outside of New York State
Tue Feb 20, 2024, 07:18 PM
Feb 20

... at least not YET!

After Chump croaks, then his entire estate can be seized to the point that the fines are paid off.

TomSlick

(11,100 posts)
16. There is a process to seize out of state assets.
Tue Feb 20, 2024, 07:42 PM
Feb 20

The NY judgment would be registered as a foreign judgment in any state in which Trumps assets are found. The court in the registering state then issues execution against assets in that state.

Dan

(3,572 posts)
34. Nope,
Tue Feb 20, 2024, 08:26 PM
Feb 20

If I remember correctly, Trump is an employee of Merry Laredo - thus eligible to live there. It is not listed as his residence. The zoning or something does not allow for it being identified as a personal residence.

This will bite him in the butt, if she decides to go after that place.

Laughter.

obamanut2012

(26,083 posts)
84. Nope, MAL cannot legally be a residence
Wed Feb 21, 2024, 05:28 PM
Feb 21

The GOP machine in Florida allows him to say he is an employee who lives on-site, but it cannot be a residence per zoning and an agreement with the state and Palm Beach.

Oopsie Daisy

(2,641 posts)
6. Seize and sell? Then return the "change" to Trump?
Tue Feb 20, 2024, 07:21 PM
Feb 20

I'm sure that his assets must be mortgaged to the hilt... she'd have to pay off everyone that has a lien on his property (which I'm sure will be a THRILL and RELIEF for them) and that won't leave much to pay his debt to society.

She'll have to go after another and another until the job is done.

Oopsie Daisy

(2,641 posts)
21. NY has a population of 20.2 million so if his fines were divided equally among taxpayers *
Tue Feb 20, 2024, 08:04 PM
Feb 20

* that would be about $35-40 per taxpayer.

 

PTL_Mancuso

(276 posts)
35. And it sounds like so much money. 8( 8D
Tue Feb 20, 2024, 08:27 PM
Feb 20

However, if this starts a trend and we do this with all the high-end tax cheats at the top of the pyramid, we may actually see some relief down here! Try'na be positive here!

Irish_Dem

(47,140 posts)
23. Michael Cohen says all of Trump's properties are heavily mortgaged.
Tue Feb 20, 2024, 08:14 PM
Feb 20

So she is going to have to seize more than one property to get the cash she wants.

getagrip_already

(14,766 posts)
76. The infamous 30ksqft apt is there....
Wed Feb 21, 2024, 03:48 PM
Feb 21

It is owned by the corporation.

All of the kids apartments are also company owned.

70sEraVet

(3,504 posts)
10. And fun to watch the all the Russians scurrying out of the building ...
Tue Feb 20, 2024, 07:38 PM
Feb 20

Like rats fleeing a sinking ship!

Shoonra

(523 posts)
43. Restore it to the Bonwit-Teller Building
Tue Feb 20, 2024, 08:44 PM
Feb 20

Restore the old name and re-create the art deco front, and make it the Bonwit-Teller Bldg again.

niyad

(113,413 posts)
57. You do realize that the Bonwit Teller building was destroyed to build that
Tue Feb 20, 2024, 09:28 PM
Feb 20

cheap pile of russian hideouts, yes? Just as the Art Deco frieze was completely destroyed. One cannot restore that which does not exist.

jmowreader

(50,560 posts)
85. You could kinda do it
Wed Feb 21, 2024, 05:55 PM
Feb 21

There’s a lot of retail already in that building, so just sign the existing structure as Bonwit Teller Mall. Unfortunately the Art Deco friezes, if you could find artists who could make new ones, wouldn’t fit into the style of Trump’s monstrosity but other than that…

Is there a reason in state law why the New York government couldn’t keep the building and act as its lessor? It’d save the problem of finding someone willing to buy it.

Just so you know…

https://www.cnn.com/2023/11/13/business/trump-hotel-waikiki/index.html

Trump sold his Waikiki hotel to Hilton last year. The first thing Hilton had to do was sink millions into detrumpifying the decor.

mopinko

(70,139 posts)
74. i dont know how much of it he owns. it's condos.
Wed Feb 21, 2024, 03:35 PM
Feb 21

i think even some of the retail is owned by occupants.

Oopsie Daisy

(2,641 posts)
80. I figured... and I imagine that property values would increase WITHOUT Trump's name *
Wed Feb 21, 2024, 05:04 PM
Feb 21

* on the front of the building. Hopefully the rents/leases would remain the same, and the new owner (executor) would be the one collecting the rent.

I wonder if it's just a "naming-rights" arrangement, where he just pretends to own something but pays for the right to put his name on it for publicity and vanity purposes (like sports stadiums and arenas).

mopinko

(70,139 posts)
81. dont think so, he actually built it.
Wed Feb 21, 2024, 05:09 PM
Feb 21

but yeah, i’m sure most of the owners wd breathe a big sigh of relief.

 

PTL_Mancuso

(276 posts)
15. Force him and his family to house and feed new (legal) immigrants in his hotels!
Tue Feb 20, 2024, 07:42 PM
Feb 20

That is a sitcom I'd pay to see!

SergeStorms

(19,204 posts)
42. I think they're close to...
Tue Feb 20, 2024, 08:42 PM
Feb 20

being tapped out. Supporting Mango Mussolini and his family for the past 8 years has taken a toll on their disposable income, their retirement funds, and their children's future bail money. Not to mention what they've spent on his cheap-assed merchandise.

Some of his big donors are sitting this one out. They're tired of throwing good money after bad. Not to mention his draining of funds for down-ticket candidates from the RNC. Trump is a blackhole from which no dollar escapes, and it's costing republicans EVERYTHING!

I LOVE IT!

AverageOldGuy

(1,530 posts)
14. Seize it . . .
Tue Feb 20, 2024, 07:41 PM
Feb 20

. . . then raze it to the ground and sell the vacant lot.

Would that piss off Trump or would that piss off Trump???

Conjuay

(1,392 posts)
83. I like the way you think
Wed Feb 21, 2024, 05:19 PM
Feb 21

If she bought the property, she could call it "Taylor Tower".
(Imagining heads exploding)

Aussie105

(5,405 posts)
17. Al Capone went to jail for tax evasion and had to pay fines.
Tue Feb 20, 2024, 07:46 PM
Feb 20

No idea if he did or did not, and how the legal system responded if he didn't.
(A topic for future research.)

I can't see Trump being able or willing to pay his fine though, so asset seizing will become the order of the day.

Going to keep some accountants busy for quite a while!

No idea how it would all work - could Trump Tower become government property with space rented out by the government?

BumRushDaShow

(129,150 posts)
24. "(A topic for future research.)"
Tue Feb 20, 2024, 08:16 PM
Feb 20

He ended up here in a cell at Eastern State Penitentiary here in Philly for his very first prison sentence. The prison and cell is still there and reproduced with the "amenities" (recently updated to be more sparse) he had at the time!

https://www.easternstate.org/explore/exhibits/al-capones-cell



A year after that, he was convicted for tax evasion and spent time in 2 other prisons -

(snip)

Capone was released from Eastern State on March 17, 1930. Toward the end of the following year, he was found guilty of tax evasion and sentenced to 11 years in prison. Serving out seven years, six months and 15 days of this sentence at both the Atlanta federal penitentiary and Alcatraz, the gangster—reduced to the mentality of a 12-year-old by severe syphilis—retired to his Florida estate, where he died on January 25, 1947.

(snip)

https://www.smithsonianmag.com/smart-news/al-capones-philadelphia-prison-cell-complete-roommates-cot-opens-public-180972105/

COL Mustard

(5,906 posts)
31. I had base housing that wasn't that nice!
Tue Feb 20, 2024, 08:25 PM
Feb 20

OK, it was a rundown BOQ, with plaster falling off the walls, and it did have a view (of a junkyard) but I could come and go as I pleased.

BumRushDaShow

(129,150 posts)
46. It might not have had ghouls roaming around at Halloween!
Tue Feb 20, 2024, 08:48 PM
Feb 20


But here is what the place looks like -



(my mom used to talk about how horrid the place was and it was eventually closed by the '70s)

COL Mustard

(5,906 posts)
52. Well, I *did* hear a lot of moaning coming from
Tue Feb 20, 2024, 09:12 PM
Feb 20

A neighbor's room a few times. Haunted? Maybe, maybe not...

usaf-vet

(6,189 posts)
79. Well I guess it time that I own up to the fact that I spent about 30 days in a state prison. You will never forget.....
Wed Feb 21, 2024, 04:43 PM
Feb 21

The first time you go through a locked entrance, you hear the door slammed close behind you.

You realize that you are in there until someone lets you out.

The second thing you realize is that you will be stopped and have a complete search of your clothing and anything you need to carry in. Next, you will be escorted to your space for the day.

In my case, I was put in a basement work area. Mine was a vocational teaching and production space.

OK, time to fess up. I was hired under a contract. To help with assembling a piece of printshop equipment.

My dad was a Union printer his whole life except for the years in the USN during WW II.

His last job was teaching printing and print shop skills to the inmates. The print shop served two purposes.

One was to teach printing skills, and the other was to print letterheads and other materials for the prison.
So, in the 30-day "stretch," I reassemble a donated linotype for my dad as a volunteer.

I was paid with a truck full of old oak tables, chairs, and benches. Those prison pieces of furniture have been given to my sister and are now passed on to the grandkids. Each one of them takes this story with the bench or chair. The story is that one of the country's most infamous killers at the time likely sat on that furniture as it all came from the wing of the prison where he was housed.

One of my best memories, besides working with my dad. Was one of the inmates who became a lifelong friend to my dad and with my dads passing in the late 1990s that friendship was extend to me. Every Christmas, we get a card from the former inmate still thanking me as a remembrance of my dad for "turning his life around."

It's not often in today's world that you see a simple act of kindness turn another person's life around from a prison inmate to a very successful building contractor. He reconciled with his family and is enjoying his grandkids.

One more little secret was exposed. When I worked in my dad's home shop, he always preached "white space." He felt too many customers wanted to fill every pica in a line with characters. I obviously believe in Dad's white space.



MorbidButterflyTat

(1,824 posts)
82. Thanks for posting that!
Wed Feb 21, 2024, 05:15 PM
Feb 21

I just spent about half an hour checking it out at their website. It looks scary as heck! I love it!

BumRushDaShow

(129,150 posts)
88. No problem!
Wed Feb 21, 2024, 06:42 PM
Feb 21

That place is pretty popular at Halloween for those shows. When I was commuting to work, there were times when my regular route was detoured and I had to go down the main street where that sits and it is just hulking, surrounded by a residential neighborhood.



For Halloween, they add a couple imposing gargoyles to the entrance to give it more atmosphere!



riversedge

(70,246 posts)
19. "Last I checked tourism is up. Wall Street is doing just fine," James said
Tue Feb 20, 2024, 08:00 PM
Feb 20

MY guess is that Trumpy is tossing a lot of catsup about now.


.............James directly countered Trump's allegation that the case lacked any victims, instead describing her case as vital to ensuring financial markets treat New Yorkers fairly.
PHOTO: Attorney General Letitia James arrives for a press conference following a verdict against former President Donald Trump in a civil fraud trial on Feb. 16, 2024 in New York City.
Attorney General Letitia James arrives for a press conference following a verdict against former Presid...
Michael M. Santiago/Getty Images, FILE

"Financial frauds are not victimless crimes. He engaged in this massive amount of fraud. It wasn't just a simple mistake, a slight oversight, the variations are wildly exaggerated, and the extent of the fraud was staggering," James said. "If average New Yorkers went into a bank and submitted false documents, the government would throw the book at them, and the same should be true for former presidents."

James also rebuffed Trump's allegation that the case will prompt a mass exodus of business activity from New York.

"Last I checked tourism is up. Wall Street is doing just fine," James said.

llmart

(15,541 posts)
28. She is so sharp.
Tue Feb 20, 2024, 08:22 PM
Feb 20

Those last two sentences were spot on.

He's such a supreme narcissist that he actually believes that NYC would just fold up shop if he ever left.

SergeStorms

(19,204 posts)
49. Over $760K so far.
Tue Feb 20, 2024, 08:59 PM
Feb 20

That's a drop in the bucket considering what he'll owe.
Still, how stupid do people have to be to donate their money to that orange idiot? Fools and their money.....

Shoonra

(523 posts)
47. Putin can (and maybe will) enable Trump to pay ....
Tue Feb 20, 2024, 08:52 PM
Feb 20

Trump has to come up with a bit less than a half-a-billion dollars within two months if he hopes to (a) file appeals in all the adverse decisions and (b) save any of his properties. As it is, Trump probably has less than a million in cash.

But Putin could see to it that the half-billion materializes, like magic, in Trump's wallet. And maybe another half-billion for his presidential campaign.
Yes, it means fudging on federal paperwork but that never stopped Trump before.

And, what's more, all this money would be given to Trump with only a very very few strings attached! If you get my drift.

melm00se

(4,993 posts)
53. Sounds impressive
Tue Feb 20, 2024, 09:12 PM
Feb 20

but all mortgages and prior liens would have to be paid first before the state sees dime one.

There is at least one mortgage on 40 Wall Street to the tune of ~$122.6 million.

There are probably multiple other encumberments on the title as well.

So saying that the state may seize and sell the property is just grandstanding as the action may not net the state anything.

The state might be better off notifying the tenants and levying any and all lease/rent payments due to Trump et. al.

61. Yes, but...
Tue Feb 20, 2024, 10:26 PM
Feb 20

that is stock in his low brow social media site, not actual cash that he could use to pay off the judgements. There is also a clause that says he can't sell that stock for (I believe) six months.

Duppers

(28,125 posts)
55. Trump has built his empire on fraudulent loans...
Tue Feb 20, 2024, 09:18 PM
Feb 20

Which is the equivalent of "check kiting."


For those unfamiliar with the term:

"Check kiting or cheque kiting is a form of check fraud, involving taking advantage of the float to make use of non-existent funds in a checking or other bank account. In this way, instead of being used as a negotiable instrument, checks are misused as a form of unauthorized credit."
- Wikipedia



Comfortably_Numb

(3,809 posts)
56. While we revel in Senior Shitler's huge financial nut kick, remember Qusay and Uday got hit with a $4 mil fine each.
Tue Feb 20, 2024, 09:19 PM
Feb 20

This whole disgusting family of frauds needs to seriously just go broke and fuck off.

enid602

(8,620 posts)
59. Gross
Tue Feb 20, 2024, 09:52 PM
Feb 20

“ if Trump is unable to find the case to cover the court-ordered disgorgement.”. I wish the author would not use ‘Trump’ and ‘disgorgement’ in the same sentence. That’s pretty gross.

Aussie105

(5,405 posts)
62. The question now becomes . . .
Tue Feb 20, 2024, 10:36 PM
Feb 20

Who has financial stakes in Trump's NY real estate, will they recover that, and is the real bottom line - after a fire sale - a black or red number?

My guess it will be close to zero, but those doing the accounting on that will need to keep us informed.

Possible future headline: TRUMP WAS NOT A BILLIONAIRE!!!!

FOX heads will explode on camera trying to put a positive spin on that, if it eventuates.

Oopsie Daisy

(2,641 posts)
69. He will delay-delay-delay and try to get an injunction *
Wed Feb 21, 2024, 08:45 AM
Feb 21

* and then try to take that up the ladder with appeal after appeal.

JustABozoOnThisBus

(23,354 posts)
70. Does Trump have any assets worth seizing?
Wed Feb 21, 2024, 09:29 AM
Feb 21

Or are "his" buildings all owned by banks or foreign governments (Russia, Saudi Arabia, eg)?

Mr.Bill

(24,304 posts)
72. He doesn't even own most of the buildings with his name on them.
Wed Feb 21, 2024, 03:07 PM
Feb 21

And I doubt he has any equity in anything he owns.

LetMyPeopleVote

(145,345 posts)
78. TFG will have to declare bankruptcy if he is unable to file a bond
Wed Feb 21, 2024, 03:57 PM
Feb 21

If the State of New York starts foreclosure proceedings against TFG's assets, the lenders holding liens on such assets will declare their loans due and payable and TFG's only choice will be to file personal bankruptcy. This will be fun to watch

Latest Discussions»Latest Breaking News»Letitia James says she's ...