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
sop
(10,206 posts)onecaliberal
(32,865 posts)Bernardo de La Paz
(49,013 posts)TomSlick
(11,100 posts)sheshe2
(83,795 posts)FakeNoose
(32,656 posts)... 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)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.
Kennah
(14,276 posts)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.
Kennah
(14,276 posts)TomSlick
(11,100 posts)Kennah
(14,276 posts)obamanut2012
(26,083 posts)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.
LiberalFighter
(50,956 posts)Oopsie Daisy
(2,641 posts)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.
PTL_Mancuso
(276 posts)Could be a major challenge. And they may get really angry!
Oopsie Daisy
(2,641 posts)PTL_Mancuso
(276 posts)... which is only fair
Oopsie Daisy
(2,641 posts)* that would be about $35-40 per taxpayer.
PTL_Mancuso
(276 posts)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!
rurallib
(62,427 posts)COL Mustard
(5,906 posts)You know she's not going quietly!
Dem2theMax
(9,651 posts)Irish_Dem
(47,140 posts)So she is going to have to seize more than one property to get the cash she wants.
Irish_Dem
(47,140 posts)We just don't know how much equity are in his properties.
Oopsie Daisy
(2,641 posts)Mawspam2
(732 posts)Would love to see them booted for non-payment.
Kennah
(14,276 posts)LakeArenal
(28,826 posts)PTL_Mancuso
(276 posts)getagrip_already
(14,766 posts)It is owned by the corporation.
All of the kids apartments are also company owned.
70sEraVet
(3,504 posts)Like rats fleeing a sinking ship!
Shoonra
(523 posts)Restore the old name and re-create the art deco front, and make it the Bonwit-Teller Bldg again.
niyad
(113,413 posts)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)Theres 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, wouldnt fit into the style of Trumps monstrosity but other than that
Is there a reason in state law why the New York government couldnt keep the building and act as its lessor? Itd 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)i think even some of the retail is owned by occupants.
Oopsie Daisy
(2,641 posts)* 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)but yeah, im sure most of the owners wd breathe a big sigh of relief.
chowder66
(9,074 posts)And the houseless!
PTL_Mancuso
(276 posts)That is a sitcom I'd pay to see!
Demobrat
(8,983 posts)Daddy needs cash.
SergeStorms
(19,204 posts)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!
calimary
(81,332 posts)AverageOldGuy
(1,530 posts). . . then raze it to the ground and sell the vacant lot.
Would that piss off Trump or would that piss off Trump???
LakeArenal
(28,826 posts)Would be sooo satisfying.
Conjuay
(1,392 posts)If she bought the property, she could call it "Taylor Tower".
(Imagining heads exploding)
Aussie105
(5,405 posts)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)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 -
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 gangsterreduced to the mentality of a 12-year-old by severe syphilisretired 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)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)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)A neighbor's room a few times. Haunted? Maybe, maybe not...
BumRushDaShow
(129,150 posts)usaf-vet
(6,189 posts)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.
BumRushDaShow
(129,150 posts)and lots of generational good deeds!!!
COL Mustard
(5,906 posts)Is the prison door closing behind me.
MorbidButterflyTat
(1,824 posts)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)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)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)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.
twodogsbarking
(9,764 posts)COL Mustard
(5,906 posts)Not!!! Even the rubes aren't THAT stup...oh, never mind.
SergeStorms
(19,204 posts)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)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.
Evolve Dammit
(16,743 posts)twodogsbarking
(9,764 posts)The Unmitigated Gall
(3,820 posts)Fighting Randolph and Mortimer Duke for a cardboard box!
InstantGratification
(158 posts)One dollar.
melm00se
(4,993 posts)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.
keithbvadu2
(36,829 posts)InstantGratification
(158 posts)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.
keithbvadu2
(36,829 posts)Duppers
(28,125 posts)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)This whole disgusting family of frauds needs to seriously just go broke and fuck off.
enid602
(8,620 posts) 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. Thats pretty gross.
Aussie105
(5,405 posts)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.
Jacson6
(351 posts)BumRushDaShow
(129,150 posts)Novara
(5,844 posts)Better sell a fuckton more hideous tacky shoes, then.
NH Ethylene
(30,813 posts)Wonder Why
(3,221 posts)Oopsie Daisy
(2,641 posts)* and then try to take that up the ladder with appeal after appeal.
JustABozoOnThisBus
(23,354 posts)Or are "his" buildings all owned by banks or foreign governments (Russia, Saudi Arabia, eg)?
Mr.Bill
(24,304 posts)And I doubt he has any equity in anything he owns.
mopinko
(70,139 posts)make it easy.
CTyankee
(63,912 posts)Omnipresent
(5,716 posts)Cut away Ms. James!
LetMyPeopleVote
(145,345 posts)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