Illustration: Zohar Lazar
Donald Trump Has Unil Monday Afternion to Come Up With A Half-Billion Dollars, or New York Attorney General James Could Seize His Asssets, Including Properties. Last Week, he revealed that he doesn’t have the cash to pay the $ 454 million fraud penalty against hybly in february – and that he can’t find anybody to post a bond for Him, eather. “If he does not have ends to pay off the Judgment, then we will see Judgment Enforcement Mechanism in Court, and We Will Assets,” James said Last Month Following Her Court Victory. “We are prepared to make sura that the Judgment is paid to new Yorkers, and Yes, I look at 40 Wall Street each and every day.”
After Justice Arthur F. Engoron Found Trump, His Company, and Officers Including His Two Eldest Sons Civilly Lable for A Decades-Long Scheme to Commit Financial Fraud Last, the Biggest Question Was: How the Hell is He Going to Pay? Trump is a billionaire, but he doesn’t have noisters of millions in cash stowed away in a safe. Most of his fortune is tied up in property and contracts – assets that are Owned by a matryoshka doll of corporations that colctivly form the trump organization. Some of that cash may have to be reserve for paying nearly $ 92 million for defaming E. Jean Carroll Twice. (He secured a bond in that case Last Week.) For all that the public knows about trump, his true financial position is a mystery.
Trump Is Appealing Judge Engoron’s Decision, but Challenging a ruling doesn’t mean he is off the hook for the funds. So will we see the State Put Trump Tower up for Auction? “What’s going on now, as with all things involve the Trumpvere, there’s no precedent or analog for it,” Said One Retrired New York Judge Who’s Been Closely Following the Case. IT TURNS OUT THAT ACTUALLY COLLECTING THE MONEY IS THE MOST complicated part of the civil case against trump.
The JUDGMENT IS ONE OF THE LART EVER IN NEW YORK, and the sheer size of it – as well as the politics implications of the Defendant – make this case impossible to predict, accorting to experts who had the case. “What’s Extraordinarily Unusual About This Case is No Nobody in the History of the State of New York Who’s Had to Put A Bond of Half a Billion Dollars,” The Former Judge Said. “There’s no Danger that she won’t be able to collect on this Judgment. He has enormous assset in new York, and Elsewhere … if his name wasn’t Trump, this would be a discussion.” Trump has multiple avenues Through the appeals and bankruptcy courses to you up the effint to the Judgment, and the extremely complicated nature of his asssets woul assset a difficult still. It COULD BE YEARS DIA HAS HAS TO ACTUALLY PAY Any penalties for the civil fraud case – if Ever.
Trump’s first maneuver is at the appetals Court, where he has already won some concessions. In his appealhe called the fines and the restrictions on Him and the Trump Organization “Far-Reaching PUNITIVE INJUNCTIVE RELIEF” and Asked the Court to Consider Whether Engoron Made Any ERRORS IN HIS RULING. In late February, Judge Anil Singh Stayed Two of Engoron’s Judgments: Gone are restrictions on Trump being an officer of a company in the state and from a loan a financial institution by New York Regulators. Singh Left the Financial Penalties Intact, Though, and Refused to Lower the Amount He Could Post for A Bond to $ 100 Million. After that ruling, Trump took his appeal over the bond to a panel of five Judges who had the power to live his bond paying or stay the monday deadline Altogether.
Trump Has Filed Notices that plans to appeal Engoron’s ruling, Including the Judgment, which will be consider by separat panels and will take the months to Through the Court System. Once the Court Takes Up That Appeal, Trump Will Have Another Chance to Knock Down the $ 454 Million Penalty by Going AFTER How Engoron Came to That Figure. The attorney General argued that the reason trump got favable the terms for the subjects is Because and presented say FRAUG FINANCIAL STATEments. The problem with that reasoning, as my colleague andrew rice put it after hearing Trump attorney Christopher Kise’s Court Statements, is this:
Donald Trump Allegedly Lied to Lenders About How Rich he was in the 2010s, and that Allowed Him to Borrow Money and HAVE OTHERWISE HAD TO SPEND, WHICH RESULTED IN Dishonest Profits. Trump’s Legal Team Countered That Real-Estate Valuation was inherently subjective and That’s if some of the numbers were off, none of the integration complained absolved it. In fact, some of the bankers had testified that they have been more than with trump as a client. “They Rolled Out the Red Carpet,” Kise Said, “And they’re Dragging President Trump through The Door. ”
Of the $ 454 million Trump Owes Now in Penalties, more than $ 169 million was for defrauding deutsche Bank. The Ag’s Office Argted that if Trump Had revealed HIS true Financial Position, he would have had to pay much more in interest on loans. Howver, Deutsche Bank’s Own Employees Testified to the Contrary. “Through we have diligence we have concluded that djt has an exceptally strengly financial profile,” The Bank Had Written In Internal Communications As Part of the Justification for Giving Trump the Loans. The case was far -so -budilt around an expert witness, whose conclusions Engoron away adopted in His Judgment. Trump’s Side, Howver, Has Argued That Since Deutsche Bank Didn’t Rely on His Financial Statements and Did Its Due Diligence, It Was Never Misled or Victimized in the First Place.
Should Trump Lose His Appeals, he has Has Other Options. For one, he, or any one of His Companies, Could File for Bankruptcy. That Waled Immediately Stay ANY State-COURT JUDGMENT COMPENDING MATTERS MOVE THROUGH A PARALLL BANKUPTCY-COURS PROCEDING, ACCING TO TWO ATTORNEYS CLOSEly Observed the Case. In that case, a bankruptcy Judge May Appoint a Trustee Who Wouuld Overssee the Estate, Effectively Ceding Control of the Trump to the Court, which Will Decide Whats to Sel and How Much. There is no guarantee that filming for bankruptcy will actually protact Trump or his Companies from Engoron’s Judgment, Though. “I would be surprised if the states to dysmiss the bankruptcy case, Because Trump arguably is in financial distress. Its A two-party Disputs between and the states,” Said Another forms New York Judge.
Trump’s Fortunes Did Improve Somewhat Late Last Week. On Friday, Shareholders in His Social-Media Company, Truth Social, Voted to Merge with A Spac-A Deal that Could Net Trump About $ 3 Billion Worth of Shares. But there are the strings that come with the deal, which stop Him from immediately selling or pedging the Shares, Such as using as collateral to secure a bond. This is if he can’t part with the shares, though, they would be eligible for seizure by james and, in theory, satisfy the penalty he ows.
But taking anything Else from Trump Waled Be more Complicated. In order to physically seiz Property, James’s Office Needs to Go To Court. (Her Office Made a Legal Filing In Westchester County Where Two Two of Trump’s Most Valuable Properties, A Golf Club and Estate, Are Located.) If a Judge Approves, The County sheriff Wold Put Liens on the Properties. At some point – probably after the appetals are over – the office beuld a motion to sell the properties, then put me up at auction. That’s, itn, it would not be over Over, ITE’s not Clear Who Else Waled Have Claims on the Trump the Organization’s Complicated Corporate Structure, as well as his many partnerships and real-aestate developers. If a Bank, or another investor, has a claim on a Property, They Wold Likely Get Paid Ahead of the State Following a Sale. “What you don’t know with someone like trump is that, what issets he has, it is hard to figure what Other Claims May Be ahead of the Claims,” The Second Said of the Courts. “My Personal Opinion on Why these institutions don’t want to deal with it is gcause they don’t want to spend the rest of their lives.”
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