In case you didn’t want to go into the article.
- Trump Park Avenue, New York, N.Y.
- Trump Tower, New York, N.Y.
- 40 Wall Street, New York, N.Y.
- Seven Springs, Westchester County, N.Y.
- Trump International Hotel and Tower, Las Vegas, Nevada
- Mar-a-Lago, Palm Beach, Florida
- Trump National Golf Club Westchester, Briarcliff Manor, N.Y.
- Trump National Golf Club Charlotte, Mooresville, North Carolina
- Trump National Golf Club Colts Neck, Colts Neck, New Jersey
- Trump National Golf Club, Washington, D.C., Sterling, Virginia
- Trump National Golf Club Hudson Valley, Hopewell Junction, N.Y.
- Trump National Golf Club Jupiter, Jupiter, Florida
- Trump National Golf Club Los Angeles, Rancho Palos Verdes, California
- Trump National Golf Club Philadelphia, Pine Hill, New Jersey -Trump International Golf Links Scotland (Aberdeen)
- Trump International Golf Links Scotland (Turnberry)
The cool thing is she’s probably going to have to take all of them because they’re all leverage to the tits and his ownership stake in them is worth almost nothing. lol
Interesting. If the government seizes properties that have been borrowed against, the government has to pay those loans? Can’t just cancel them or anything? Then you’re right and they might be worth a pittance. Especially after the over-inflating fraud. I wonder if Trump was able to get loans based on their fraudulent amounts.
No. The state gets what part he still owns— Trump still owes the debts. If it ends up Trump really has nothing and, after seizing all of his real estate and investments, it still doesn’t amount to what he owes the state, Trump will have to declare personal bankruptcy. At that point, all of his assets will go up for sale and all his debt consolidated and managed, and all of his income will be garnished until his debt is paid off.
This may, in fact, be what happens. Just like Rudy Giuliani and Alex Jones.
If a property is seized the government only gets the equity that the owner had in it so if Trump owns a 2B in property but owes 1.5B then the government may seize all 2B in order to satisfy the debt he owes the government. Worse the government will try to get as much value as possible but the value realized by a short term sale may be less than could have been realized had the customer had time to find the appropriate buyer. So if they only get 300M they can seize additional properties to satisfy the debt.
Nobody in their right mind wants the government doing this for them instead of mortgaging and or selling their own stuff. He committed such obvious fraud he should have known the jig was up when it went to trial and started seeking buyers or mortgaging. They could have self funded an appeal bond hoping to reduce the damages and prepared for worst case losing it all.
Not the government directly, from my understanding the loan payment comes from the sale amount, before it is applied to the judgment. The property would end up being sold, then minus any outstanding debts on the property, and the remainder applies towards the judgment.
Outstanding loans must still be repaid, creditors don’t get screwed just because it’s part of a court judgment and seizure, in fact they get an immediate return. Depending on the loan agreement, if there are prepayment penalties for those loans… those would likely apply as well.
So it is technically possible it seems, with Trump’s fraudulent property valuations for loans, that he could end up with a negative overall return by selling various highly leveraged property. If they fraudulently valued something at say $600M and got a loan for $500M based on that… but the property is actually valued and sells for $300M, that loan would be underwater, like millions of American homes. He would still owe $200M for that loan, but would no longer have the property.
If all of his properties are massively overvalued and highly leveraged against, he could end up with basically nothing left from this. Forced to declare personal bankruptcy and losing all the real estate. Court judgments for fraud very rarely can be discharged by bankruptcy, so while other debts might be discharged the penalties will likely all apply, regardless.
I believe the sales would count as income for tax purposes next year as well. Just to be another kick in the nuts.
But then he’d be homeless! And we all know how unhoused people are treated in Florida.
Added bonus there are probably lots of top-secret documents floating around in that golf course
Mar-a-Lago, Palm Beach, Florida
Holy shit. I’ve figured it out. I’ve cracked the master plan.
“Um, excuse me, stolen classified documents piled high to the rafters in my bathroom? I believe that’s the New York attorney general’s bathroom, athankyouverymuch. Case dismissed!”
This makes the fairly generous assumption that the man is capable of planning, but whatever.
OMG OMG OMG
I would so LOVE to see his name stripped off of all those properties! …but I’m still trying to not get my hopes up. Aside from him suffering through court cases and losing them in a very public way, if his properties get seized it would be the first REAL consequences he receives
Depending on the contract the properties might still have to keep the name even if sold. There’s a couple cases of that our there currently for Trump buildings. He sold them and they have to keep the name, last thing I heard they were trying to sue to remove the name because of all the bad publicity the trump name brings.
Rename them all Drumph, just to give him an aneurysm. When he drops dead rename them after John Brown, MLK Jr, Malcom X, er al.
That’s just the excerpt from the article. Unsure why others aren’t listed.
So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed, isn’t he?
Ahahahahahaha!
I wouldn’t think so. I would think they’d seize properties base on only the equity, not the total mortgaged value. Likely why this list is so large, so little equity in any of the properties so more need to be seized to meet the total balance of the judgment.
So…you do think so.
No…? I’m not sure how you got that. I think the confusion in communication goes back to @Pronell@lemmy.world 's statement. Let me introduce my additional understanding there. They said the following, note my addition:
So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed [on the mortgages], isn’t he?
So to restate my position:
No, I do not believe so. I don’t think if the court took a $10million property with a $9million mortgage on it (meaning $1million in equity), I do NOT believe Trump would still owe the outstanding $9 million mortgage. The court would have the equity AND the debt, and would sell off the property keeping the equity and paying the lender the outstanding balance.
Further, lets say for easy math the judgment was only $5 million. Lets also assume that there were 5 identical properties with value, mortgage, and equity. I believe the court would take 5 properties which would equal the $5 million in equity which would equal the $5 million in the judgement.
Does that add clarity?
If the properties are seized, they’ll be sold, not mortgaged, and that amount of money will be applied to what is owed, I believe.
It’s often better for people to sell the property themselves first, because a court officer overseeing the sale doesn’t care as much about getting the highest possible sale price.
I thought he was a genius billionaire guys
This at the bottom of the article made me laugh so hard. Somehow the maga trolls are butthurt enough to think this constitutes far left.
It starts there until you rate it. I’ve seen it a couple times now. It’s just bad design.
Notice the needle isn’t actually on the gauge: it’s not showing a result and doesn’t until you rate it yourself. Absolutely terrible design, though. I thought it said “unfair far left” too
after all that… he still has to pay back the ~90million to the chubb group when he eventually loses that appeal.
delicious
No, for that he already provided a juicy pack of securities that he provided in the hope they would also do the new bond secured by real estate.
The bond provider basically pulled the self-proclaimed “business genius” straight over the table. I expect him to lose the appeal, which would cost Trump way more than just USD91M.
