You can’t really set that aside. Mar-A-Lago is explicitly and legally NOT a personal residence. It is fully open to seizure for a judgement. Look up “Uniform Enforcement of Foreign Judgments Act” or “Domesticating Foreign Judgements in Florida”
Yes, mine too. This is why it was actually great news for Jean Carroll that a bond was posted in the appeal into her case. It means that when the appeal is done, the cash is hers with no muss, no fuss.
And the fact that they knew Trump would fight it tooth and nail, no matter how solidly the contracts were written, was probably factored in to the premiums they were going to charge. How much extra would it take to convince you to sit in a court and argue with Trump over almost $500 million in cash that he owes you? $100 million? $200 million? Hell, I wouldn’t be surprised if this mess ended costing him over a billion, after it was all over.
Isn’t he technically just a live-in employee at Mar-a-Lago and that it’s not permitted to be his personal residence? Hoo boy, could be another knot that he’s tied that may protect him or may screw him. Either way, sounds like another court case (delay, delay).
He’s screwed either way.
It’s designated a private club, not a residence, so that he got much lower local tax rates. If he now says it’s his primary residence, he’ll be on the hook for a shitload of back taxes, and possible prosecution for lying about it on tax forms. If he says it’s NOT his primary residence, the state of New York is able to seize it to pay the judgement.
That’s what I read.
MAL isn’t gonna cover 500 million though. No clue about Trump tower, and the rest of his shit that is likely mostly owned by banks.
I can’t really imagine him back in NY. He is despised there.
I’m ignorant in the world of finance, but I’m fluent in understanding what a lying fuck Trump is.
So considering that, it seems reasonable to me that banks and other lenders own most of Trump’s shit, and that bastard can’t possibly cover this bond.
(I’ve also learned how to be disheartened with the way that those in power in my country bend to Trump, so I fully expect an appeals court to pat Trumps head and say: “That’s OK, Donald. We’ll just cut this bond amount down to something that makes you smile.”)
I was thinking about this earlier - it would make sense for them to go after the properties that are the least encumbered by loans, so as to make it easier to get the full amount with the least effort. Which means that whatever he’s left owning will be the most encumbered. His financial situation is going to become even more untenable, very soon.
Yep. Andrew Weissmann on MSNBC said his inability to get a bond and the absence of the funds “in his own pocket” are two sides of the same coin.
IOW, if Trump truly has $10B in unencumbered (or at least not completely encumbered) non-liquid assets, it would be trivially easy to get a letter of credit collateralized by said assets. A bond issuer who had the $500M collateralized by, say, $1B in assets would surely be forthcoming. The only obstacle to getting a bond of this size is the inability to absolutely ensure repayment. Period.
Weissmann’s point: Trump’s myth-making about his mega-riches is about to be exposed. If you have $5B in assets and $5B in liabilities—well, you do the math… 
yep, but change that to $6B in liabilities. I’m guessing he’s a bit underwater. (because of all the frauding)
I would not be surprised.
Hey, I told you I was no good at finance! I was told there’d be no math! 
Fine. Give me a couple of minutes to find my calculator…
Unfortunately, Ms. Carroll is 81. I hope she plans to live at least another 10-15 years in good health, considering how long appeals seem to take - and which I am sure the orange bastard is counting on. What happens if she passes before the appeals process is finished? Does that render everything moot?
No. Her estate carries out what is necessary to enforce the judgment, assuming she wins the appeal.
Good!!
Horror what-if story: Trump becomes Prez, then simply cuts off all federal funds to NYC until they give him back his money or property.
It’d hurt, but NYC could muddle on without federal funding which currently makes up less than 10% of its budget. And it’s the state that will be taking his stuff, not the city.
The prez does not control the purse strings. Also, isn’t NY state a net giver to the Feds? I’d assume NYC is a big part of that. If everyone in NY says fine, keep your dough and we’ll keep ours, good luck prosecuting that.
There you go again, assuming Trump is smart enough to understand that. He still doesn’t understand who pays for the tariffs he still goes on about. Heck, he might not even know that “New York” is the name of two different government entities. You think he’s ever knowingly been to Utica, for example?