Which is exactly the problem he is facing.
this is one time where his delay tactic is not a good thing. every day is dollars flying out of his pocket.
how long will it take for the appeal to go through?
In my experience as a long term NYC resident, we call them all apartments- whether they are co-ops, condos or rentals. You will frequently hear New Yorkers speaking about buying or owning an apartment. Rental apartments are referred to as rental apartments or just rentals.
But you are right that Trump residential buildings aren’t rental buildings, they are all condos or co-ops, which means that Trump doesn’t own the residential units, just portions of the common spaces.
Taking Mar-a-Lago was my first thought as well. That would HURT Trump personally more than any other property I suspect. But at the same time wouldn’t “taking a man’s home away from him” tend to generate more widespread sympathy for him? Kinda like any family that’s ever had a bank foreclose on their home?
Right, but if the shell companies make it difficult to figure out who ultimately owns TP#2*, who exactly is getting the loan and who exactly is getting the debt in the first place? I’m not talking about the bond surety stuff, but the original loans that this whole thing is predicated on.
I get that this is outside your expertise, I’m just baffled.
*this made me giggle way too much
This is an argument we’ve heard through every step of Trump’s legal problems. i.e. That these prosecutions/litigations are only serving to make him more popular. This is true to an extent as it has galvanized some of his core followers, but I haven’t seen any reliable evidence that this has really helped Trump in any way. His legal troublers haven’t netted him additional faithful disciples and I don’t expect the seizure of Mar-a-Lago would either.
I don’t expect Mar-a-Lago is the first property they’d go after. But if it is overly difficult to seize other assets for whatever reason, I imagine his Florida property is on the list. This is a problem entirely of Trump’s own creation.
But what does that even mean? Are condos in the US significantly different than in Canada?
In Canada, such common areas would be owned by the Condo Corporation set up to manage the condo, which is controlled by a board elected by the individual condo owners. Each owner is a part-owner of the condo corporation. The only time you’d have a third party owning any part of that would be in a new building, where the company that built the thing is still in the process of selling off the individual units. And even in that case, there’s at least a few laws to protect the interests of the individual owners during this transition time.
So what does it mean for Trump to “own” these bits? Does he charge the other owners rent for using the hallways and elevators?
Trump’s Boeing 757 is owned by DJT Operations I LLC, which is registered in Delaware. The Delaware Secretary of State does not list the company’s officers. (It looks like they might have that information, but there’s a fee.) Trump’s Cessna Citation X is owned by DT Endeavor I LLC, also registered in Delaware but I didn’t look them up on the DE SoS site.
I don’t think that they will touch Mar-a-Largo for two reasons. One is as you state, the political optics are damning. Second, is that they will need a secure place to put him on house arrest and Mar-a-Largo fits that senario quite well.
Lock him up there and make him pay for his own incarceration.
I don’t have any polls or data to support the notion, but it just seems to me that having your home seized paints a more sympathetic picture of him being a victim and might garner and additional percent of support somewhere in the electorate. Playing victim is precisely what Trump has been making the cornerstone of his 2024 campaign. Why help that perception, seize some other property
I’m pretty certain he’ll make bond. Some company will squeeze him like a lemon Saturday and they’ll file an appeal at the last minute.
They are just waiting until the pressure hits Max.
I certainly take your point, and – particularly for DJT’s supporters – perception is infinitely more important than reality, but …
Just to inject a modicum of reality:
Trump has signed a legal document saying that Mar-a-Lago is NOT his primary residence, he’s actually an employee of the club and as such is allowed to live there. This was so he could pay much, much lower taxes on the property.
I’m aware of that. Yet Mar-a-Lago is physically his primary domicile.
And wouldn’t it be ironic if he ended up forced to live in New York again?
I don’t expect that to happen, but it’s an amusing thought.
Anything’s possible, I guess, but this just doesn’t seem likely. It’s not an issue of some predatory firm trying to squeeze every drop of blood out of Trump. It’s that Trump is a really shitty credit risk.
From everything I’ve read and heard, the likeliest scenario is that Trump just doesn’t have enough unencumbered assets to make it an absolute certainty the issuer will get its dough. Seems like he needs a White Knight.
The push to get this Trump Media merger finished ASAP suggest that he’s moved on to hailing a new Mary. If he’s able to get clearance to dump his stock (which seems to me is effectively clearance to destroy the company’s value), he’d only need to get around 15%* of its current valuation before it bottoms out.
The latest article I read puts his interest in the company at around 3 billion.
More like a Black Knight.
Maybe even a Nazgûl.
That sounds reasonable, and the better approach would be to sell the lease and get the money up front.
Early signs are that she’ll be moving on Trump’s Silver Springs resort and Trump National Golf Club Westchester first.