Enemies of Former President Donald Trump who expected the corrupt New York Attorney General Letitia James to move into Trump Towers and convert it into the Democrat National Headquarters may be disappointed. Seizing Trump’s properties as bonds for his absurd $454 million fine is more complicated than the Sheriff showing up and moving the furniture onto the sidewalk.
Turley: Letitia James' Trump Asset Seizure Unlikely | https://t.co/9pNCPe8emZ https://t.co/bHFz9mrtQS
— Bill Whelan (@bwhelan02) March 25, 2024
Seizing real estate is a complicated business, and savvy businessmen such as Trump often have their properties under different titles and ownerships. Trump owns the ground lease in many cases, but New York’s commercial real estate market is down at present, so this would not likely cover the $454 million.
Indeed, Trump has been unable to secure bonds for his properties because it is currently difficult to turn them into cash. Letitia James will face the same difficulties.
Anything held in a limited liability company with other parties would require lengthy and expensive lawsuits. After that, mortgage holders would be first in line to be paid from the liquidation proceeds—ahead of Letitia James and the state of New York.
Additionally, any properties Trump placed in an irrevocable trust for his children would be untouchable.
As it turns out, a New York appeals court reduced Trump’s bond from the over-the-top $454 million to the “ordinary” amount of $175 million. Trump has indicated that he can pay that amount.
What is serendipitous is that Trump’s social media company, Trump Media & Technology Group —the parent company of Truth Social — will trade publicly for the first time on March 26. This will increase Trump’s net worth by $3-4 billion, which may give him the leverage he needs to pay the enormous bond and thwart Letitia James’ sinister attempts to bankrupt him.
Former President Donald Trump lost a civil judgment in the state of New York in which he was convicted of fraud for overstating the value of his real estate holdings. Democrat judge Arthur Engoron levied an unprecedented fine of $454 million on Trump. The former president was given just 22 days to post a bond for the entire amount of the fine despite the fact that he was appealing the case.
Many feel that Trump has a very strong Eighth Amendment federal case due to the historic amount of the penalty. That part of the Bill of Rights prohibits cruel and unusual punishment, excessive bail — and excessive fines.
