'N.Y. state padlock on Trump Tower': Expert says Trump is at 'next-to-last step' from ruin

[Tom of Temecula]

Attorneys for Donald Trump declared Monday that he is unable to secure the $464 million bond due in his New York fraud case, saying that turning over the entire amount is "a practical impossibility" — and that development could lead to his New York empire becoming property of the state, a legal expert said.

New York Attorney General Letitia James could put a "padlock" on Trump Tower, legal analyst Glenn Kirschner told MSNBC, effectively locking the former president out of his iconic Fifth Avenue building and making it the property of New York.

Kirschner was responding to a question about how the state's Attorney General Letitia James will make sure the damages owed after Trump was found liable for fraud will be paid if he can't find the money. "It would look like Tish James, figuratively speaking, putting a big New York state padlock on Trump Tower, for example," he said.

Trump's attorneys claimed they have spent “countless hours negotiating with one of the largest insurance companies in the world,” and have also unsuccessfully asked 30 other companies to back the bond. “The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote.

https://www.rawstory.com/trump-tower-letitia-james/

[yorkster]

1. Love that cartoon.

Thx.

[onetexan]

2. Wasn't Chubb securing his bond?

[leftieNanner]

3. That was for the OTHER case

E Jean Carroll. Only $90 million

[angrychair]

14. Plus that was only for this appeal

If he loses and tries to appeal it further he would have secure a new bond and Chubb already said they would not be interested in securing a bond for any further appeals of that case.

[Yavin4]

41. It's hard keeping up with his many lawsuits.

Good lord.

[ms liberty]

5. That was for rhe $91m E Jean Carroll judgement n/t

[Diraven]

7. That was just for E. Jean Carroll

Defamation civil trial he lost. The $464 million is from the Trump Organization business fraud trial he also lost.

[rurallib]

4. I hope every second is recorded in 4K financial bloodbath color

will make some great post election viewing.

[Blue Owl]

27. A financial bloodbath -- YES IT IS!!!

[617Blue]

6. Letitia James should stop talking and just do whatever she has to do.

[Bernardo de La Paz]

12. That's more than a bit unknowing of legal procedures. . . . . . nt

[tinrobot]

15. She can't do anything until the March 25th deadline

We'll see what happens next week.

[onecaliberal]

8. I love this so fucking much.

[malaise]

22. Ditto

Rec

[marble falls]

9. So he's too big to not allow to fail. Good.

[lastlib]

10. The lettering on the building should be Cyrillic........ n/t

[Warpy]

33. Or Arabic

Russian mibsters and Saudis own a lot of that building.

[barbtries]

11. to hear him tell it,

he's got that just hanging out in petty cash. "I'm rich. Really rich."

lying sack of shit. always has been always will be. the thing about tsf is that his lies always get found out. the terrible thing about his cult is that none of that matters to them.

[Stuart G]

31. "....lying sack of shit. always has been always will be." Perfect explanation & discription of Donald Trump

[Cha]

13. TY.. I though Clubb Insurance in Switzerland was going to cover it?

[niyad]

16. Chubb is covering the E. Jean Carroll 91 million bond.

[Cha]

17. Ah.. TY!

[PortTack]

18. The day I've been waiting for is about to arrive!

He’s going to lose his shit! And, JMO ….his fallibility laid bare is going to turn cult members against him.

[Hermit-The-Prog]

19. I'm gonna cry.

Seriously, can't stop laughing.

[Comfortably_Numb]

20. For a "billionaire" this bright orange buffoon sure looks like a broke-ass beggar.

[FakeNoose]

25. There's no cash available - much of it is hidden in offshore accounts

Neither NYS or the federal gov't can reach out and take his money from offshore accounts. Hell they probably can't even find those, but it doesn't matter.

Chump "owns" properties and brands, but they're all mortgaged to the hilt. I'm not even sure if another bankruptcy would help him at this point. So much of his debt cannot be cancelled by bankruptcy now. That's why Letitia James is planning on taking over a few (or several) of his properties because he can't pay the fines. The NY banks aren't allowed to do business with him, even if they wanted to.

[Bluethroughu]

26. Pull himself up by the boot straps...

Oops, he can't afford the boots.

[Comfortably_Numb]

29. Maybe he should throw some "seed faith money" to some of those religious hucksters that love him so much.

God will bless him a thousand fold, even though he needs a $465 million fold.

[dchill]

34. He'd have to bend over to do that.

He'd better watch out. And don't drop the soap.

[Bluethroughu]

37. You are so right...

He might break his dirty diaper wide open.

[dchill]

38. A shitstorm like the world has never seen!

[Bluethroughu]

39. He showers us with his presence everyday?!

I've seen enough, time for the lock up. Maybe, he'll shut up, after his toupee aka rats nest is removed and orange spray tan is unavailable.

[spike jones]

21. He should get the money from his family. They made billions while he was POTUS. n/t

[4lbs]

23. Someone tell him that there are Arabic Numerals on the front part

of "his" NYC Tower.





Watch his head explode.



Tik Tok.... Tik Tok...

Is that clock from "Jyna"... err... China ?

[DENVERPOPS]

24. Not to worry,

Some Uber Rich Republican will come in and post the cash, or maybe some foreign gov't's dictator......

[Lovie777]

28. More violent rhetoric coming forth..........................

and corporate media both oral and written will give him another pass,

[Tetrachloride]

30. Thank God that Ivana is safe

[melm00se]

32. Trump is like a lot of professional

financial scumbags and has his assets hidden and encumbered to prevent quick asset seizures.

The state may put the arm on Trump Tower but there are some omissions:

1. how much of Trump Tower (and all of his other assets) is encumbered by mortgages, liens and other properly recorded security interests?
2. how much of Trump Tower's (and all of his other assets) ownership is NOT Trump or his entities?
3. how much equity is available?

Personally, instead of political grandstanding, I would just quietly serve every single tenant in the building that the State of New York is exercising its legally obtained judgment and direct them to cease sending their lease/rental payments to any Trump entity and send all such payments to the trustee who is now empowered to collect on the judgement. No legitimate business would ignore that kind of service (as it is perfectly legal because accounts receivable are considered executable assets) and they would in very short order start sending their checks to the State.

This is a hell of a lot easier than foreclosing on the property, fight your way thru all the superior liens and mortgages on the property and auction off the property for distress sale prices.

Hit him in the cashflow (and it doesn't look like you are playing politics).

Of course, there will be a flurry of lawsuits from any non-Trump entities who have a cut of the building and its accounts receivables to make sure that the State is not seizing their property beyond the scope of its judgement.

[FakeNoose]

36. Anyone who ever partnered with Chump - including his own family ...

... is sincerely regretting it now. Two brothers and one sister are already dead, so I think he's down to one sister left. Everything Chump touches, dies.

[BootinUp]

35. It will be the best padlock ever!

[live love laugh]

40. Turn it into a migrant shelter.