New York Attorney General takes initial step to prepare to seize Trump assets

[Social Media]

 

The New York Attorney General's office has taken a significant step forward in its efforts to potentially seize assets belonging to former President Donald Trump. Filed judgments in Westchester County serve as the initial indication that the state is preparing to pursue Trump's golf course and private estate, famously known as Seven Springs, located north of Manhattan.

 

This move follows closely on the heels of a decisive ruling by Judge Arthur Engoron, who sanctioned a staggering $464 million judgment against Trump, his sons Donald Trump Jr. and Eric Trump, as well as the Trump Organization. The ruling poses a considerable challenge to the former president, particularly as he endeavors to amass funds for both ongoing legal battles and a potential third bid for the White House. 

 

Entering a judgment signifies the preliminary step a creditor might take to initiate asset recovery proceedings. While Trump has four days to satisfy the judgment, or appeal for a reduction or deferment, the process of asset seizure would likely involve further legal complexities and time-consuming procedures. Trump's extensive business structure, characterized by over 300 limited liability companies, presents a formidable challenge for any attempts at straightforward asset seizure.

 

Legal experts suggest that unraveling Trump's complex business organization will be intricate and protracted, particularly given his absence as the direct owner on many property documents. The potential repercussions of the ongoing legal saga extend beyond financial ramifications, threatening to undermine Trump's brand and business interests both in New York and beyond. 

 

In response to the mounting legal pressure, Trump's legal team has vehemently opposed suggestions made by the New York Attorney General's office regarding how he should post bond. They argue that the proposals are impractical and unjust, emphasizing the financial strain such requirements would impose on Trump.

 

Judge Engoron's recent rulings have further compounded the legal woes facing Trump and his organization. By expanding the role of the court-appointed monitor overseeing the Trump Organization, Engoron has signaled a more comprehensive scrutiny of Trump's real estate business practices. The monitor will now have access to detailed financial information, including efforts to secure bonds to cover the judgments against Trump.

 

As the legal battle intensifies, the outcome remains uncertain, with potential implications not only for Trump's financial interests but also for broader questions surrounding corporate governance and accountability. The ongoing saga underscores the intricate interplay between law, politics, and business, shaping the trajectory of Trump's post-presidential endeavors.

 

22.03.24

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[jerrymahoney]

A Little-Known Way That Trump Could Raise Money to Pay His Legal Bills
The former president’s social media company is finally set to go public. Mr. Trump could borrow against the value of his stake in the company.

 

March 21, 2024, 2:41 p.m. ET via NY Times

Shares of former President Donald J. Trump’s social media company  could start trading on the stock market as early as Monday, immediately raising his net worth by around $3 billion — wealth that Mr. Trump  may be able to tap to pay his mounting legal bills as he seeks a second presidential term. <SKIP>

 

Mr. Trump could also obtain the board’s blessing to transfer his shares into a trust, or give them to a family member as a gift. By placing them in a trust, Mr. Trump will be able to use the shares as collateral for a loan; a family member too could borrow against those shares.

 

https://archive.is/jitL5#selection-4581.0-4581.278

 

https://www.nytimes.com/2024/03/21/business/trump-truth-social-merger.html

[Chomper Higgot]

44 minutes ago, jerrymahoney said:

A Little-Known Way That Trump Could Raise Money to Pay His Legal Bills
The former president’s social media company is finally set to go public. Mr. Trump could borrow against the value of his stake in the company.

 

March 21, 2024, 2:41 p.m. ET via NY Times

Shares of former President Donald J. Trump’s social media company  could start trading on the stock market as early as Monday, immediately raising his net worth by around $3 billion — wealth that Mr. Trump  may be able to tap to pay his mounting legal bills as he seeks a second presidential term. <SKIP>

 

Mr. Trump could also obtain the board’s blessing to transfer his shares into a trust, or give them to a family member as a gift. By placing them in a trust, Mr. Trump will be able to use the shares as collateral for a loan; a family member too could borrow against those shares.

 

https://archive.is/jitL5#selection-4581.0-4581.278

 

https://www.nytimes.com/2024/03/21/business/trump-truth-social-merger.html

The ‘could’s’, ‘might’s’ and ‘may be’s’ are liberally applied, but hope springs eternal.

 

 

[jerrymahoney]

36 minutes ago, Chomper Higgot said:

The ‘could’s’, ‘might’s’ and ‘may be’s’ are liberally applied, but hope springs eternal.

 

 

That's Ok. You coulda just said it is click bait from the beleaguered NY Times for the "Oh no he's gonna get away with it all crowd" on a slow news day.

[Chomper Higgot]

38 minutes ago, jerrymahoney said:

That's Ok. You coulda just said it is <snip>

I chose my words with afore thought.