Trump’s Flagship Tower could be Seized if he Doesn’t Pay $355 Million Judgement

  • Trump’s Flagship Tower could be Seized if he Doesn’t Pay $355 Million Judgement

    Posted by Unknown Member on February 18, 2024 at 9:05 am

    Donald Trump’s flagship Trump Tower in Manhattan could be seized if the Florida Criminal does not honour a hefty fine and a ban on him operating a business in the state, experts suggested.

    Mr Trump, 77, was found liable for fraud and issued $355 million (£281 million) in fines by a New York judge on Friday, dealing a major financial and reputational blow to the Florida Criminal.

    Judge Arthur Engoron’s sweeping ­verdict came after a months-long civil trial ­featuring testimony from Mr Trump and his three eldest children.

    He found that Mr Trump’s eponymous company had submitted “blatantly false” information to obtain more favourable loans.

    Mr Engoron’s ruling bans Mr Trump from serving as an officer or director of any New York company for three years or from seeking loans in the state.

    He meted out a similar two-year ban on Mr Trump’s two adult sons, Donald Jr and Eric, who held senior roles in the Trump Organisation, leaving it essentially rudderless.

    His daughter, Ivanka, was removed as a defendant in the case by an appeals court, which found the allegations against her were too old because she left the company in 2017.

    Mr Trump’s lawyers said they would appeal the “egregious verdict”, but experts suggested there was little recourse to avoid the hefty financial penalties, which are essentially due immediately.

    If Trump resists payment, the judgement would take effect immediately and the state could begin seizing Mr Trump’s assets

    The Florida Criminal’s New York portfolio includes the gold-plated Trump Tower on Fifth Avenue, 40 Wall Street and the Trump Park Avenue hotel, where Bob Dylan met The Beatles for the first time.

    Will Thomas, a business law professor at the University of Michigan, said: “The business in many respects is still owned by the family, but it is out of the family’s control.”

    If Mr Trump resisted payment, the judgment would take effect immediately and the state could begin seizing his assets, Mr Thomas said.

    Mr Thomas said relocating his business to a new state would also be more difficult following the judgment.

    Mr Engoron had initially ordered the dissolution of much of Mr Trump’s New York holdings, but pulled back in his ruling on Friday, leaving that question to an independent monitor.

    The company’s financial reporting will be overseen by the independent monitor and a compliance director.

    Brian Quinn, a professor at Boston College Law School, told the Washington Post: “This is going to be a business that will look very different. It won’t be a family-run business. It can be a family-owned business, but it won’t be a family-run business for the next several years.”

    However, it is the financial penalty which could deal the biggest immediate blow.

    Trump’s net worth was recently estimated to be $3.1 billion by Bloomberg’s billionaires index, with about $600 million in cash assets.

    He has also been ordered in a separate civil suit to pay $83.3 million to the magazine columnist E Jean Carroll, who accused him of rape.

    The financial penalties, including the interest owed, could wipe out most of Mr Trump’s disposable cash, or even force him to sell a property to cover the costs.

    The ruling is a victory for Letitia James, New York’s attorney-general .

    On Friday she said Mr Trump was “finally facing accountability for his lying, cheating and staggering fraud”.

    Unknown Member replied 2 months ago 3 Members · 5 Replies
  • 5 Replies
  • Strayan

    February 18, 2024 at 2:47 pm

    Evil Democrats will stop at nothing, in attempting Trump from becoming POTUS again. Because they don’t want to pay for their crimes against America, Americans, humanity, a long with Trump. This would require a new prison to be built, to house all those criminal Democrats.

  • Unknown Member

    February 18, 2024 at 3:07 pm
  • Unknown Member

    February 18, 2024 at 4:13 pm

    The Beginning of the end of the Low Life Criminal Scum’s Empire in New York.

    The fraud investigation that led to this ruling started in 2019 after Rep. Alexandra Ocasio-Cortez questioned former Trump lawyer Michael Cohen during a congressional hearing.

    Lesson don’t screw your attorney …..They may come back to bury you.

  • ObscureandFuzzy

    February 18, 2024 at 6:35 pm

    The view from a DEMOCRAT legal scholar:

    Obscene award against Trump is testing the New York legal system’s integrity

    The size of the damages is grotesque and should shock the conscience of any judge on appeal. Even if the Democrat-appointed judges on the New York Court of Appeals were to ignore the obvious inequity and unfairness, the United States Supreme Court could intervene.

    The impact on New York business is likely to be dire. New York is already viewed as a hostile business environment, with the top end of its tax base literally heading south as taxes and crime rises. This draconian award is only going to deepen concerns over the arbitrary application of the law by figures like James, who previously sought to disband the National Rifle Association. (She has shown less interest in cracking down on liberal organizations like Black Lives Matter or the National Action Network of Al Sharpton despite their own major financial scandals.)

    As James gleefully uses this law to break up a major New York corporation, it is hard to imagine many businesses rushing to the Big Apple. This follows Democratic politicians such as Rep. Alexandria Ocasio-Cortez (N.Y.) campaigning against Amazon seeking to open new facilities in the city. After this week, drawing new businesses to the city is going to be about as easy as selling country estates during the French Revolution.

    The one hope for New York businesses may be the U.S. Supreme Court. Despite the deference afforded to the states and their courts, the court has occasionally intervened to block excessive damage awards.

  • Unknown Member

    February 19, 2024 at 8:01 am

    Trump as a career criminal did not think he would actually get caught.

    The low life criminal can scream all he wants to his brain dead supporters…. they can’t save him or his corrupt company. ….

    In order for the criminal scum to even file an appeal he has to post 125% of the judgement amount in escrow

    125% X 355 million = 443 750 000 better sell more of those Chinese sneakers

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