Posted on 03/23/2024 2:40:12 AM PDT by Enterprise
James filed judgments against Trump and others in Westchester County, New York, where Trump owns a private estate in Seven Springs and the Trump National Golf Club Westchester, Friday. Turley said that James could find seizing the properties much more difficult than she thought
“These properties are partnerships, they have leveraged debt. All of that has to be unraveled,” Turley told Fox Business host Larry Kudlow. “So these aren’t just this, you know, one to one Trump versus James type of equation. So in order to seize that property, she’s going to be pulled into court, there’s going to be challenges. It’s not going to happen overnight. Everyone is celebrating this idea that she’s going to padlock Trump Tower. It’s not likely to happen, and it’s certainly not likely to remain very long.”
“The other thing is that she could be harming the value of the property that she’s trying to seize with some of these actions,” Turley continued. “I don’t think that matters to her, but it might matter to a court.”
(Excerpt) Read more at thelibertydaily.com ...
The issue of damage is an interesting one. James is counting on the current value of any property she wants to seize. Suppose that in the process of seizing a property its value drops precipitously. Then does she have to seize even MORE property to make up for the drop in value of properties she is seizing? Now where does THIS end?
James is going to have a rougher time than she thinks. On the other hand, I think she knows this, and so does the Judge. It's a bluff to try to make Trump come up with the cash, and THAT'S what they want. Hundreds of millions of dollars to squander in more leftist spending. Maybe Trump should keep taunting them. "Hey James and judge, I have 500 million in cash and you're not getting ANY of it."
New York State cannot prove that it is credit worthy, having the ability to promptly pay $467 million in cash.
My practicing law without a license opinion is NY can place a lien on any partnership property but ultimately could not seize the asset.
The lien would have to be paid before the property or shares of the partnership could be sold—but that would not be “seizure”.
later
Thank you. I was wondering also about the possibility of liens. Maybe in time the liens might be paid off, but if the business climate in New York continues to decline, the properties may in time be essentially worthless, thus the liens also becomes worthless. They want the cash! And they want it NOW!
I would like to read your thoughts on this when you have time.
Any move by Letisha Mugabe to encumber the property with a lien becomes a legitimate cause of action against her.
I need more coffee.
I have been involved in business arrangements much smaller than a major NY real estate deal, and even those contracts were written to address a scenario like the one you presented.
If Trump owns (for example) 25% of a property, the owners of the other 75% don’t want to suddenly become partners with some retarded mutant they don’t know — especially under adversarial circumstances. So the partnership agreement will be written in such a way that there is a degree of protection given to all the partners to avoid this scenario.
The most common scenario would be a provision in the contract that covers a case where a partner dies or gets divorced.
Tortuous interference. Maybe.
She's motivated solely by a desire to keep DJT from the WH next January,her desire for higher office and,of course,the $10 million book deal she sees in her future.
Betting DjT and his lawyers also know an actual seizure is virtually impossible, nor have the remotest chance of succeeding. Your lien scenario is much more likely.
Thus, -—being pretty damn good at wheeling and dealing—I’m betting he’d like James to absorb the publicity and all its repercussions for the city and country and international image.
Soon to be armed with a 3.5B windfall with Truth Social going public, he’s found sources willing to loan him the 1/2B bail which he now says he’s got.
I’ll bet he doesn’t proffer the cash, instead teasing James to take the dare and ruin her reputation and the city.
NY law says he can’t appeal this ridiculous charge unless he posts bail, but the US 8th amendment prohibiting excessive fines will eventually nullify that.
Years of legal battles in this case appear certain, for which Trump will be able to pay for and win and perhaps collect another windfall for reputational damage.
Letitia...you lose, you stupid POS. Don’t gamble with a master of the deal.
If Trump is the debtor, they can only put a lien on whatever he owns in his name. If a property is owned by a partnership of which he has a partnership interest, they could only put a lien on his partnership interest. They cannot put a lien on the partnership property.
That makes sense.
The “seizure” headlines seem totally ridiculous.
I agree with Turley on this. Trump has every piece of real estate in a separate corporation. We started doing this with high value properties back in the early 1980’s as it is easier to just sell the stock in the corporation, rather than the real estate.
On a $100 million property, the transfer taxes alone would be several million in most states.
As soon as you add minority interest in the corporate entity, it really creates confusion for the courts. I’ve encountered this many times over the years when negotiating IRS collection cases.
Thus, with minority shareholders, the government could only go after Trump’s interest and also could be required to abide by shareholder agreements and restrictive deed covenants. It can become very complicated.
In addition, equity might be diversified through encumbrances on the property through other loan guarantees. If Trump Tower is pledged as collateral on another property as part of a loan package. The loan holder could block the government from taking their collateral.
It would be easy to tie this up in the court for years. In the interim, Trump can use it as propaganda for campaign purposes.
See, the communists seizing my property. Your pension accounts are next. Possibly even true...
This calls to mind what the Japanese general Isoroku Yamamoto’s said “I fear all we have done is to awaken a sleeping giant”. The sleeping Giant is of course Pres. Trump and all of those “Maga” folks. The stupid James bitch is in way, way, over her head. And so is the Ichabod Crane Judge.
Good post—the transfer tax issue has had a major effect on real estate.
The AG is either bluffing or stupid.
BTTT
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