this post was submitted on 20 Mar 2024
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politics

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[–] Neato@ttrpg.network 210 points 8 months ago (9 children)

In case you didn't want to go into the article.

  • Trump Park Avenue, New York, N.Y.
  • Trump Tower, New York, N.Y.
  • 40 Wall Street, New York, N.Y.
  • Seven Springs, Westchester County, N.Y.
  • Trump International Hotel and Tower, Las Vegas, Nevada
  • Mar-a-Lago, Palm Beach, Florida
  • Trump National Golf Club Westchester, Briarcliff Manor, N.Y.
  • Trump National Golf Club Charlotte, Mooresville, North Carolina
  • Trump National Golf Club Colts Neck, Colts Neck, New Jersey
  • Trump National Golf Club, Washington, D.C., Sterling, Virginia
  • Trump National Golf Club Hudson Valley, Hopewell Junction, N.Y.
  • Trump National Golf Club Jupiter, Jupiter, Florida
  • Trump National Golf Club Los Angeles, Rancho Palos Verdes, California
  • Trump National Golf Club Philadelphia, Pine Hill, New Jersey -Trump International Golf Links Scotland (Aberdeen)
  • Trump International Golf Links Scotland (Turnberry)
[–] gregorum@lemm.ee 123 points 8 months ago* (last edited 8 months ago) (2 children)

The cool thing is she’s probably going to have to take all of them because they’re all leverage to the tits and his ownership stake in them is worth almost nothing. lol

[–] SpaceNoodle@lemmy.world 34 points 8 months ago (4 children)
[–] gregorum@lemm.ee 15 points 8 months ago
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[–] Neato@ttrpg.network 21 points 8 months ago (3 children)

Interesting. If the government seizes properties that have been borrowed against, the government has to pay those loans? Can't just cancel them or anything? Then you're right and they might be worth a pittance. Especially after the over-inflating fraud. I wonder if Trump was able to get loans based on their fraudulent amounts.

[–] gregorum@lemm.ee 82 points 8 months ago (1 children)

No. The state gets what part he still owns— Trump still owes the debts. If it ends up Trump really has nothing and, after seizing all of his real estate and investments, it still doesn’t amount to what he owes the state, Trump will have to declare personal bankruptcy. At that point, all of his assets will go up for sale and all his debt consolidated and managed, and all of his income will be garnished until his debt is paid off.

This may, in fact, be what happens. Just like Rudy Giuliani and Alex Jones.

[–] Passerby6497@lemmy.world 12 points 8 months ago (1 children)

I'm so hoping that Jones sees the IW brand sold to someone who will make it a reasonable force for good. I know the Knowledge Fight guys would love to have it, and they're fighting the real info war!

[–] gregorum@lemm.ee 15 points 8 months ago (1 children)

I think it would be far better to see it dissolved, dead and gone, once, and for all.

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[–] michaelmrose@lemmy.world 32 points 8 months ago (5 children)

If a property is seized the government only gets the equity that the owner had in it so if Trump owns a 2B in property but owes 1.5B then the government may seize all 2B in order to satisfy the debt he owes the government. Worse the government will try to get as much value as possible but the value realized by a short term sale may be less than could have been realized had the customer had time to find the appropriate buyer. So if they only get 300M they can seize additional properties to satisfy the debt.

Nobody in their right mind wants the government doing this for them instead of mortgaging and or selling their own stuff. He committed such obvious fraud he should have known the jig was up when it went to trial and started seeking buyers or mortgaging. They could have self funded an appeal bond hoping to reduce the damages and prepared for worst case losing it all.

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[–] halcyoncmdr@lemmy.world 28 points 8 months ago (8 children)

Not the government directly, from my understanding the loan payment comes from the sale amount, before it is applied to the judgment. The property would end up being sold, then minus any outstanding debts on the property, and the remainder applies towards the judgment.

Outstanding loans must still be repaid, creditors don't get screwed just because it's part of a court judgment and seizure, in fact they get an immediate return. Depending on the loan agreement, if there are prepayment penalties for those loans... those would likely apply as well.

So it is technically possible it seems, with Trump's fraudulent property valuations for loans, that he could end up with a negative overall return by selling various highly leveraged property. If they fraudulently valued something at say $600M and got a loan for $500M based on that... but the property is actually valued and sells for $300M, that loan would be underwater, like millions of American homes. He would still owe $200M for that loan, but would no longer have the property.

If all of his properties are massively overvalued and highly leveraged against, he could end up with basically nothing left from this. Forced to declare personal bankruptcy and losing all the real estate. Court judgments for fraud very rarely can be discharged by bankruptcy, so while other debts might be discharged the penalties will likely all apply, regardless.

I believe the sales would count as income for tax purposes next year as well. Just to be another kick in the nuts.

[–] Neato@ttrpg.network 38 points 8 months ago

If all of his properties are massively overvalued and highly leveraged against, he could end up with basically nothing left from this. Forced to declare personal bankruptcy and losing all the real estate.

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[–] MegaUltraChicken@lemmy.world 70 points 8 months ago (3 children)

Take the golf courses first, I think that would piss him off the most.

[–] RegalPotoo@lemmy.world 78 points 8 months ago* (last edited 8 months ago) (5 children)
[–] WarmSoda@lemm.ee 42 points 8 months ago (2 children)

I'm surprised it's on the list. Happily surprised, of course.

[–] RegalPotoo@lemmy.world 24 points 8 months ago (3 children)

Idk, bit of a longshot by maybe it'll turn out that he stored recordings of all his meetings in the spa or something

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[–] aseriesoftubes@lemmy.world 24 points 8 months ago* (last edited 8 months ago)

But then he’d be homeless! And we all know how unhoused people are treated in Florida.

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[–] zcd@lemmy.ca 23 points 8 months ago (2 children)

Added bonus there are probably lots of top-secret documents floating around in that golf course

[–] slowwooderrunsdeep@lemmy.world 9 points 8 months ago

There’s probably top secret documents floating around a lot of his golf courses….

“Caddy, go see what’s blocking the 8th hole…”

“Sir, it appears to be a bunched up partial list of CIA operatives in Egypt.”

“Well, remove it! I’m under par. Mulligan!”

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[–] goldteeth@lemmy.dbzer0.com 56 points 8 months ago (1 children)

Mar-a-Lago, Palm Beach, Florida

Holy shit. I've figured it out. I've cracked the master plan.

"Um, excuse me, stolen classified documents piled high to the rafters in my bathroom? I believe that's the New York attorney general's bathroom, athankyouverymuch. Case dismissed!"

~~This makes the fairly generous assumption that the man is capable of planning, but whatever.~~

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[–] Glowstick@lemmy.world 29 points 8 months ago* (last edited 8 months ago) (2 children)

OMG OMG OMG

I would so LOVE to see his name stripped off of all those properties! ...but I'm still trying to not get my hopes up. Aside from him suffering through court cases and losing them in a very public way, if his properties get seized it would be the first REAL consequences he receives

[–] Riven@lemmy.dbzer0.com 12 points 8 months ago (1 children)

Depending on the contract the properties might still have to keep the name even if sold. There's a couple cases of that our there currently for Trump buildings. He sold them and they have to keep the name, last thing I heard they were trying to sue to remove the name because of all the bad publicity the trump name brings.

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[–] AngryCommieKender@lemmy.world 11 points 8 months ago (1 children)

Rename them all Drumph, just to give him an aneurysm. When he drops dead rename them after John Brown, MLK Jr, Malcom X, er al.

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[–] Pronell@lemmy.world 47 points 8 months ago (2 children)

So if these properties are seized and mortgaged to the hilt, he's still responsible for the balance owed, isn't he?

Ahahahahahaha!

[–] partial_accumen@lemmy.world 21 points 8 months ago (3 children)

I wouldn't think so. I would think they'd seize properties base on only the equity, not the total mortgaged value. Likely why this list is so large, so little equity in any of the properties so more need to be seized to meet the total balance of the judgment.

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[–] NegativeLookBehind@lemmy.world 41 points 8 months ago (1 children)

I thought he was a genius billionaire guys

[–] zcd@lemmy.ca 18 points 8 months ago (2 children)
[–] homesweethomeMrL@lemmy.world 11 points 8 months ago (5 children)
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[–] originalucifer@moist.catsweat.com 31 points 8 months ago (1 children)

after all that... he still has to pay back the ~90million to the chubb group when he eventually loses that appeal.

delicious

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[–] tenchiken@lemmy.dbzer0.com 31 points 8 months ago (3 children)

This at the bottom of the article made me laugh so hard. Somehow the maga trolls are butthurt enough to think this constitutes far left.

[–] I_Has_A_Hat@lemmy.world 37 points 8 months ago* (last edited 8 months ago) (1 children)

It starts there until you rate it. I've seen it a couple times now. It's just bad design.

[–] nondescripthandle@lemmy.dbzer0.com 21 points 8 months ago (1 children)

Oh that seems like a decision not a mistake.

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[–] PoopSpiderman@lemmy.world 25 points 8 months ago

Hahahahahahahahaha!!! Sorry. I couldn’t help myself.

[–] YurkshireLad@lemmy.ca 24 points 8 months ago (2 children)

Quit yacking and do it. Take the properties and give Trump what he deserves. I hope this isn't another story that fizzles out.

[–] Ranvier@sopuli.xyz 19 points 8 months ago (1 children)

He has a few more days technically, then she can start seizing. There's one month after the ruling to come up with the money.

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[–] RagingSnarkasm@lemmy.world 23 points 8 months ago (2 children)

Please please please please please please please please please please please please please please please take Mar-a-lago.

[–] Rapidcreek@lemmy.world 10 points 8 months ago* (last edited 8 months ago)

Mar a Lago used to be owned by the US Government and the Beatles

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[–] some_guy@lemmy.sdf.org 23 points 8 months ago (4 children)

"Judge Engoron actually wants me to put up Hundreds of Millions of Dollars for the Right to Appeal his ridiculous decision. In other words, he is trying to take my Appellate Rights away from me," Trump wrote. "I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!"

How is that election interference? I'm missing that part.

[–] Viking_Hippie@lemmy.world 18 points 8 months ago

How is that election interference? I'm missing that part.

It's not. Trump is just banking on his cult uncritically repeating any gibberish he spouts in all caps as unassailable truth. Like they always do.

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[–] itsonlygeorge@reddthat.com 20 points 8 months ago

Can we start with Mar a Lago? That would he hilarious.

[–] phoneymouse@lemmy.world 18 points 8 months ago

I was hoping they’d at least get Trump Tower or Mar-a-Lago, but this is fucking amazing.

[–] moitoi@feddit.de 16 points 8 months ago (3 children)

Can we transform Mar-a-lago in an diversity sanctuary?

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[–] octopus_ink@lemmy.ml 15 points 8 months ago (1 children)

Ok, this is a good start, criminal justice system.

[–] dhork@lemmy.world 12 points 8 months ago (1 children)

This isn't the criminal justice system, this was a civil case.

[–] octopus_ink@lemmy.ml 12 points 8 months ago

Oh heck you are right.

Ok, this is a good start, legal system.

[–] Chocrates@lemmy.world 14 points 8 months ago

Do we have a running list of judgements? He has two for Ms Carrol I think and this one as well, so far.

[–] Bluefalcon@discuss.tchncs.de 13 points 8 months ago (1 children)

I hope the take both properties in Scotland. He will lose his shit over it.

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