A number of properties New York Attorney Letitia James could seize, including Trump Tower, have accrued loans, according to financial disclosures.

cross-posted from: https://lemmy.world/post/13390307

Donald Trump has multiple loans on his properties amounting to at least $200 million, which may devalue their worth and make it less likely that they will be seized to recuperate the costs of his legal fines.

The former president has until March 25 to come up with the bond amount or New York Attorney Letitia James could begin seizing some of his assets and properties after Judge Arthur Engoron ruled that the former president will have to pay roughly $355 million in penalties for fraud. The February ruling stated that Trump and top executives at The Trump Organization inflated the value of his assets to obtain more favorable terms from lenders and insurers.

The lawsuit, brought by James, initially sought $250 million in damages, but she increased this figure to $370 million, plus interest. With interest, the payment exceeds $464 million.

  • FiveMacs@lemmy.caEnglish
    18·
    8 months ago

    Seize em all anyways, pay off the loans then go after him for the remainder

    • thefartographerEnglish
      16·
      8 months ago

      Seize em all anyways, pay off the loans then go after him for make him perform manual labor at the properties for the average hourly rate he paid his contractors to pay off the remainder

    • BluesF@lemmy.worldEnglish
      1·
      8 months ago

      A comment on the other thread suggests that NY don’t need to pay the debts, they can seize the properties and keep the full value, the creditors can sue Trump for the debts.