NY Fraud cost will cost Trump over $350 miillion

[Arturo Bandini]

Woot multi billionnaire is thrilled to have some millions dollars given by who ?

[GMDino]

He's been posting all day...all caps.

Over 20 "truths" just about this.

[*Nately120*]

Trump saying his home is worth 1.8 billion, thus making it the 3rd most valuable private residence on the planet, is like a deadbeat dad stupidly lie-flexing about how much money he makes at a child support hearing.

[GMDino]

[Sociopathicsteelerfan]

(03-23-2024, 08:48 AM)GMDino Wrote:

There's a whole thread dedicated to this.  I know you're aware of it, it likely wouldn't exist without you.

[*Nately120*]

So, I'm fairly aware (I think) that "seizing of assets and property" is something that takes place behind closed doors in a bank, but are people going to stand around outside of Trump properties and "defend them" or something?

[*pally*]

There won't be a padlock or anything. Its all done very politely behind the scenes by putting a lien on the properties. I think for the time being she will target some of his lesser known holdings just to hold the big guns in reserve

Apparently first on her list are his golf course and estate in Westchester County, NY

[Mike M (the other one)]

(03-22-2024, 10:27 PM)Nately120 Wrote: Trump saying his home is worth 1.8 billion, thus making it the 3rd most valuable private residence on the planet, is like a deadbeat dad stupidly lie-flexing about how much money he makes at a child support hearing.

isn't it classified as a private club? 

[GMDino]

Trump claims to have the cash...but you wouldn't know it.  It lives in Canada. 

https://apnews.com/article/trump-bond-engoron-new-york-judgment-abfb3f8c6aac44836265c893f7548ff2

Quote:Trump says he has nearly $500 million in cash but doesn’t want to use it to pay New York judgment
[color=var(--color-byline-authors)]BY MICHAEL R. SISAK
Updated 7:34 PM EDT, March 22, 2024
Share
NEW YORK (AP) — Donald Trump claimed on Friday to have almost a half-billion dollars in cash but said he’d rather spend it on his presidential run than on the $454 million civil fraud judgment against him in New York. The former president vowed to fight the verdict “all the way up to the U.S. Supreme Court if necessary” as the state gears up to potentially seize some of his assets if he doesn’t pay the hefty tab.[/color]

Trump has been trying to get a state appeals court to excuse him from a requirement that he provide financial guarantees showing he’s good for the money while he appeals the staggering verdict.

The presumptive Republican presidential nominee didn’t provide any documentation for his cash claim, and his lawyers have suggested it’s not feasible to tie up so much cash on a bond while also keeping his businesses running and meeting other obligations. Among them, according to financial records: a condition on one of his property loans that he maintain a minimum liquidity of $30 million.

A Manhattan judge in February found that Trump repeatedly lied about his wealth on financial statements given to banks and others to secure loans and make deals. The judge ordered him to give up profits from certain real estate deals and money he saved by obtaining lower interest rates on loans. Trump denies that he tried to deceive anyone.

As recently as Thursday, Trump’s lawyers reiterated in court filings that they were having difficulty obtaining a bond covering the judgment because underwriters insisted on cash, stocks or other liquid assets instead of real estate as collateral. More than 30 bonding companies rejected their entreaties, they said.

Trump’s lawyers asked the state’s intermediate appeals court to reverse a prior ruling requiring that he post a bond covering the full amount to halt enforcement. New York Attorney General Letitia James has fought Trump’s request, urging the appeals court to require the full amount to ensure the state can easily access the money if the verdict is upheld.

To obtain a bond, Trump’s lawyers said he would likely have to put up 120% of the judgment, or more than $557 million. The appeals court has yet to rule.

“I’ll fight this all the way up to the U.S. Supreme Court if necessary,” Trump told Fox News Channel on Friday. Mischaracterizing the law, he added: “They can’t take away your property before you’ve had a chance to appeal.”

Because the fraud case was tried in state court, Trump would likely have to exhaust the state appeals process first or ask a federal court to take up the case, which is rare, to even have a chance bring his fight to the U.S. Supreme Court. A litigant who loses in a federal appeals court or in a state’s high court — in New York, called the Court of Appeals — may then file a petition for a writ of certiorari, which is a document asking the Supreme Court to review the case.

Contrary to Trump’s claim, seizing assets is a common legal tactic when someone can’t access enough cash to cover a civil penalty, even while an appeal is pending. Appealing doesn’t, in itself, halt collection. Barring court intervention, James would be well within her legal rights to initiate seizure of Trump’s property if he doesn’t pay.

In a post Friday on his Truth Social platform, Trump suggested he had enough cash to at least cover the judgment in full — but didn’t think he should have to spend it that way.

“Through hard work, talent, and luck, I currently have almost five hundred million dollars in cash,” he wrote in all caps, adding that he had planned to use “a substantial amount” on his presidential campaign.

Trump has never before suggested that he would contribute to his own 2024 campaign and has been soliciting contributions from outside donors since before he left the White House. When he ran in 2016, Trump repeatedly claimed that he was self-funding his campaign, even though he relied on donor funds.

“I don’t need anybody’s money,” he said in his announcement speech in 2015. “I’m using my own money. I’m not using the lobbyists, I’m not using donors. I don’t care. I’m really rich.”

In the end, Trump ended up spending about $66 million of his own cash in loans and contributions on that race — far less than the $100 million he frequently promised.

Whether Trump actually has nearly $500 million in cash, as he claimed, could become the subject of a future court battle over his assets. James, a Democrat, could start efforts to collect on the legal judgment she won against Trump as soon as Monday unless an appeals court intervenes.

James has said she is prepared to seek to seize some of Trump’s assets, though it wasn’t clear how quickly that might unfold. Her office has declined to comment on its plans.

Last April, Trump testified in a deposition in the civil fraud case that he had “substantially in excess of 400 million in cash,” but that was before he sold his rights to manage a New York City golf course to casino operator Bally’s for $60 million. Recently, Trump had to post a $91.6 million bond to keep from paying a $83.3 million defamation judgment to writer E. Jean Carroll while he pursues an appeal in that case.

Previously, on a June 30, 2021, financial statement, Trump reported having $293.8 million in cash and cash equivalents and an overall net worth of $4.5 billion.

Trump’s substantial personal wealth likely grew even more Friday when shareholders of a publicly traded shell company approved a deal to merge with his media business, which operates the social networking site Truth Social. Based on Thursday’s stock price, Trump’s stake in the company could be worth more than $3 billion, though rules could potentially prevent him from selling newly issued shares for at least six months.
___
Associated Press reporter Jill Colvin contributed to this report.

[GMDino]

(03-23-2024, 05:50 PM)Mike M (the other one) Wrote: isn't it classified as a private club? 

When Trump bought it he had to agree to not make it a permanent home.  It WAS a residence but he wanted to make it a club instead.

Naturally he fought to change that afterwards because...Trump.  So he listed himself as an "employee" of the club so he could stay there.

https://en.wikipedia.org/wiki/Mar-a-Lago#:~:text=The%20legality%20of%20this%20has,three%20non%2Dconsecutive%20weeks%20per

Quote:Use as a Trump residence[edit]

Trump's estate on Palm Beach Island in 2019


In September 2019, Mar-a-Lago became the primary residence for Donald and Melania Trump, who previously held primary residence in New York City.[97][98] The legality of this has been disputed because, in 1993, Trump signed a "use agreement" with the town of Palm Beach, Florida, that changed Mar-a-Lago's designation from a single-family residence to a private club and specified that guests, including Trump, could not stay there more than three non-consecutive weeks per year.[99][100]


Chinese nationals were arrested for trespassing at Mar-a-Lago in March and December 2019.[101]



In December 2020, neighbors of Mar-a-Lago delivered a demand letter to the town of Palm Beach, stating that the town should notify Trump that he cannot use the estate as his residence.[99][102] In 2021, Palm Beach's attorney concluded that Palm Beach's zoning code allowed employees to reside at private clubs. He also stated that paperwork submitted by Trump's attorney confirmed that Trump was an employee whose duties include "overseeing the property, evaluating the performance of employees, suggesting improvements to the club's operations, reviewing the club's financials, attending events, greeting guests and recommending candidates for membership".[103]

[url=https://en.wikipedia.org/wiki/Mar-a-Lago#cite_note-104][/url]
Now, I'd pay one crisp dollar to have proof that Trump has ever "worked" at the club...at anything other than cleaning out the breakfast bar or interupting wedding receptions.

[Arturo Bandini]

My Assets Getting Auctioned

[*Nately120*]

(03-23-2024, 05:50 PM)Mike M (the other one) Wrote: isn't it classified as a private club? 

His home is a club and his golf course is a graveyard...dude should be the president of Rand McNally.

[Mike M (the other one)]

(03-23-2024, 06:28 PM)GMDino Wrote: When Trump bought it he had to agree to not make it a permanent home.  It WAS a residence but he wanted to make it a club instead.

Naturally he fought to change that afterwards because...Trump.  So he listed himself as an "employee" of the club so he could stay there.

https://en.wikipedia.org/wiki/Mar-a-Lago#:~:text=The%20legality%20of%20this%20has,three%20non%2Dconsecutive%20weeks%20per


[url=https://en.wikipedia.org/wiki/Mar-a-Lago#cite_note-104][/url]
Now, I'd pay one crisp dollar to have proof that Trump has ever "worked" at the club...at anything other than cleaning out the breakfast bar or interupting wedding receptions.

he's the camode tester

[*pally*]

(03-23-2024, 06:52 PM)Nately120 Wrote: His home is a club and his golf course is a graveyard...dude should be the president of Rand McNally.

don't forget the golf course goats that allow it to be classified as agricultural use not commercial

[*pally*]

Trump gets 10 more days and the bond amount was lowered to $175,000,000

[HarleyDog]

(03-23-2024, 06:28 PM)GMDino Wrote: [url=https://en.wikipedia.org/wiki/Mar-a-Lago#cite_note-104][/url]
Now, I'd pay one crisp dollar to have proof that Trump has ever "worked" at the club...at anything other than cleaning out the breakfast bar or interupting wedding receptions.

Networking. His presence alone would be considered work. Love or Hate him, his name alone brings in clients and members.

[*pally*]

(03-25-2024, 12:38 PM)HarleyDog Wrote: Networking. His presence alone would be considered work. Love or Hate him, his name alone brings in clients and members.

Isn't that part of the argument against Hunter Biden...that he offers nothing but a name that might attract other investors

Mar a Lago where all sorts of influence peddlers both foreign and domestic paid 100's of thousands of dollars into Trump's personal pockets in order to get up close and personal with the President.  Sounds all above board to me.  In the meantime, I've got oceanfront property in Arizona to sell you

[JustWinBaby]

(03-25-2024, 12:38 PM)HarleyDog Wrote: Networking. His presence alone would be considered work. Love or Hate him, his name alone brings in clients and members.

Isn't the CEO an employee?  Although I believe he resigned as CEO when he became POTUS.  Not sure if he remained on the Board.

[HarleyDog]

(03-25-2024, 01:02 PM)JustWinBaby Wrote: Isn't the CEO an employee?  Although I believe he resigned as CEO when he became POTUS.  Not sure if he remained on the Board.

Not sure either but he's working when he's there.

[GMDino]

(03-25-2024, 12:38 PM)HarleyDog Wrote: Networking. His presence alone would be considered work. Love or Hate him, his name alone brings in clients and members.

Not what they claimed.

https://www.usatoday.com/story/news/2021/05/07/trump-maralago-florida-employee/4944038001/

Quote:Trump's duties at Mar-a-Lago, according to his attorney, John B. Marion, include overseeing the property, evaluating the performance of employees, suggesting improvements to the club's operations, reviewing the club's financials, attending events, greeting guests and recommending candidates for membership.

Mind you he converted it to a private club to off-set the cost of maintenance.  In other words he bought it, couldn't afford it.

(03-25-2024, 01:02 PM)JustWinBaby Wrote: Isn't the CEO an employee?  Although I believe he resigned as CEO when he became POTUS.  Not sure if he remained on the Board.

No one knows what he did with his businesses when he was POTUS, but being an officer was enough to be considered an employee according to the same link.

I maintain he's never worked at anything other than fixing his score in the Club Championships.