A New York state appeals court on Monday ordered former President Donald Trump to pay $175 million bail in lieu of more than $450 million in fines he owes in a high-profile civil fraud case. It was decided that it could be done. The New York Times reported.
The newspaper characterized the ruling as a “decisive and unexpected victory” for Trump.
In fact, New York’s far-left Attorney General Letitia James, who filed an unprecedented lawsuit against the former commander-in-chief, has set a Monday deadline for President Trump to hand over the vast sums of money or begin seizing his assets. Stated.
Monday, given that he campaigned on a promise to go after Trump and made statements along the way that emphasized his obsession with securing the keys to Trump’s iconic assets. It was a day that Mr. James was likely enjoying — as he previously told ABC News, “Yeah.” , I watch 40 Wall Street every day. ”
James will have to continue daydreaming for now.
The Times reported that the court gave President Trump 10 days to obtain bail at $175 million, adding, “Two people familiar with his finances said they expected to be able to secure bail by then.” ” he added. The newspaper also said that bail would prevent James from collecting the sentence while Trump appeals.
President Trump’s lawyer Christopher Kise told ABC News The court “undoubtedly recognized that the rule of law must trump the attorney general’s political agenda. President Trump must fully and fairly reverse the decision and end the attorney general’s abuse of power and the front’s tyrannical pursuit.” Candidate for President of the United States. ”
Following the appeals court’s ruling, a spokesperson for James told ABC News: “The $464 million judgment, plus interest, against Donald Trump and the other defendants remains in effect.” . The statement also said President Trump “remains held accountable for his staggering misconduct.”
But even if Trump ultimately fails to overturn the massive judgment against him and, with no financial options left, James moves forward with foreclosing the property, another report on Sunday said. . new york times suggested that James would face a difficult challenge.
“The Spider’s Web of Transactions”
The Times said lawyers “warned that it would be an uphill battle to take control of and liquidate the former president’s major assets,” and that Mr. James was likely trying to untangle a “web of deals.” He said that there may be.
“People are really good at filing cases and getting to the point of the decision,” Brad Eric Scherer, senior counsel at Fried, Frank, Harris, Shriver & Jacobson LLP, told the Times. Told. “But they never focus on the fact that it is very difficult to recover based on the judgment.”
The newspaper first pointed out that Trump does not own most of his assets outright. Any his property. Instead, the Times said, they are “protected by a maze of interlocking trusts and limited liability companies.”
“Let me give you an example,” Scherer continued, explaining how yellow cab drivers are similarly protected. “Taxi companies assigned each taxi to a separate legal entity, so if a taxi was involved in a car accident and was not covered by insurance, coverage would be limited to the legal entity that owned the taxi. ”
Additionally, lawyers told the Times that if James forecloses on President Trump’s real estate with mortgages or loans, those debts would have to be paid first.
“This is 1,000 percent complicated, but the reason it’s 1,000 percent complicated is because there are creditors and equity holders that are ahead of Letitia James,” commercial bankruptcy attorney Leo Jacobs told the newspaper. “40 Imagine that Wall Street is worth $250 million and it is collateralized by $200 million. After deducting transfer taxes and fees, she is left with $1 million. Enforce the Judgment Is it worth it? The answer is “No, it’s not.”
More from the Times:
In some buildings, the ownership structure is so complex that it is unclear what a court can seize.
Climb aboard the stylish skyscraper at 1290 Avenue of the Americas. Nearly 20 years ago, Mr. Trump acquired a 30% stake in the company that owns the 43-story building next to Radio City Music Hall in midtown Manhattan. The remaining 70% of his assets are owned by the Vornado Partnership Trust.
The details of the partnership make it difficult, perhaps impossible, for Mr. Trump to sell his 30% stake. The partnership was originally scheduled to expire in 2044, but one report stated that “the partners may not directly or indirectly own their interest in the partnership without the prior written consent of the majority owner.” No part may be sold, transferred, assigned, or otherwise disposed of.” Excerpts from agreements shared during the trial.
James alleged in her lawsuit that Trump and his agents inflated the value of the property by treating it as if it were an asset that could be bought and sold.
Now, if those same assets were to be seized, the state would face the same limitations that were revealed during the trial – he would be more or less stuck in this partnership for another 20 years. said real estate lawyers.
Frank Luntz tells James: “You choose Donald Trump.”
If Mr. James presses ahead with seizing Mr. Trump’s assets, he will overcome mountains of paperwork, bureaucracy and legal hurdles, pollster Frank Luntz warned Mr. James on Thursday. .If she continues down this path, she’s going to elect Donald Trump.
Below are excerpts from what Luntz said on a CNN panel.
I want you to remember this moment, and I want you to never forget it. If the New York State Attorney General starts taking away his house and seizing his assets, it’s all going to be on camera and the critics are going to sit there and scream. “This man will not be elected” – you are creating his biggest victim of 2024 and trying to elect Donald Trump his Trump. If they take away what’s his, then this is a conspiracy by the federal government and the swamp rulers in Washington and all the politicians and attorneys general across the country and all of this to deny him justice. He would say this is proof that there is. Presidency. He will move up in the polls, just as he moved up in the polls with each indictment. The indictment, I won’t talk about whether it’s justified or not, but it proves what he’s been saying on the campaign trail, and he may get promoted and be elected president. Don’t forget that.
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