The New York Attorney General’s office is making moves, and it’s got Donald Trump’s golf course and private estate, Seven Springs, in its sights. Following judgments in Westchester County on March 6, a week after Judge Arthur Engoron’s whopping $464 million decision against Trump and his sons, they mean business.
The blow against Trump, with his struggle to secure a bond during his appeal, hits right at his billionaire facade. With legal bills stacking up and a potential third run for the White House on edge, Trump’s financial woes are taking center stage. The road to the White House might be bumpier than expected for Trump.
Is Trump’s Empire Under Siege?
Entering a judgment is just the tip of the iceberg in recovering property. Moreover, with assets like Trump Tower, his penthouse, 40 Wall Street, and more in the spotlight, the drama is heating up in New York City.
Judgments have been notably absent in Florida’s prominent counties as the legal battle continues. This includes Miami and Palm Beach, where Trump’s prized possessions like Mar-a-Lago and the Trump National Doral Golf Club stand tall. Similarly, Cook County, Illinois, home to Trump’s Chicago hotel, has yet to see any legal action, according to a CNN review of records.
ALSO READ: Police Arrests Husband of “Selling Sunset” Star Christine Quinn for Assault With Deadly Weapon
But Trump’s clock is ticking. He has four days to satisfy the judgment or sway an appeals court for leniency. Will the former president manage to negotiate a smaller payment or postpone the inevitable until after the appeal? Stay tuned!
Assets Seizure
In a recent statement on Truth Social, Trump noted the considerable expense of putting up the required bond. He lamented that bonding companies couldn’t handle such a staggering amount. However, his woes may not be over just yet. The New York appeals court recently announced that the attorney general’s office will have the opportunity to dispute Trump’s claims in writing.
Notably, Trump’s business structure has over 300 limited liability companies controlling his vast portfolio. While Trump may not be the direct owner on paper, sorting the web of ownership won’t be simple or quick, according to Nikos Passas, a criminology and criminal justice professor at Northeastern University.
The Fight for Trump’s Assets
Passas said the attorney general could pursue various avenues, including bank levies and property liens, to collect debts. This approach will jeopardize Trump’s brand and threaten his global revenue streams. Passas warns that this onslaught could end Trump’s business empire in New York and other jurisdictions.
ALSO READ: Obama Meets with Global Leader Amid Reports of Biden Rivalry
Separately, Trump’s lawyers pushed back, rejecting several suggestions the New York attorney general’s office made about how he can pay the bond. One point is the proposal that Trump could secure bonds from several underwriters to cover the judgment.
Trump’s lawyers argue that this would still require him to post half a billion dollars in cash or stock—an amount he doesn’t have. In the filing, Trump’s legal team argued that the New York attorney general’s office shouldn’t be able to challenge their claims.
Trump Vs. New York Attorney General
As the stalemate continues, New York Attorney General Letitia James remains resolute, saying they must take action; they have reached no agreement. However, Trump’s lawyers aren’t backing down. In a statement, the attorney general’s office argued that it’s standard practice for large companies to post billion-dollar bonds.
Additionally, they suggested that Trump should have offered real estate as collateral to the court. Trump’s lawyers labeled the suggestion as both impractical and unjust. They criticized the attorney general for failing to provide any New York case law to support their stance.
Additionally, they argued that the proposed solution of appointing a ‘court-appointed officer’ to hold real estate is essentially redundant. This is due to the existing requirement for a court-appointed monitor to oversee the defendants’ business operations.
With both sides digging in their heels, the legal battle between Trump and the New York attorney general intensifies, setting the stage for a showdown of legal giants.
You Might Also Like:
Birkin Handbag Maker, Hermes Faces Class Action Lawsuit
Josh Peck Speaks on “Quiet on Set” Documentary, Calls for Industry Change
Aaron Taylor Johnson Slams Hate Over Age Gap With Wife, Says It’s Bizarre
Shakira Says Having a Husband Dragged Her Down, Being Single Is Best for Career
