AntiTrumpAlliance

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An alliance among all who oppose Donald Trump's actions, positions, cabinet, supporters, policies, or motives. This alliance includes anyone from the left or the right; anyone from any religion or lack thereof; anyone from any country or state; any man, woman or child.

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Donald Trump's properties have at least $200M in outstanding loans (www.newsweek.com)

submitted 9 months ago by [email protected] to c/antitrumpalliance

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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.

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[–] [email protected] 3 points 9 months ago

Maybe for contempt of court, but a 30 day time limit to come up with $460 million is actually pretty short. They literally already have a court official monitoring and approving all business transactions for the Trump Org.

At 8 AM Monday (or Tuesday, not sure), they are going to start seizing property unless he turns it over willingly.