Grab 'em by the ... property

[evillawyer]

Drop all news about the Trump properties that get seized here.

Looks like the Westchester properties may be first.

Seize-apalooza starts Monday! Don't miss it.

 

[McDad]

For those who want more than a tweet:

James has said she’s prepared to start seizing Trump assets if he misses a March 25 deadline to post a bond for 120% of the judgment to put it on hold while he appeals. She hasn’t started that process, and the registration in Westchester County doesn’t automatically mean she will attempt to seize the properties. It’s nevertheless a clear sign they’re at risk.

Trump, who is campaigning to return to the White House in the November election, has asked a New York appeals court to waive the bond while he challenges the verdict, or allow him to post a smaller one for $100 million. A ruling on that request, which James opposes, could come at any time.

Source: NY Gears Up to Seize Trump Westchester Assets If Bond Unpaid (1)

 

[dalton_vol]

Really sad to see how cuba-esqe/china-esqe the government has become. Its more sad seeing people cheer this as its some type of justice.

 

[evillawyer]

Really sad to see how cuba-esqe/china-esqe the government has become. Its more sad seeing people cheer this as its some type of justice.

Judgment debtors get their sh*t seized. Been happening for a long time. Weird folks weren't upset about this before Trump came along.

 

[dalton_vol]

Judgment debtors get their sh*t seized. Been happening for a long time. Weird folks weren't upset about this before Trump came along.

I understand, but the judgement was pure political.

 

[evillawyer]

I understand, but the judgement was pure political.

He committed fraud. Banks took on uncompensated risk. Risk has a value. He stole from the banks.

 

[Vol8188]

For those who want more than a tweet:

James has said she’s prepared to start seizing Trump assets if he misses a March 25 deadline to post a bond for 120% of the judgment to put it on hold while he appeals. She hasn’t started that process, and the registration in Westchester County doesn’t automatically mean she will attempt to seize the properties. It’s nevertheless a clear sign they’re at risk.

Trump, who is campaigning to return to the White House in the November election, has asked a New York appeals court to waive the bond while he challenges the verdict, or allow him to post a smaller one for $100 million. A ruling on that request, which James opposes, could come at any time.

Source: NY Gears Up to Seize Trump Westchester Assets If Bond Unpaid (1)

120% bond, sounds reasonable

 

[Vol8188]

He committed fraud. Banks took on uncompensated risk. Risk has a value. He stole from the banks.

No he didn’t. Banks access their own risk and even testified they’d lend to him again. You’re making things up

Zero banks are lending 100s of millions based on your personal claims as to what your property is worth

 

[utvolpj]

He committed fraud. Banks took on uncompensated risk. Risk has a value. He stole from the banks.

The banks feel like they were robbed? Did they testify to this?

 

[Vol since 77]

Entry #2 for dumbest thread of the year. It's early, but top 2 in less than 24 hours is impressive. There's plenty of time left and I expect both posters to be neck and neck at the end.

 

[evillawyer]

The banks feel like they were robbed? Did they testify to this?

Some one of the elements of a fraud claim is now "feelz"?

Fraud don't care about your feelings.

 

[utvolpj]

Some one of the elements of a fraud claim is now "feelz"?

Fraud don't care about your feelings.

The judge is working on feelings. The banks testified they were not harmed.

Who is the victim?

 

[BigOrangeMojo]

The judge is working on feelings. The banks testified they were not harmed.

Who is the victim?

The banks were never going to get on the stand and publicly criticize their underwriting/diligence process either...

Concerns about process around establishing reserves on underwriting is what caused Signature and Credit Suisse to implode in 2023...

All that being said, the way the judge got to his fine makes no economic sense either

 

[evillawyer]

The judge is working on feelings. The banks testified they were not harmed.

Who is the victim?

The fact of the matter is banks charge more for more risk. When Trump overstated the value of properties to get loans or loans at lower rates, banks took on uncompensated risk.

 

[dalton_vol]

He committed fraud. Banks took on uncompensated risk. Risk has a value. He stole from the banks.

How?

 

[utvolpj]

The fact of the matter is banks charge more for more risk. When Trump overstated the value of properties to get loans or loans at lower rates, banks took on uncompensated risk.

And why is that the business of the judge? Don't banks have a duty to investigate on their own? Why is that worth the valuation the judge pulled from his ass?

 

[dalton_vol]

The fact of the matter is banks charge more for more risk. When Trump overstated the value of properties to get loans or loans at lower rates, banks took on uncompensated risk.

Then it was the banks fault. They did their diligence in appraising property. Banks make their own appraisals and make their own decisions on how much property is worth to give the loan. This was an obvious Witch Hunt, it was an obviously a political stunt to go after a political enemy, nothing more.

 

[Vol8188]

The banks were never going to get on the stand and publicly criticize their underwriting/diligence process either...

Concerns about process around establishing reserves on underwriting is what caused Signature and Credit Suisse to implode in 2023...

All that being said, the way the judge got to his fine makes no economic sense either

The entire thing is nonsense. The banks still did their own assessment of his property and determined they would lend to him based on that. Not based on his personal claims

 

[evillawyer]

How?

Surprise you're a crappy driver, but false driving records are submitted to an insurer that say you're a great driver. You get a great rate on your insurance. You have no wrecks during the time you're covered by that insurance policy. Even though the insurer didn't have to pay out any claims, they would have charged you more or not given you insurance in the first place had they known your true driving record.

 

[dalton_vol]

Surprise you're a crappy driver, but false driving records are submitted to an insurer that say you're a great driver. You get a great rate on your insurance. You have no wrecks during the time you're covered by that insurance policy. Even though the insurer didn't have to pay out any claims, they would have charged you more or not given you insurance in the first place had they known your true driving record.

Lol, comedy. So i give false driving records, because im a crappy driver, though i have no accidents or tickets? No proof im a bad driver? Are you really a lawyer? I don't remember an insurance company taking only my word as a driver

 

[BigOrangeMojo]

The entire thing is nonsense. The banks still did their own assessment of his property and determined they would lend to him based on that. Not based on his personal claims

One way to determine valuation (especially for commercial real estate) is utilizing good, solid income statements showing operating income that you can apply a cap rate to.

The physical value of a building (which a bank can verify on their diligence) is important as that's the banks collateral but the operating metrics are important in determining risk...

Where Trump got into trouble wasn't exaggerating building value but providing fraudulent income statements for risk purposes...

 

[Jxn Vol]

The funny thing the OP doesn’t understand is that Trump may willfully let NY seize them during the appeal process. The state must foot the bill to keep them in correct condition. Then when the SC overturns the fine due to excessive amount like they have a history of doing. He will get his property back all while saving a pile of money that NY has been covering. He wins in the end and the rube OP doesn’t even realize it.

 

[hog88]

To determine valuations (especially for commercial real estate), you do need good, solid income statements showing operating income that you can apply a cap rate to.

The value of a building (which a bank can verify on their diligence) is important as that's the banks collateral but the operating metrics are important in determining risk...

Where Trump got into trouble wasn't exaggerating building value but providing fraudulent income statements for risk purposes...

Which a reasonable fine should be imposed. Actually, it should have been settled long before it got to court but the AG is playing politics.

 

[BigOrangeMojo]

Which a reasonable fine should be imposed. Actually, it should have been settled long before it got to court but the AG is playing politics.

Agree. Back of the envelope 25-35MM would have been fair..

 

[StarRaider]

The funny thing the OP doesn’t understand is that Trump may willfully let NY seize them during the appeal process. The state must foot the bill to keep them in correct condition. Then when the SC overturns the fine due to excessive amount like they have a history of doing. He will get his property back all while saving a pile of money that NY has been covering. He wins in the end and the rube OP doesn’t even realize it.

gangsta playin' 6D with the dnc operatives!