April 17, 2024

Trump assets, including NYC tower, could be on the chopping block to pay massive $355M civil fraud ruling


As a 30-day deadline looms for former President Donald Trump to fork over $355 million in a civil fraud trial, a number of of his multi-million belongings could be on the chopping block to pay off the fantastic. 

These belongings would presumably embody buildings owned by the Trump Organization akin to the iconic Trump Tower, Trump Park Ave, 1290 Avenue of the Americas, 40 Wall Street, the Trump National Golf Club in Westchester, and the Seven Springs. 

That the former president will promote any of those properties – taking a bit out of his estimated $2.6 billion web value – is merely speculative at this level. And authorized specialists have argued he has robust grounds for an attraction.   

Trump Tower

The “Trump World Tower”, positioned on 845 United Nations Plaza, in New York City on February 17, 2024. ( CHARLY TRIBALLEAU/AFP by way of Getty Images / Getty Images)

“Even if we choose to appeal this – which we will – we have to post the bond, which is the full amount and some, and we will be prepared to do that,” Trump lawyer Alina Habba instructed Martha MacCallum on Monday. 

Trump could finally find yourself owing a half-billion {dollars} or extra because of Friday’s verdict. In addition to the $355 million penalty, Trump is required to pay curiosity on that quantity.

In all, Judge Arthur Engoron imposed $363.9 million in penalties on Trump and his co-defendants, including his sons Eric and Donald Trump Jr., or about $464 million with curiosity, in accordance to New York Attorney General Letitia James’ workplace.

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“What they’re trying to do … is put him out of business. It’s not going to work, number one. Number two, what they’re doing is a scare tactic,” Habba mentioned. “It’s absolutely insane. No, there will be no mayhem for the Trump organization. Unfortunately, I know that was Miss James’ goal and Judge Engoron wanted, but that is not going to be the case.” 

George Washington University Law School professor and lawyer Jonathan Turley has known as the ruling “obscene” and accused Democrats of weaponizing the justice system to punish Trump, the presumptive GOP nominee in the 2024 presidential race. 

Trump at Sneaker Con

Republican presidential candidate former President Donald Trump holds gold Trump sneakers at Sneaker Con Philadelphia, an occasion widespread amongst sneaker collectors, in Philadelphia, Saturday, Feb. 17, 2024.  (AP Photo/Manuel Balce Ceneta / AP Images)

Others have argued that the ruling would scare off investment in the Big Apple – an issue, FOX Business’ Charles Payne famous, already existed earlier than the ruling. 

“You want office buildings built here? We’ve already got 52% capacity, that probably won’t go much higher,” he mentioned. “You know people who don’t have to come to the city to work, aren’t going to come.” 

O’Leary Ventures Chairman Kevin O’Leary mentioned he “would never invest in New York now.” 

“And I’m not the only person saying that,” O’Leary mentioned. “Do you think any foreign institution or any private equity firm or any pension fund would touch New York? No! And that’s why New Yorkers should be concerned.”

TRUMP BARRED FROM OPERATING BUSINESS, ORDERED TO PAY OVER $350 MILLION IN NY CIVIL FRAUD CASE

Trump praised O’Leary for telling it like it’s, warning that “businesses will flee NYC & State after the Corrupt Judge’s ruling!” 

The former president himself has known as Friday’s determination a “weaponization against a political opponent” and complained that he was being penalized for “having built a perfect company, great cash, great buildings, great everything.”

For now, the former president can’t attraction the determination simply fairly but as a result of the clerk’s workplace at Engoron’s courthouse nonetheless has to file paperwork to make it official.

Engoron

FILE: ustice Arthur Engoron presides over Donald Trump Jr.’s testimony in his household’s civil fraud case at the New York State Supreme Court on Monday, Nov. 13, 2023 in New York. (Erin Schaff/The New York Times by way of AP / AP Newsroom)

Once that occurs, Trump can file an attraction with New York’s Appellate Division, a mid-level appeals court docket simply above Engoron’s trial court docket in the state’s judicial hierarchy. His attorneys are virtually sure to ask for an instantaneous keep — a authorized time period for an order halting enforcement of Engoron’s determination whereas the appeals course of performs out.

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Under state legislation, Trump will obtain an computerized keep if he places up cash, belongings or an attraction bond protecting the quantity he owes. The appeals course of usually takes months, if not a 12 months or extra. If Trump is unsuccessful at the Appellate Division, he can ask the state’s highest court docket, the Court of Appeals, to contemplate taking his case.

The Associated Press contributed to this report. 



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