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New York will seize & start auctioning off his properties. He can't even appeal without putting the damages fine in escrow.
I read yesterday that Trump only has ~$550M in liquid assets & $50M of that he can't touch without it automatically recalling a loan that he currently cannot pay.
I'd like to point out the last part is no one's problem but Trump's & whatever bank gave him that loan.
Not even Trump's problem, I'm afraid. As J. Paul Getty famously said-
That's true for $50 million as well.
Depends on how the loan is secured. If he put up some of his property as collateral then the bank can just seize it and it's not their problem then.
Yeah, but the property he put up saying is worth 50 million to secure the loan is probably only worth 3 million 🤣
Then they sue him for lying about the value of the collateral. One big oroboros of lawsuits until Trump has nothing.
Haha
Then on to the next one!!
Pretty dumb quote.
The bank has an army of lawyers who sure as shit gonna make it your problem.
It hasn't been a problem for Trump before. He's defaulted on many loans.
He can't pay lawyers without selling real estate.
... and I'm sure that was a significant problem for him each time.
I've been told by others that New York can start seizing his assets if he doesn't pay up. And PAC money is not infinite.
I was curious about the legal options here so did a little research. My first thought was can Trump use his go to move in this case and just declare Bankruptcy. IANAL but via the magic of google it seems like the answer is kind of. Civil judgements can be discharged via bankruptcy, but there's a few gotchas in there as well. To start with while the damages can be discharged, any fines or court fees can't. Furthermore if malice can be shown then damages can also be reclassified as non-dischargeable.
I don't understand. Your other comment says he defaults on loans all the time and it's the bank's problem rather than his. Now you're saying New York will seize assets if he doesn't pay ?
I'm saying that's what I have been told by others. We'll see if it's true.
I'm very confident that a court of law will take whatever action is necessary to enforce it's rulings.
Banks have a range of interests and they will weight the direct and indirect costs of seeking settlement for loans. That is to say that in some circumstances they may choose to sit on the debt for a time seeking to preserve a relationship or so.
A court's interest is much more confined. Their only interest is to apply the law and enforce their rulings.
Are you? When is Alex Jones going to be forced to pay that $1.5 billion? Because that case was two years ago.
That's not really analogous.
A court awarded settlement is not enforced by the court, penalties are.
That's not an issue when your debtor owns some of the most valuable real estate in the USA & can't pay lawyers without selling those assets to start with.