World

US: New York Attorney General preparing to seize Donald Trump’s assets

New York [US]: The New York attorney general’s office has filed judgements in Westchester County, which is being considered the first indication that the state is preparing to seize Trump’s golf course and private estate north of Manhattan, known as Seven Springs, CNN reported.

State lawyers entered the judgements with the clerk’s office in Westchester County on March 6, just one week after Judge Arthur Engoron made official his USD 464 million decision against Trump, his sons Donald Trump Jr and Eric Trump, and the Trump Organisation.

Notably, entering a judgement would be the first step a creditor would take to attempt to recover the property. Additional steps, such as putting liens on assets, moving to foreclose on properties, or taking other actions in court, would follow if the asset was going to be seized.

The judgement has already entered New York City, where Trump’s properties, including Trump Tower, his penthouse at Trump Tower, 40 Wall Street, his hotel abutting Central Park, and numerous apartment buildings, are located.

However, the judgements have not been entered in Florida counties, including Miami or Palm Beach, where Trump’s Mar-a-Lago property and the Trump National Doral Golf Club and resort are located or Cook County, Illinois, where Trump’s hotel in Chicago is located, CNN reported, citing a review of records.

Trump now has four days to satisfy the judgement or sway an appeals court to allow him to post a smaller amount or defer posting the payment until after the appeal.

Separately, Trump’s lawyers pushed back Thursday on several of the suggestions the New York attorney general’s office made about how he can pay bond.

That includes the idea that Trump could get several underwriters to secure bonds totalling the judgment – saying it would still require Trump to post half a billion dollars in cash or stock – money he doesn’t have.

Trump is in panic mode as the deadline approaches to secure a half-billion-dollar bond to appeal his civil fraud case in New York, CNN reported, citing multiple sources. Trump’s lawyers acknowledged Monday that he was struggling to find an insurance company willing to underwrite his USD 454 million bond.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top