AG takes first step to seize Trump’s assets
Published on: Saturday, March 23, 2024
By: AFP
From left, Judge Arthur Engoron, Trump and NY Attorney General Letitia James. Trump’s personal wealth is estimated at around $2.6 billion.
WASHINGTON: The New York attorney general’s office has filed judgements in Westchester County, the first indication that the state is preparing to try to seize Donald Trump’s golf course and private estate north of Manhattan, known as Seven Springs.
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 $464 million decision against Trump, his sons Donald Trump Jr. and Eric Trump, and the Trump Organization.
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The decision against Trump and the difficulty the former president is having securing a bond while he appeals the verdict strikes directly at Trump’s image as a billionaire as he attempts to raise more cash for both his legal bills and third run for the White House.
If no arrangement is met, New York Attorney General Letitia James has said she will take steps to seize assets.
Entering a judgement would be the first step a creditor would take to attempt to recover property. Additional steps, such as putting liens on assets or moving to foreclose on properties, or taking other actions in court would follow, if the asset is going to be seized.
The judgement is already entered in 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.
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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, according to a review of records Thursday by CNN.
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.
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In a new Truth Social on Thursday, Trump said that putting up the money is “VERY EXPENSIVE” and said it was “not possible for bonding companies to do in such a high amount.”
The process to seize assets would not be quick or easy. Trump has structured his business by setting up limited liability companies for nearly every property or asset – over 300 in total – which ultimately are controlled by his trust.
“They are complexly organised and he is not on paper the owner and therefore a judgement against him would not be executable directly against certain properties.
Sorting this out is not going to be simple and it’s not going to be quick,” said Nikos Passas, a professor of criminology and criminal justice at Northeastern University.
The attorney general’s office said that it’s common for large companies to post billion-dollar bonds and suggested Trump should have posted real estate with the court.
Trump’s personal wealth is estimated at around $2.6 billion, according to Forbes, with much of that tied up in real estate holdings. The underwriters Trump has approached for his New York bond won’t accept real estate as collateral — they need cash, according to his lawyers.
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