New York Attorney General Letitia James is ready to seize former President Donald Trump’s iconic New York City buildings if he can’t come up with the cash to pay his $355 million civil fraud fine, a new report shows. "If he does not have funds to pay off the judgment, then we will seek judgment enfo…
I know it’s a joke, but they seize them and then put it up for sale. So they’ll get the highest market price someone is willing to pay. (Now if anyone knows how they deal with debt on the property let me know.)
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Nothing stops them from bidding on the property but if they have the money they could just give it to him so the property wouldn’t be auctioned to begin with
One of those two has 2 bil from the Saudis.
$355 million is a lot of money, especially when he also has other significant judgements against him and a ton of pending legal issues that will require many more millions in attorneys’ fees
Any debt leftover after the sale is still owed by the debtor (i.e. big orange one). Of course, if that debtor has no other assets left, you’re probably not going to get paid.
As far as I know (not a lawyer, not your lawyer), some legal judgements can be discharged in bankruptcy, while others cannot. I don’t know about this judgement. As an example, I believe OJ Simpson is still evading a wrongful death judgement that he cannot escape through bankruptcy.
Another wrinkle: usually in order to appeal a judgement, you have to post an appeal bond that covers the value of the judgement. And the deadlines to do that are often very, very short.
I’m pretty sure they’d have to pay off the creditors first.