Trump tried to transfer his assets last year and was prevented by the court.
The Trump properties in New York are now in receivership. Trump and his family are not in control of the asset is my understanding. Which means they can't simply file new paperwork and transfer the LLC to an out-of-state LLC. Somebody else will now be in charge of these properties.
100% false as well. The judge made a move but it was never approved. Likewise, I don't know what you don't understand, they can't force him to give up his private property for this under the fourth Amendment, since there's no backlog of property taxes owed.
Likewise, if nothing else, one can simply convert everything into a Sole Proprietorship, which has a unique status as both a corporation and an individual and doesn't require a business license.
Trump isn't losing his properties, so stop trying to insist otherwise.
This is corporate property, not private property correct? And corporate property is sold all the time when a company goes into receivership. That's my understanding.
Before we go further, are you familiar with the New York Executive law on this? It's pretty broad
Because I've heard several people refer to this as the corporate death penalty.
The attorney general of New York could have but did not in this case, ask for a complete dissolution of a company.
What do you mean the judge made a move but it was never approved?
Only when it's a publicly traded company. The Trump Group is a wholely owned privately held company. The rules are different for governing public and private companies.
And it usually is, but real estate is wonderfully unique in that the rules applied to real estate are often different and unique compared to say, a stock trading firm. A stock firm in receivership can be forced to liquidate its assets to pay back its customers if it's found to have taken part in fraud.
This is different. They're saying that Trump inflated the values of his properties to achieve loans that he didn't qualify for. Those loans have all been paid off. The only debt Trump has is a recently refinanced loan one of his NY properties and a mortgage on that building he partially owns in California that he took out a cash out refinance on.
The loans they're claiming he fraudulently received have been paid back for years, ergo they can't force him to liquidate his assets and give up control, as there isn't anyone to pay back.
And no, they couldn't ask for a complete dissolution, as the Trump Group is an international organization spanning roughly 15 states, and 28 countries. The Judge has zero jurisdiction or authority over 99% of the properties that make up of the Trump Group.
And the Judge made the move (legal jargon) to prevent Trump from being able to move his assets, but it was never approved by the courts. The fact that Trump sold the DC Hotel/Post Office is proof enough of that, as if I remember correctly, it was Incorporated in NY when Trump first bought the 99 year lease on the property.
I don't think a lot of what you're saying is correct. For one, I don't think 99% of the value of the Trump organization is outside New York City.
Yes, Trump has a golf course in Scotland and a social club in Florida but when he did his valuations I was in New York organization that did them
Been looking for folks to explain what the what receivership in this case would be and loss of assets certainly seems to be a possibility because it is the receiver alongside the judge who decides what happens with the dissolution of the company
Trump tried to transfer his assets last year and was prevented by the court.
The Trump properties in New York are now in receivership. Trump and his family are not in control of the asset is my understanding. Which means they can't simply file new paperwork and transfer the LLC to an out-of-state LLC. Somebody else will now be in charge of these properties.
Trump certainly appeal this ruling.
100% false as well. The judge made a move but it was never approved. Likewise, I don't know what you don't understand, they can't force him to give up his private property for this under the fourth Amendment, since there's no backlog of property taxes owed.
Likewise, if nothing else, one can simply convert everything into a Sole Proprietorship, which has a unique status as both a corporation and an individual and doesn't require a business license.
Trump isn't losing his properties, so stop trying to insist otherwise.
This is corporate property, not private property correct? And corporate property is sold all the time when a company goes into receivership. That's my understanding.
Before we go further, are you familiar with the New York Executive law on this? It's pretty broad Because I've heard several people refer to this as the corporate death penalty.
The attorney general of New York could have but did not in this case, ask for a complete dissolution of a company.
What do you mean the judge made a move but it was never approved?
Only when it's a publicly traded company. The Trump Group is a wholely owned privately held company. The rules are different for governing public and private companies.
And it usually is, but real estate is wonderfully unique in that the rules applied to real estate are often different and unique compared to say, a stock trading firm. A stock firm in receivership can be forced to liquidate its assets to pay back its customers if it's found to have taken part in fraud.
This is different. They're saying that Trump inflated the values of his properties to achieve loans that he didn't qualify for. Those loans have all been paid off. The only debt Trump has is a recently refinanced loan one of his NY properties and a mortgage on that building he partially owns in California that he took out a cash out refinance on.
The loans they're claiming he fraudulently received have been paid back for years, ergo they can't force him to liquidate his assets and give up control, as there isn't anyone to pay back.
And no, they couldn't ask for a complete dissolution, as the Trump Group is an international organization spanning roughly 15 states, and 28 countries. The Judge has zero jurisdiction or authority over 99% of the properties that make up of the Trump Group.
And the Judge made the move (legal jargon) to prevent Trump from being able to move his assets, but it was never approved by the courts. The fact that Trump sold the DC Hotel/Post Office is proof enough of that, as if I remember correctly, it was Incorporated in NY when Trump first bought the 99 year lease on the property.
I don't think a lot of what you're saying is correct. For one, I don't think 99% of the value of the Trump organization is outside New York City.
Yes, Trump has a golf course in Scotland and a social club in Florida but when he did his valuations I was in New York organization that did them
Been looking for folks to explain what the what receivership in this case would be and loss of assets certainly seems to be a possibility because it is the receiver alongside the judge who decides what happens with the dissolution of the company
https://twitter.com/lawofruby/status/1706785841312370748?t=a04kLGi13ut4KxwLeZJrfA&s=19
So not a certainty but certainly a possibility.
Also in terms of debt this case goes before the same judge. Next week the AG is asking for a 250 million fine. That would be a new debt