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[Red Five 40905]

Just now, The Dog said:

full quote:

Trump’s team has sought out wealthy supporters and weighed what assets could be sold, and fast. The presumptive GOP nominee himself has become increasingly concerned about the optics the March 25 deadline could present, especially the prospect that someone whose identity has long been tied to his wealth would confront financial crisis.

You fucking think? That's his whole thing. And now not only can he not pay his bills, but he can't get a loan. 

And that's before we even get into the whole 91 felonies, twice impeached, failed coup stuff. Good lord.

[dcbc 14537]

This article mentions the possibility of a restraining order on spending until he puts up the bond.

 

https://www.npr.org/2024/03/19/1239524037/heres-what-happens-if-trump-cant-pay-his-454-million-bond

[Goredho 17423]

1 minute ago, The Dog said:

full quote:

Trump’s team has sought out wealthy supporters and weighed what assets could be sold, and fast. The presumptive GOP nominee himself has become increasingly concerned about the optics the March 25 deadline could present, especially the prospect that someone whose identity has long been tied to his wealth would confront financial crisis.

Oh, no.  Destitute Don is getting exposed.  When reality can no longer be held at bay is always a dangerous time when dealing with malignant narcissists and cult leaders.

[TwiceHorn 31577]

18 minutes ago, dcbc said:

This article mentions the possibility of a restraining order on spending until he puts up the bond.

 

https://www.npr.org/2024/03/19/1239524037/heres-what-happens-if-trump-cant-pay-his-454-million-bond

I did see that in the NY statutes.  It sounds super-nasty, in that once a "restraining order" is served on a bank, they can release no funds to the account owner until the judgment creditor files a satisfaction of (the entire) judgment, or voluntarily releases it.

Quite a bit nastier than Texas' garnishment, which only works as to the account balance as of the time it hits, plus anything subsequently deposited.

That could be a major ouchie for orange man.

[The Dog 44164]

I don't have the link handy but something else I saw yesterday was that Chubb was discussing how they could put up the bond for this but then bailed when Trump defamed Carroll again. It was unlikely they were going to come to a deal regardless. 

Also, Chubb was the only group that was willing to accept any real estate as collateral (there isn't any in the EJC bond). When Chubb walked away Trump went to whine to the court IMHO.

[GenXer 3035]

At this point, it appears that mafia don’s only financial option is to sell out the US to putin and saudi arabia, use Putin’s disinformation expertise during the campaign, and pardon himself from everything if he’s elected.

Nov 5 is kinda important.

[tx 3 putt 77553]

35 minutes ago, The Dog said:

full quote:

Trump’s team has sought out wealthy supporters and weighed what assets could be sold, and fast. The presumptive GOP nominee himself has become increasingly concerned about the optics the March 25 deadline could present, especially the prospect that someone whose identity has long been tied to his wealth would confront financial crisis.

the tax man …

[Red Five 40905]

6 minutes ago, GenXer said:

At this point, it appears that mafia don’s only financial option is to sell out the US to putin and saudi arabia, use Putin’s disinformation expertise during the campaign, and pardon himself from everything if he’s elected.

Nov 5 is kinda important.

The republican nominee is half a billion in debt and is publicly begging for money. It would not surprise me if he announced that he is available for purchase. 

[Goredho 17423]

1 minute ago, Red Five said:

The republican nominee is half a billion in debt and is publicly begging for money. It would not surprise me if he announced that he is available for purchase. 

He's slightly smarter than that.  He won't directly announce he's for sale.  He'll just announce something like the US won't intervene if a NATO ally is attacked when he is President.

[High Plains Drifter 11052]

48 minutes ago, Goredho said:

Oh, no.  Destitute Don is getting exposed.  When reality can no longer be held at bay is always a dangerous time when dealing with malignant narcissists and cult leaders.

 

Hopefully he'll suicide by ODing on his pills. 

 

(I'd rather see him die in prison, but this would be an acceptable alternative.)

 

 

[dcbc 14537]

31 minutes ago, Red Five said:

The republican nominee is half a billion in debt and is publicly begging for money.

 

D.J. Wentworthless: "It's your money, and I need it now!"

 

"I have a crippling judgment, and I need cash now . . . ."

/enCHUBBened

Edited March 20 by dcbc

[C-Man 27285]

37 minutes ago, GenXer said:

At this point, it appears that mafia don’s only financial option is to sell out the US to putin and saudi arabia, use Putin’s disinformation expertise during the campaign, and pardon himself from everything if he’s elected.

Nov 5 is kinda important.

Not trying to be a dick or anything but ...

 

[C-Man 27285]

Surly law-dogs, should this worry anybody or was this expected? https://www.cnn.com/2024/03/20/politics/trump-georgia-appeal-fani-willis/index.html

Quote

CNN — 

A Georgia judge on Wednesday greenlit an effort by former President Donald Trump and his co-defendants to appeal the decision to allow Fulton County District Attorney Fani Willis to continue to prosecute the 2020 election subversion case there.

Fulton County Superior Court Judge Scott McAfee, who ruled last week against the defendants’ efforts to disqualify Willis, has issued a certificate of immediate review, allowing the case to be revealed by a Georgia Appeals Court.

The issue “is of such importance to the case that immediate review should be had,” McAfee wrote.

The move doesn’t pause the prosecution but allows appeals on the disqualification effort to play out before trial.

It is now up to the Georgia Court of Appeals to review the decision not to disqualify Willis and decide if it wants to take up the case. While McAfee’s ruling last week allowed Willis to stay on the case, it forced the resignation of her top deputy on the case, Nathan Wade.

Trump and his co-defendants have argued that a romantic relationship between Willis and Wade created a conflict of interest that should disqualify the both of them.

Steve Sadow, the lead defense counsel for Trump in the case, called Wednesday’s motion by McAfee “highly significant.”

“The defense is optimistic that appellate review will lead to the case being dismissed and the DA being disqualified,” Sadow said in a statement.

 

[dcbc 14537]

20 minutes ago, C-Man said:

Surly law-dogs, should this worry anybody or was this expected? https://www.cnn.com/2024/03/20/politics/trump-georgia-appeal-fani-willis/index.html

 

The fact that it doesn't stay prosecution is good.  Unless the COA is markedly pro-Trump, I'd expect it to go nowhere fast.  Presumably, this is reviewed by something akin to abuse of discretion and would be a steep hill to get it flipped, even by competent counsel.  It results in Trump's spending money (wherever it comes from) that is not going to his campaign on something that will likely not bear fruit.  I'm good with it.

Edited March 20 by dcbc

[Js1 85610]

Just now, dcbc said:

The fact that it doesn't stay prosecution is good.  Unless the COA is markedly pro-Trump, I'd expect it to get knocked down.  Presumably, this is reviewed by something akin to abuse of discretion and would be a steep hill to get it flipped, even by competent counsel.  It results in Trump spending money (wherever it comes from) that is not going to his campaign on something that will likely not bear fruit.  I'm good with it.

Yeah, it feels like firing Wade solved the issue and it won't go anywhere with the COA. 

[dcbc 14537]

Just now, Js1 said:

Yeah, it feels like firing Wade solved the issue and it won't go anywhere with the COA. 

Having the prosecutor removed for impropriety unrelated to the case is one thing.  Having the case dismissed because of it seems like a pipe dream.

[C-Man 27285]

2 minutes ago, dcbc said:

The fact that it doesn't stay prosecution is good.  Unless the COA is markedly pro-Trump, I'd expect it to go nowhere fast.  Presumably, this is reviewed by something akin to abuse of discretion and would be a steep hill to get it flipped, even by competent counsel.  It results in Trump spending money (wherever it comes from) that is not going to his campaign on something that will likely not bear fruit.  I'm good with it.

And it sounds like the judge said this should be done in the quickest manner possible, not like that cunt judge Cannon down in FLA

[dcbc 14537]

It's not slowing anything down since prosecution may continue.   But I can't imagine it will take long to review.  The whole thing was a red herring. 

[Surly Bevo 25208]

 
Hopefully he'll suicide by ODing on his pills. 
 
(I'd rather see him die in prison, but this would be an acceptable alternative.)
 
 

Hopefully before thar he gets the Fred Trump treatment. When he was near his end the Trump kids set him up an office and a phone. The phone didn’t go anywhere.

[TwiceHorn 31577]

10 minutes ago, dcbc said:

It's not slowing anything down since prosecution may continue.   But I can't imagine it will take long to review.  The whole thing was a red herring. 

Yeah the trial judge gave them an opportunity to develop it into a real conflict of interest and they pretty much failed.  Not much for a court of appeals to deal with.

[SquishMitten 10444]

Expediting it is a positive thing imo. It puts the issue to bed as fast as possible, and it allows the prosecution to proceed. The sooner it's put to rest, the sooner the crazies stop whinging about it. 

[Pato del Muerto 52622]

4 minutes ago, SquishMitten said:

the sooner the crazies stop whinging about it. 

Lol

[The Dog 44164]

(line 7)

[Pato del Muerto 52622]

Are those current principal values or original note?  Because that’s at least 125 million on Doral of the deconstructed burger. What is that place worth?

nevermind, just got around to reading the last column

Edited March 20 by Pato del Muerto

[Js1 85610]

23 minutes ago, SquishMitten said:

The sooner it's put to rest, the sooner the crazies stop whinging about it. 

[Gatorubet 30324]

12 minutes ago, The Dog said:

 

“$50,000,000 - - - Prime plus 5%”

[YGIFS 19452]

But he's a great negotiator, right?  Good Lord, I know loan-sharks with more favorable terms than prime+5 on $50mm.  

Hey Donald, what's the VIG on that?

-"Very Important Greatness.  I know loans.  I have the best loans."

[SquishMitten 10444]

Well duh. Everything he has will have tons of liens on it. That's why he can't get any more loans. He ain't got no equity.

[Pato del Muerto 52622]

Mercy me- prime rate is 8.5 today and libor is around 5. 
 

his properties are on 2004 subprime mortgage terms. 

Edited March 20 by Pato del Muerto

[locodos 5397]

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

[Longhorn_Fan68 33900]

1 minute ago, locodos said:

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

he better declare a real homestead quick or he's gonna be out on his ass when Fani sells MAL

[dcbc 14537]

9 minutes ago, Longhorn_Fan68 said:

he better declare a real homestead quick or he's gonna be out on his ass when Fani sells MAL

Isn't there some strange circumstance resulting in its not being homestead property.  I think he's technically the "property manager."  I know it's held by an LLC, but there was something strange about his acquisition of the property that's escaping me at the moment.

[YGIFS 19452]

3 minutes ago, Pato del Muerto said:

Mercy me- prime rate is 8.5 today and libor is around 5. 
 

his properties are on 2004 subprime mortgage terms. 

He took out that prime+5 literally in the middle of that 6 year gulch of record-low rates (3.25 prime).  I know we like to crack wise about he destroys everything he touches, his kids are morons, and he surrounds himself with yes-men.  But holy shit, somebody in that big office building had to have said, "Uh, Mr. Trump.  This may not be the best term sheet available."  But that guy probably did say that and got fired. 

3 minutes ago, locodos said:

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

I don't much bankruptcy law, we've done some Multi-Family deals out of bank workout but it's just us and other senior lenders/unsubs, no governmental entities other than maybe a late NNN property tax payment or two.  But I would think if the government can call the shots and only then can senior debt get theirs and if there's anything left over (there won't be), the equity LP's go last (or maybe mezz if there is any).  So if that's the case, never mind the equity balance on them.  The right squeeze, IMO would be some amalgamation of unrealized gains and property taxes.  Which properties appreciated above their cap levels combined with the most property tax liability.  Some blending of those two numbers gives you a punchlist to go for.  Because in addition to the fire-sale pricing, you also get him on the capital gains taxes and property taxes and associated penalties which just adds fuel to the fire.  Yeah, you'll have some lenders and even LP's get pissy and maybe pursue legal recourse on being shafted, but that's a regular Tuesday in New York real estate court.  Equity levels are one thing, but squeezing him on unrealized gains becoming realized plus a property tax kicker.  That's when shit gets fun and gets him stroked out.  

1 minute ago, Longhorn_Fan68 said:

he better declare a real homestead quick or he's gonna be out on his ass when Fani sells MAL

In this simulation, there's a decent chance...he switches Mar-a-Lago over to a charity venue where dying kids can come play a round of golf and get married and he'll stumble downstairs to make an awkward speech.  If it's really worth what he says it is, $1bn.  He could just sell it and be done with this whole thing.  But he knows it's not.  I doubt they go after that early on simply because it would be seen as politically vindictive and it actually doesn't have much unappreciated gains on it.  You start with what I stated above, that's how you get Capone.  

[Pato del Muerto 52622]

15 minutes ago, locodos said:

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

Like the opposite of banks running largest amounts first for the day so they can generate more insufficient funds fees. 

[SydneyCarton 48210]

4 hours ago, Red Five said:

The republican nominee is half a billion in debt and is publicly begging for money. It would not surprise me if he announced that he is available for purchase. 

He has so much coming due in some of his properties, he's actually way more in debt than just half a billion. 

41 minutes ago, The Dog said:

(line 7)

I'll let someone smarter than me explain the best tact, but it seems to be (if I'm readging this properly) that they should go after the properties that are already paid off...for starters, all the proceeds go to his debt, instead of dealing with partners and outstanding loans, etc. But additionally, those properties couldn't be used as collateral for further loans down the line. And all the other properties have major payments coming due in the next 5-10 years, which would make refinancing without collateral real hard. 

1 minute ago, dcbc said:

Isn't there some strange circumstance resulting in its not being homestead property.  I think he's technically the "property manager."  I know it's held by an LLC, but there was something strange about his acquisition of the property that's escaping me at the moment.

The issue was that legally, Mar A Lago is designated in some way that it can't be a residence. Some of the locals there were talking about suing him for living there, hence the "property manager" or wahtever subterfuge they're using to prevent him from being sued. Because it can't be a private residence. Which is also ther reason it's valued at like 15 million dollars, as a commercial property, becuase actual residences areound there are much, much more expensive. Something else he's whined about.

[locodos 5397]

9 minutes ago, YGIFS said:

I don't much bankruptcy law, we've done some Multi-Family deals out of bank workout but it's just us and other senior lenders/unsubs, no governmental entities other than maybe a late NNN property tax payment or two.  But I would think if the government can call the shots and only then can senior debt get theirs and if there's anything left over (there won't be), the equity LP's go last (or maybe mezz if there is any).  So if that's the case, never mind the equity balance on them.  The right squeeze, IMO would be some amalgamation of unrealized gains and property taxes.  Which properties appreciated above their cap levels combined with the most property tax liability.  Some blending of those two numbers gives you a punchlist to go for.  Because in addition to the fire-sale pricing, you also get him on the capital gains taxes and property taxes and associated penalties which just adds fuel to the fire.  Yeah, you'll have some lenders and even LP's get pissy and maybe pursue legal recourse on being shafted, but that's a regular Tuesday in New York real estate court.  Equity levels are one thing, but squeezing him on unrealized gains becoming realized plus a property tax kicker.  That's when shit gets fun and gets him stroked out.  

You obviously have much more experience in real-estate.  But the capital gain is independent from the equity, especially since I assume he's been using these properties like ATMS. The most leveraged properties are probably ones he most recently refinanced to pay for other projects.  Cash them out first, so that you cash them ALL out.  Then he'd face the maximum tax liability. As in on every New York property.

I don't understand your comment about the Property Tax Liability.  I assume that property tax only accrues on properties you still hold and are prorated to the sale date.  Any sale would reduce his property tax accrual. 

[locodos 5397]

21 minutes ago, dcbc said:

Isn't there some strange circumstance resulting in its not being homestead property.  I think he's technically the "property manager."  I know it's held by an LLC, but there was something strange about his acquisition of the property that's escaping me at the moment.

He negotiated one of his famous deals with the City of Palm Beach.  MAL is NOT a residential property and cannot be homesteaded under Florida law.

[kevwun 15936]

What does he actually own outright though?  Seems like his property empire is a lot like when someone keeps taking out new credit cards to make payments on maxed out ones.

Edited March 20 by kevwun

[Longhorn_Fan68 33900]

1 minute ago, kevwun said:

What does he actually own outright though?  Seems like his property empire is a lot when someone keeps taking out new credit cards to make payments on maxed out ones.

very little, from what I can tell. maybe MAL and a shitty plane.

[YGIFS 19452]

4 minutes ago, locodos said:

You obviously have much more experience in real-estate.  But the capital gain is independent from the equity, especially since I assume he's been using these properties like ATMS. The most leveraged properties are probably ones he most recently refinanced to pay for other projects.  Cash them out first, so that you cash them ALL out.  Then he'd face the maximum tax liability. As in on every New York property.

I don't understand your comment about the Property Tax Liability.  I assume that property tax only accrues on properties you still hold and are prorated to the sale date.  Any sale would reduce his property tax accrual. 

I didn't explain the property tax deal well (longcat Lobo), but that's a distant secondary issues.  But say he's got $20mm in equity in a property purchased for $100mm.  And is now worth $500mm.  And there's a second property where he had $50mm in equity and purchased for $100mm and is now worth $300mm.  Obviously these are illustrative examples and don't make real-world capital stack sense, but I'm trying to do this without the benefit of a white board and some industry knowledge.  I'd rather, as a prosecutor, go after the larger unrealized gain despite the lower equity position because of the capital gains both federal and state that it would trigger.  But yes, as you point out, he also has overleveraged some of them to pay for others.  Never mind his obvious abuse of construction and bridge loans.  It's a tangled web, hence how much trouble he's in.  My simple, but ineffectively stated point, was were I New York---I'd put more of a squeeze in the form of additional cap gains rather than looking for equity/liquidity solvency.  But I'm not as smart as that whole AG office by a damn sight.  One thing I do know, in this simulation...a coked up Don, Jr. is going to emerge from the top floor bathroom and shout, "WAIT, WHAT IF WE DID A 1031 EXCHANGE WITH THE AG?"  

2 minutes ago, kevwun said:

What does he actually own outright though?  Seems like his property empire is a lot when someone keeps taking out new credit cards to make payments on maxed out ones.

Yeah, some of it he owns in Fee Simple.  But he ground-leases a lotta shit too, never mind the 'name licensing' scam he's been running for decades.  

[Ted Lange 16144]

11 minutes ago, kevwun said:

What does he actually own outright though?  Seems like his property empire is a lot when someone keeps taking out new credit cards to make payments on maxed out ones.

 

 

While googling, in an attempt to make a joke about a gold toilet, I came across the fact that Walmart is selling this.

 

 

 

 

Which then lead me to this

 

 

 

And this review

 

 

 

 

 

[Rimbo 26157]

39 minutes ago, YGIFS said:

He took out that prime+5 literally in the middle of that 6 year gulch of record-low rates (3.25 prime).  I know we like to crack wise about he destroys everything he touches, his kids are morons, and he surrounds himself with yes-men.  But holy shit, somebody in that big office building had to have said, "Uh, Mr. Trump.  This may not be the best term sheet available." 

You have to qualify for the lower rates.

[Rimbo 26157]

Also, 2.5%.

[YGIFS 19452]

7 minutes ago, Rimbo said:

You have to qualify for the lower rates.

That's a very polite way of calling out Eric's IQ.  

[GreenspointTexas 9685]

This is like a broke dicks version of monopoly, and Trump just landed on Boardwalk with a hotel on it

[tx 3 putt 77553]

1 hour ago, SquishMitten said:

Well duh. Everything he has will have tons of liens on it. That's why he can't get any more loans. He ain't got no equity.

4D chess  !

good luck moving properties when everything has liens 

[Bodhi 1124]

21 minutes ago, Ted Lange said:

While googling, in an attempt to make a joke about a gold toilet, I came across the fact that Walmart is selling this.

What's the 2025 date about?  Please tell me Walmart is foreshadowing his death. 

Edited March 20 by Bodhi

[YGIFS 19452]

Yeah, I have a number of questions.  First off, how did Wal-Mart get the licensing?  What''s the 2021 start date?  Is that like tacitly saying he's been President again since then?  And then to your point, 2025?  When Wal-Mart thinks you're dead, but made in China still, that's some LBJ losing Cronkite level shit right there.  

[Guest]

The likeness is so lifelike on that "gold" bar.

Also, obligatory "I'd like to see ol' Donnie Trump wriggle his way out of this one..." 

Ah, well, nevertheless.

[tx 3 putt 77553]