From Newsgroup: alt.home.repair

Fat Luser Trump Warns of Big Losses From Asset Sales During
Property Slump

Ex-president needs to satisfy $454 million court
judgment
Trump seeks to halt payment during appeal of NY fraud
verdict

The timing couldnAt be worse for Donald Trump as he faces
the prospect of
having to sell property to cover a massive verdict against
him. The former
president said in a court filing Wednesday he may soon need
oto raise
capital under exigent circumstanceso to push ahead with an
appeal New York
stateAs $454 million civil fraud verdict against him. A
brutal market for
many commercial property owners means he faces significant
losses in his
real estate empire if he unloads assets. The billionaire has
few options.
He must pay the full judgment by March 25 or arrange a bond
for at least
110% of the amount in order to put the fine on hold while he
appeals. To
get an appeal bond, Trump will need to hand over cash, sell
properties or
use them as collateral, tying up most if not all of his
liquid assets for
months or longer. Unless Trump can convince the appeals
court to put the
verdict on hold during his entire appeal, he could find
himself in a
financial squeeze. If heAs forced to sell, othere would be
no way to
recover any property sold following a successful appeal and
no means to
recover the resulting financial losses,o Trump attorney
Alina Habba said
in the filing. Meanwhile, New York Attorney General Letitia
James has made
clear that sheAs prepared to seize TrumpAs assets if he
doesnAt pay the
verdict or post an appeals bond on time. Brutal Market
Making matters worse is a brutal market for many commercial
real estate
owners. Property values plunged as borrowing costs rose, and
the remote
work trend that started during the pandemic continues to cut
into demand
for office space. Prices slumped 22% in the year through
January,
according to real estate analytics firm Green Street. Habba
didnAt
immediately respond to a request for comment. Many sellers
have been
forced to accept drastically lower prices. The Aon Center, a
Los Angeles
office tower, recently sold for $147.8 million, about 45%
less than its
previous purchase price in 2014. A Los Angeles office
building located
near Century City and Beverly Hills sold for about 52% less
than its price
five years ago. Read More
TrumpAs $540 Million Court Loss Tests His aKing of DebtA
Claim
Trump Owes $112,000 for Every Day He DoesnAt Pay Fraud Fine
(1)
Trump Trial Judge Slams aSee No Evil, Hear No EvilA
Testimony
The Trump Organization owns or invests in multiple office
towers from New
York to San Francisco. One of its key Manhattan properties,
40 Wall St.,
was purchased by Trump in what his business hails as oone of
the great
real estate deals of all timeo back in 1995. In 2015, it was
valued at
$540 million, according to commercial mortgage-backed
securities data.
That has since fallen to $270 million, the Bloomberg
Billionaires Index
estimates. TrumpAs filing with the appeals court was the
first time heAs
hinted publicly that he may not have enough liquid assets to
cover the
verdict in the fraud case, where a judge ruled Feb. 16 that
the former
president had misled banks for years in violation of New
York law. Trump
also owes $83.3 million to writer E. Jean Carroll, who won a
defamation
suit against him last month, making matters even worse for
the
presidential candidate. In testimony last year, Trump
claimed to have more
than $400 million in cash. While thatAs a hefty sum, it
wouldnAt be enough
to cover the bonds heAd need to post with the court while
appealing the
back-to-back verdicts. Trump has proposed posting a smaller
$100 million
bond while he appeals the New York fraud verdict, arguing
that the
judgment against him was omore than adequately securedo
without posting a
full bond to appeal. Trump said his ovast ownership
interests in New York
real estateo was sufficient to ensure heAll pay the fine if
his appeal
failed. After all, he argued, otrophy propertieso like 40
Wall Street
cannot be oremoved from the jurisdiction in secret.o In the
appeals court
filing, TrumpAs attorney said other properties could be used
for
collateral, including Trump Tower and Trump Park Avenue in
Manhattan, his
Seven Springs estate outside New York City, and Trump
National Golf Club.
aInsufficientA Assets
James balked at TrumpAs offer for a smaller bond, arguing in
a letter to
the appeals court that risked leaving the state empty handed
if TrumpAs
appeal failed. Trump and the other defendants in the case,
including his
two grown sons, oall but concede that Mr. Trump has
insufficient liquid
assets to satisfy the judgment,o James said in the letter.
oA prevailing
plaintiff is entitled to have her award secured, and
defendants have never
demonstrated that Mr. TrumpAs liquid assets could satisfy
the full amount
of the judgment.o James has made clear that sheAs prepared
to seize
TrumpAs assets if he doesnAt pay the verdict or post an
appeals bond on
time, mentioning 40 Wall Street explicitly as a potential
target in a
recent interview with ABC News. Habba, TrumpAs attorney,
criticized those
remarks in her letter to the court, accusing James of
oshamelesslyo
threatening to seize TrumpAs assets oif she is not paid
quickly enough.o
Despite TrumpAs warnings about his financial condition, an
appeals court
judge in Manhattan denied his emergency request Wednesday
for a temporary
halt to enforcement of the verdict in the fraud case, at
least for now.
But the former president will get another shot at arguing
for a delay that
would last throughout his legal challenge to the civil fraud
judgment.
James will file a response to that request by March 11, with
any response
by Trump due March 18. A full appeals court panel could rule
any time
after that.
--- Synchronet 3.22a-Linux NewsLink 1.2

From Newsgroup: alt.home.repair

pothead <pothead@snakebite.com> wrote:

Fat Luser Trump Warns of Big Losses From Asset Sales During
Property Slump

He loved to give the administration hell
Nowhe is the administration

He was a champion
Now he is a luzar

Ex-president needs to satisfy $454 million court
judgment
Trump seeks to halt payment during appeal of NY fraud
verdict

The timing couldnrCOt be worse for Donald Trump as he faces
the prospect of
having to sell property to cover a massive verdict against
him. The former
president said in a court filing Wednesday he may soon need
rCLto raise
capital under exigent circumstancesrCY to push ahead with an
appeal New York
staterCOs $454 million civil fraud verdict against him. A
brutal market for
many commercial property owners means he faces significant
losses in his
real estate empire if he unloads assets. The billionaire has
few options.
He must pay the full judgment by March 25 or arrange a bond
for at least
110% of the amount in order to put the fine on hold while he
appeals. To
get an appeal bond, Trump will need to hand over cash, sell
properties or
use them as collateral, tying up most if not all of his
liquid assets for
months or longer. Unless Trump can convince the appeals
court to put the
verdict on hold during his entire appeal, he could find
himself in a
financial squeeze. If herCOs forced to sell, rCLthere would be
no way to
recover any property sold following a successful appeal and
no means to
recover the resulting financial losses,rCY Trump attorney
Alina Habba said
in the filing. Meanwhile, New York Attorney General Letitia
James has made
clear that sherCOs prepared to seize TrumprCOs assets if he
doesnrCOt pay the
verdict or post an appeals bond on time. Brutal Market
Making matters worse is a brutal market for many commercial
real estate
owners. Property values plunged as borrowing costs rose, and
the remote
work trend that started during the pandemic continues to cut
into demand
for office space. Prices slumped 22% in the year through
January,
according to real estate analytics firm Green Street. Habba
didnrCOt
immediately respond to a request for comment. Many sellers
have been
forced to accept drastically lower prices. The Aon Center, a
Los Angeles
office tower, recently sold for $147.8 million, about 45%
less than its
previous purchase price in 2014. A Los Angeles office
building located
near Century City and Beverly Hills sold for about 52% less
than its price
five years ago. Read More
TrumprCOs $540 Million Court Loss Tests His rCyKing of DebtrCO
Claim
Trump Owes $112,000 for Every Day He DoesnrCOt Pay Fraud Fine
(1)
Trump Trial Judge Slams rCySee No Evil, Hear No EvilrCO
Testimony
The Trump Organization owns or invests in multiple office
towers from New
York to San Francisco. One of its key Manhattan properties,
40 Wall St.,
was purchased by Trump in what his business hails as rCLone of
the great
real estate deals of all timerCY back in 1995. In 2015, it was
valued at
$540 million, according to commercial mortgage-backed
securities data.
That has since fallen to $270 million, the Bloomberg
Billionaires Index
estimates. TrumprCOs filing with the appeals court was the
first time herCOs
hinted publicly that he may not have enough liquid assets to
cover the
verdict in the fraud case, where a judge ruled Feb. 16 that
the former
president had misled banks for years in violation of New
York law. Trump
also owes $83.3 million to writer E. Jean Carroll, who won a
defamation
suit against him last month, making matters even worse for
the
presidential candidate. In testimony last year, Trump
claimed to have more
than $400 million in cash. While thatrCOs a hefty sum, it
wouldnrCOt be enough
to cover the bonds herCOd need to post with the court while
appealing the
back-to-back verdicts. Trump has proposed posting a smaller
$100 million
bond while he appeals the New York fraud verdict, arguing
that the
judgment against him was rCLmore than adequately securedrCY
without posting a
full bond to appeal. Trump said his rCLvast ownership
interests in New York
real estaterCY was sufficient to ensure herCOll pay the fine if
his appeal
failed. After all, he argued, rCLtrophy propertiesrCY like 40
Wall Street
cannot be rCLremoved from the jurisdiction in secret.rCY In the
appeals court
filing, TrumprCOs attorney said other properties could be used
for
collateral, including Trump Tower and Trump Park Avenue in
Manhattan, his
Seven Springs estate outside New York City, and Trump
National Golf Club.
rCyInsufficientrCO Assets
James balked at TrumprCOs offer for a smaller bond, arguing in
a letter to
the appeals court that risked leaving the state empty handed
if TrumprCOs
appeal failed. Trump and the other defendants in the case,
including his
two grown sons, rCLall but concede that Mr. Trump has
insufficient liquid
assets to satisfy the judgment,rCY James said in the letter.
rCLA prevailing
plaintiff is entitled to have her award secured, and
defendants have never
demonstrated that Mr. TrumprCOs liquid assets could satisfy
the full amount
of the judgment.rCY James has made clear that sherCOs prepared
to seize
TrumprCOs assets if he doesnrCOt pay the verdict or post an
appeals bond on
time, mentioning 40 Wall Street explicitly as a potential
target in a
recent interview with ABC News. Habba, TrumprCOs attorney,
criticized those
remarks in her letter to the court, accusing James of
rCLshamelesslyrCY
threatening to seize TrumprCOs assets rCLif she is not paid
quickly enough.rCY
Despite TrumprCOs warnings about his financial condition, an
appeals court
judge in Manhattan denied his emergency request Wednesday
for a temporary
halt to enforcement of the verdict in the fraud case, at
least for now.
But the former president will get another shot at arguing
for a delay that
would last throughout his legal challenge to the civil fraud
judgment.
James will file a response to that request by March 11, with
any response
by Trump due March 18. A full appeals court panel could rule
any time
after that.

--- Synchronet 3.22a-Linux NewsLink 1.2