TNR’s Tori Otten gleefully reports, “Letitia James Is Prepared to Seize One of Trump’s Favorite Assets.”
Donald Trump has just days left to post the nearly half-billion-dollar bond in his New York civil fraud case before the state attorney general can start seizing his assets, and Letitia James seems to know exactly where she wants to start: Westchester.
Trump was fined $354 million in mid-February for committing real estate–related fraud in New York. With interest adding $112,000 per day, and adding the fines his adult sons also face, the total sum has already exceeded $464 million. James formally registered the judgment in Westchester County on March 6, Bloomberg reported Thursday.
James’s filing did not give a reason for the registration, nor did it specify which of Trump’s Westchester assets she intends to seize, but the registration will make it easier for James to secure liens. Westchester is home to two of Trump’s most valuable properties, the Trump National Golf Club Westchester and Seven Springs, a mostly undeveloped 212-acre estate.
CNN’s Kara Scannell goes more straight news with “New York Attorney General takes initial step to prepare to seize Trump assets.”
The New York attorney general’s office has filed judgments 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.
Alas, trying and succeeding are not the same thing:
Entering a judgment 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 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 organized and he is not on paper the owner and therefore a judgment 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.
So, James is unlikely to be able to seize anything any time soon. Still:
“In the meantime, she could also obtain bank levies and go after the bank assets. She could put liens on properties. There are all kinds of things that she’s able to do in an effort to collect,” Passas said.
“All this is completely undermining the brand, which he uses for the most part for making any kind of money around the world not just the United States,” Passas said. “In the end I think this could very much mean the end of Trump business in New York and not only – it could spell trouble in other jurisdictions too.”
With any other person, having built one’s reputation as a highly successful businessman only to be proven to be a con man unable even to secure a bond for the appeal would be catastrophic. Trump’s fans constantly seem able to shrug off such details.
