As Monday marked the deadline for former President Donald Trump to post a staggering $464 million bond, a serious legal and political drama continued to unfold in the heart of New York. Far-left New York Attorney General Letitia James now faces the Herculean task of attempting to seize the assets of the 45th president.
President Trump was pressured to secure the unprecedented bond following a non-jury civil trial outcome that has stirred considerable controversy. Yet, the narrative isn’t as straightforward as some might believe. Real estate attorneys in New York highlight the monumental challenge of seizing properties entangled in complex ownership structures, mortgages, and legal titles. This isn’t a mere transfer of keys — it’s a highly complicated legal battle.
Experts Say Seizing Trump's Assets Won't Be Easy for Letitia James https://t.co/ZX1DPXRsFr
— Fearless45 (@Fearless45Trump) March 25, 2024
New York real estate attorney Adam Leitman Bailey pointed out, “Bondspeople do not like to use the property as collateral because it’s hard to liquefy the asset if there’s a default.” This reflects a significant barrier not only for Trump in raising the bond but equally for James in converting seized assets into cash.
Despite James’ possible actions, such as issuing garnishment letters to banks, the process remains fraught with hurdles. Notably, the real estate market’s downturn significantly impedes the value realization of properties like 40 Wall Street, surrounded by luxury brands yet caught in a commercial property slump. Bailey notes, “They could sell the ground lease but the real estate market in commercial property is so down now.”
Furthermore, the legality of the proceedings against Trump has come under scrutiny. Critics argue that James utilized a rarely invoked legal statute, casting doubts on judicial fairness. Trump’s legal representatives have contended that seizing his properties could cause “irreparable harm,” underscoring the severity of the situation. Moreover, Trump has managed to secure the bond money, potentially sidestepping the immediate threat of asset seizure.
Yet, beyond the legal entanglements lies a deeper narrative woven with political threads. Former acting Attorney General Matthew Whitaker suggested that any move to seize Trump’s assets could inadvertently amplify his political influence, framing the legal actions as potential election interference rather than justice served.
Trump has been vocal in his criticism, painting the legal actions as a concerted effort to derail his political ambitions. He claims to possess substantial cash reserves and anticipates significant earnings from the public offering of his social media company, Truth Social.
Early Monday morning, President Trump posted on his Truth Social account: “Why should a Crooked, highly political New York Judge, Arthur Engoron, working in concert and coordination with an even more Corrupt Attorney General, Letitia ‘Peekaboo’ James, his Puppet Master, and the White House, be allowed to take away, and sell off, very successful properties and assets that took me years to zone, build and nurture into some of the best of their kind anywhere in the World – WHEN I HAVE DONE NOTHING WRONG!”
“These Radical Left Lunatics and Communists ask me to pay a ridiculous and completely unheard of fine of over $450,000,000 only because they saw a similar amount in my bank account. I had intended to use much of that hard earned money on running for President. They don’t want me to do that — ELECTION INTERFERENCE!,” he added.
