Trump Presidency

[GATTACA!]

Ruh roh

https://www.cnn.com/2024/03/19/business/trumps-new-york-properties-may-be-on-the-chopping-block-soon/index.html

My Assets Getting Auctioned

 

[IRISHDODGER]

Send a letter to Mar a Lago and let him know!

Right b/c he’s always done what’s best for the US and not what’s best for Donald Trump

 

[Jiggafini19Deux]

Why Did Two of Judge Aileen Cannon’s Law Clerks Suddenly Quit?

Donald Trump’s favorite judge is suddenly losing law clerks.

newrepublic.com

Not normal. Not good.

 

[NorthDakota]

Why Did Two of Judge Aileen Cannon’s Law Clerks Suddenly Quit?

Donald Trump’s favorite judge is suddenly losing law clerks.

newrepublic.com

Not normal. Not good.

The article doesn't really make sense. It says the two clerks up and quit rather than finish one-year clerkships, purportedly rare...then states that one of the two was leaving her two-year clerkship to raise her child.

 

[GATTACA!]

 

[ab2cmiller]

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Does the NY Attorney General get to hang on to any classified documents it finds?

 

[NorthDakota]

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Well if politicsvideoschannel is saying it...must be true

 

[Irish#1]

I thought her reach would be limited to NY?

 

[NorthDakota]

I thought her reach would be limited to NY?

I don't think so. Full faith and credit clause requires states to respect the judgments of courts in other states. Maybe it's more complicated in practice, I've not dealt with that in my job

 

[Irish#1]

I don't think so. Full faith and credit clause requires states to respect the judgments of courts in other states. Maybe it's more complicated in practice, I've not dealt with that in my job

You would know better than me, but this smells a little vindictive going after the Mar-A-Lago property instead of Trump Towers

 

[NorthDakota]

You would know better than me, but this smells a little vindictive going after the Mar-A-Lago property instead of Trump Towers

I haven't seen anything suggesting she's doing either. I had seen that the NY AG office had apparently filed judgments in Westchester County, and Donald has some properties there.

 

[Irish#1]

I haven't seen anything suggesting she's doing either. I had seen that the NY AG office had apparently filed judgments in Westchester County, and Donald has some properties there.

There's a tweet out there suggesting it, but who knows how accurate.

 

[ulukinatme]

I'd be surprised if the full judgement sticks. My guess is it gets appealed and reduced.

 

[GATTACA!]

I'd be surprised if the full judgement sticks. My guess is it gets appealed and reduced.

He doesn't have enough money to appeal it.

 

[ulukinatme]

He doesn't have enough money to appeal it.

AP says he's already appealing, but NY State is trying to force the $400+ million bond before the appeal occurs. Given the size, he probably can't afford not to appeal.

 

[GATTACA!]

AP says he's already appealing, but NY State is trying to force the $400+ million bond before the appeal occurs. Given the size, he probably can't afford not to appeal.

He has to post the full amount in order the appeal it. He tried to get that number reduced to $100 million and they told him no dice IIRC.

 

[NorthDakota]

He doesn't have enough money to appeal it.

He could appeal to the federal court that NY's bond requirement is unconstitutional I think.

Whether that's practical or he has a good argument or whatever...I have no idea. But people can challenge a state's law in federal court.

 

[mango4]

Normal things

 

[Irish#1]

I wouldn’t be surprised if Trump doesn’t have a penny to his name. His wealth is a house of cards.

 

[IrishLax]

When Trump was in office, he signed an executive order banning Tik Tok.

Then when it became clear recently that Congress was moving towards legislation to make the CCP divest in Tik Tok, he took a meeting with billionaire Jeff Yass whose $30B stake in Tik Tok is at risk. After that meeting, he randomly came out in support of Tik Tok for the first time ever.

Now Yass is giving $3B to Trump for Truth Social:


Draw your own conclusions.

 

[NorthDakota]

When Trump was in office, he signed an executive order banning Tik Tok.

Then when it became clear recently that Congress was moving towards legislation to make the CCP divest in Tik Tok, he took a meeting with billionaire Jeff Yass whose $30B stake in Tik Tok is at risk. After that meeting, he randomly came out in support of Tik Tok for the first time ever.

Now Yass is giving $3B to Trump for Truth Social:


Draw your own conclusions.

Will this really give him a lifeline to cover a bond? My understanding was they wanted cash or cash equivalents. Does stock count as a cash equivalent?

 

[GoIrish41]

When Trump was in office, he signed an executive order banning Tik Tok.

Then when it became clear recently that Congress was moving towards legislation to make the CCP divest in Tik Tok, he took a meeting with billionaire Jeff Yass whose $30B stake in Tik Tok is at risk. After that meeting, he randomly came out in support of Tik Tok for the first time ever.

Now Yass is giving $3B to Trump for Truth Social:


Draw your own conclusions.

I’m sure it’s a coincidence. 🙂

 

[TorontoGold]

Will this really give him a lifeline to cover a bond? My understanding was they wanted cash or cash equivalents. Does stock count as a cash equivalent?

No, need to be short term securities with a maturity of 3 months or less. You can get around it with puttable equities but even then it's tough.

The deal also states he can't put the funds up as a security against loans or sell the stock immediately.

It's a deal that's meant to be an "image cleanser" for those that still believe he's a billionaire. The investors are also going to be retail, so the people buying in that are going to be left holding the bag after the SPAC dumps the stock are going to be Dan and Peggy from Ohio who thought they were being patriots.

6.5 Cash, cash equivalents, and restricted cash

The statement of cash flows must detail changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents.

viewpoint.pwc.com

I am old enough to remember when it was ridiculous that the Mar a lago property was valued so lowly by many of the real estate experts here, surely the financial institutions have it wrong! (not directed at NoDak)

 

[IrishLax]

Will this really give him a lifeline to cover a bond? My understanding was they wanted cash or cash equivalents. Does stock count as a cash equivalent?

Who knows what he’ll use the money for. Could be his legal issues, could be for politics, could be to buy a boat. But can you imagine if the “Biden Crime Family” had a long held political position -> met privately with a billionaire who had $30B on the line -> immediately changed his position to the opposite -> then got a $3B buyout from said billionaire in quick succession? Like I said, not trying to change anyone’s mind, you all can draw your own conclusions.

 

[NorthDakota]

No, need to be short term securities with a maturity of 3 months or less. You can get around it with puttable equities but even then it's tough.

The deal also states he can't put the funds up as a security against loans or sell the stock immediately.

It's a deal that's meant to be an "image cleanser" for those that still believe he's a billionaire. The investors are also going to be retail, so the people buying in that are going to be left holding the bag after the SPAC dumps the stock are going to be Dan and Peggy from Ohio who thought they were being patriots.

6.5 Cash, cash equivalents, and restricted cash

The statement of cash flows must detail changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents.

viewpoint.pwc.com

I am old enough to remember when it was ridiculous that the Mar a lago property was valued so lowly by many of the real estate experts here, surely the financial institutions have it wrong! (not directed at NoDak)

I have no reason to think he isn't a billionaire. But his wealth is absolutely tied up in buildings/golf courses/etc. Whatever that final dollar value is... no idea. If you told me it was $900 million, I would believe you. That's outside of my wheelhouse.

One thing my corporate law (Cravath alum) and Corporate Finance (Fried Frank partner) professors told us about Donald was that his empire probably has a ton of debt, and that it made sense to do that....so long as he made interest payments, he'd be fine and dandy. Despite my undergrad degree (never really used it), I'm not really positive what that means. I am inclined to think it's hard to borrow against those properties further?

But if he has a $450 million bond due, that creates a problem. If I own buildings...or portions of buildings, if I need to sell, and people know I need to, the value deflates real fast. Add in that a chunk of the value of his properties is also tied to his name/brand. Trump Tower by Central Park is a tourist attraction because it is Donald Trump's building. Not because it's some special building. If Jared Kushner buys it...nobody cares about it.

My understanding of Mar a Lago is it really isn't a valuable asset. Donald bought it for like $10 million or something like that. He then encumbered it heavily for tax purposes by making it a club that can't be touched. I'm sorry but as cool as it is to some people, it's an old compound that a buyer has to take basically as is...with little wiggle room for doing what they want with the property. At least that's my understanding. If I'm wrong, someone can correct me.

The idea that it's worth some obscene amount of money doesn't make sense to me. Granted, I will never have that kind of money to throw around, but if I was buying a property other than some European castle or palace, I would like to do with it what I want. This is probably a part of why the robber baron families turned their Newport compounds over to historical societies.

Tlr I think there is wiggle room between "lol Trump is not a billionaire" and "Trump doesn't have that kind of cash on hand considering his portfolio."

 

[NorthDakota]

Who knows what he’ll use the money for. Could be his legal issues, could be for politics, could be to buy a boat. But can you imagine if the “Biden Crime Family” had a long held political position -> met privately with a billionaire who had $30B on the line -> immediately changed his position to the opposite -> then got a $3B buyout from said billionaire in quick succession? Like I said, not trying to change anyone’s mind, you all can draw your own conclusions.

If he cashed out...I have no idea what he'd even get.

But yes, I'm with you. He's desperate. It smells bad. I'm not voting for him, not that it matters for me.

The biden's are extremely corrupt as well. Just at a smaller dollar scale. The fact that we are stuck with these two clowns this fall is extremely depressing. Boomers just can't let go I guess.

 

[TorontoGold]

I have no reason to think he isn't a billionaire. But his wealth is absolutely tied up in buildings/golf courses/etc. Whatever that final dollar value is... no idea. If you told me it was $900 million, I would believe you. That's outside of my wheelhouse.

One thing my corporate law (Cravath alum) and Corporate Finance (Fried Frank partner) professors told us about Donald was that his empire probably has a ton of debt, and that it made sense to do that....so long as he made interest payments, he'd be fine and dandy. Despite my undergrad degree (never really used it), I'm not really positive what that means. I am inclined to think it's hard to borrow against those properties further?

But if he has a $450 million bond due, that creates a problem. If I own buildings...or portions of buildings, if I need to sell, and people know I need to, the value deflates real fast. Add in that a chunk of the value of his properties is also tied to his name/brand. Trump Tower by Central Park is a tourist attraction because it is Donald Trump's building. Not because it's some special building. If Jared Kushner buys it...nobody cares about it.

My understanding of Mar a Lago is it really isn't a valuable asset. Donald bought it for like $10 million or something like that. He then encumbered it heavily for tax purposes by making it a club that can't be touched. I'm sorry but as cool as it is to some people, it's an old compound that a buyer has to take basically as is...with little wiggle room for doing what they want with the property. At least that's my understanding. If I'm wrong, someone can correct me.

The idea that it's worth some obscene amount of money doesn't make sense to me. Granted, I will never have that kind of money to throw around, but if I was buying a property other than some European castle or palace, I would like to do with it what I want. This is probably a part of why the robber baron families turned their Newport compounds over to historical societies.

Tlr I think there is wiggle room between "lol Trump is not a billionaire" and "Trump doesn't have that kind of cash on hand considering his portfolio."

Yeah the key would the LTV on his real estate because that's where his net worth would be derived from. It would be incredible if we could see some actual financial statements on his properties because then it would give a clearer picture on his financial situation. The fact his main bank was DB is pretty alarming as they're not known to be the most ethical. I also think his accountants publicly denouncing him is a major black mark that banks/insurance companies hold against him.

The worst thing about it is that he was gifted this empire and he's had to declare bankruptcy so many times. He should have been able to draw debt against his properties in low interest rate periods....but because he's hilariously bad at running a business he squandered that.

Yeah he essentially made it like an NPO, where he doesn't pay huge income/property taxes but he can't sell the property at a huge gain because of the encumbrances he put on it. I

If you own some of the most prized real estate in Manhattan you should be able to secure financing for ~$500M by the snap of your fingers. A SPAC that's 42% "publicly" (publicly because it won't be DJT directly) owned should be a huge red flag for moderates concerned about the lesser of two evils - you got 10% for the big guy or 42%. He never fully divested the first go around, with no threat of running for re-election he could easily be pressured by someone like MBS buying up a significant stake in the SPAC.

 

[Irish#1]

It’s pretty clear he’s selling to raise the money. The question is will the judge require it to be cash or some other asset?

 

[NorthDakota]

Yeah the key would the LTV on his real estate because that's where his net worth would be derived from. It would be incredible if we could see some actual financial statements on his properties because then it would give a clearer picture on his financial situation. The fact his main bank was DB is pretty alarming as they're not known to be the most ethical. I also think his accountants publicly denouncing him is a major black mark that banks/insurance companies hold against him.

The worst thing about it is that he was gifted this empire and he's had to declare bankruptcy so many times. He should have been able to draw debt against his properties in low interest rate periods....but because he's hilariously bad at running a business he squandered that.

Yeah he essentially made it like an NPO, where he doesn't pay huge income/property taxes but he can't sell the property at a huge gain because of the encumbrances he put on it. I

If you own some of the most prized real estate in Manhattan you should be able to secure financing for ~$500M by the snap of your fingers. A SPAC that's 42% "publicly" (publicly because it won't be DJT directly) owned should be a huge red flag for moderates concerned about the lesser of two evils - you got 10% for the big guy or 42%. He never fully divested the first go around, with no threat of running for re-election he could easily be pressured by someone like MBS buying up a significant stake in the SPAC.

I don't think "he" has declared bankruptcy. I think some businesses have. I think that's an important distinction. He's a shameless man, and I do hold that against him.

He was definitely gifted the tools to build something. Regarding Deutsche, should he be penalized for working with one of the world's biggest banks?

I'm not defending the guy. I'm trying to figure out his financials and people like you can fill in some of the grey areas that I haven't spent the time to dig into.

Just based on my education at a very lib law school.. the professors seemed to think his practice was pretty normal.

 

[TorontoGold]

I don't think "he" has declared bankruptcy. I think some businesses have. I think that's an important distinction. He's a shameless man, and I do hold that against him.

He was definitely gifted the tools to build something. Regarding Deutsche, should he be penalized for working with one of the world's biggest banks?

I'm not defending the guy. I'm trying to figure out his financials and people like you can fill in some of the grey areas that I haven't spent the time to dig into.

Just based on my education at a very lib law school.. the professors seemed to think his practice was pretty normal.

Right, he was the head of those companies though. Which would indicate he's not someone to be trusted running the largest economy in the world. Someone who can't run a casino or run a real estate empire is below the mendoza line of intelligence.

Penalized? No, as long as DB/DJT follow the proper financial regulations they shouldn't be penalized. If someone gets a LOC from a payday loan type of institution they should be judged on that since it shows they can't go to a more reputable source for financing.

From what financial data is out there, he seems to run his businesses like most real estate orgs. It's just that he's allegedly doing some small time fraud type stuff that 99% of CPA's would not sign off on, and why his accountants publicly dropped him. Additionally, his CPA's didn't even perform an audit on his financial statements and they felt the need to say that he was not trustworthy. He would have been better off just being aggressive on the depreciation on his buildings to reduce his corporate tax owing. But, since he's aggressively using his properties to drum up financing his loan to value ratio's probably aren't great.