Mara Lago to be liquidated?
- Thread starter Jarod
- Start date
anonymoose
Classical Liberal
anonymoose
Classical Liberal
Is a "New York Corporation" different from a corporation located in NY?
Or does the OP have some kind of cryptic meaning?
Or does the OP have some kind of cryptic meaning?
I'm confused. I thought Trump owned it.
He owned the corporation that owns it, The corporation is in receivership of the state of New York, pending appeal.
A New York corporation is one incorporated in and under the laws and jurisdiction of the state of New York
Geeko Sportivo
Verified User
Actually, I believe Donnie is headed for a personal Bankruptcy where he can claim at least one of his properties as his HOMESTEAD!
But I am not a lawyer, and I know nothing about the state laws of NY or Florida!
So I am just mouthing off as usual!
Yakuda
Verified User
"Pending appeal". Fascinating
I'm confused. I thought Trump owned it.
trump owns a corporation that in turn owns another corporation, and on and on, until some corporation owns mar-a-lardo. trump avoids personally owning anything, to avoid liabilities.
New York State authorizes the corporation. It is a New York State corporation. Corporations can have locations in many places, or even no locations at all. All the locations are not required to be in the state that authorizes them.
The meaning is that this is under New York State law, with New York State courts having jurisdiction.
100%
So many people do not seem to know how modern business works. I am always amazed by the people who think CEO's own the companies they run. For the most part, they are employees, with a small amount of ownership. It is like claiming the night manager at a 7 Eleven owns the 7 Eleven. If either takes assets away from the business for their personal use, it is called theft(or more particularly embezzlement).
ExpressLane
Verified User
Since Biden's beach house was most likely bought with bribery money will it be seized by the government.
PostmodernProphet
fully immersed in faith..
it would be really, really funny if the court ordered it liquidated to pay the fines because Trump said it was worth more than 18M and then it sells for $200M.....talk about grounds for appeal on the basis of judicial error in a finding of fact.......
Trump is going to appeal because he himself said its worth more than 18m? How is that an appealable issue?
QP!
Verified User
Yes but Trump signed away a forever right to classify Mar a lago as residential. for personal use or development. SO no homestead law will protect it.
QP!
Verified User
What it sells for is irrelevant as nothing changes the FACT that on the low end Trump disputed the Tax Assessment of $16MM as TOO HIGH A VALUE, giving his reasons with regards to him contracting away lifetime redevelopment rights.
So even if someone wants to pay $200MM he still lied and committed fraud and that just cements it. Talk about destroying any grounds for appeal.
QP!
Verified User
TS, even the few properties not owned by one of Trump's New York corps, will almost certainly be forced into liquidation, if not bankruptcy.
We know Trump relies massively on leverage and debt in his portfolio and he has always talked about that. Within his banking covenants, in all jurisdictions, he will have to report to them any material change in his asset base and net worth and change in revenue.
So the taking and liquidating of his NYS properties and all they own, will almost certainly tip all his outside properties into serious, unreconcilable covenant default and the calling of those loans and liquidation of those properties.
that is unless he can find someone else to re-collateralize them all to satisfy the banks such as :: cough cough Russians ::, :: cough cough Saudis :::
We know Trump relies massively on leverage and debt in his portfolio and he has always talked about that. Within his banking covenants, in all jurisdictions, he will have to report to them any material change in his asset base and net worth and change in revenue.
So the taking and liquidating of his NYS properties and all they own, will almost certainly tip all his outside properties into serious, unreconcilable covenant default and the calling of those loans and liquidation of those properties.
that is unless he can find someone else to re-collateralize them all to satisfy the banks such as :: cough cough Russians ::, :: cough cough Saudis :::