In a recent development, the New York attorney general’s office has filed judgments in Westchester County, signaling a move to potentially seize Donald Trump’s golf course and private estate known as Seven Springs. This action follows a $464 million decision against Trump, his sons, and the Trump Organization by Judge Arthur Engoron.
The judgments entered by state lawyers indicate the initial step creditors take to recover property. This could lead to further actions such as putting liens on assets or moving to foreclose on properties, although seizing assets is a complex process given Trump’s intricate business structure with over 300 limited liability companies.
Despite the judgment being entered in New York City, where several of Trump’s properties are located, similar actions haven’t been taken in Florida or Illinois where other Trump properties exist.
Trump now has four days to satisfy the judgment or appeal to post a smaller amount. However, he expressed difficulty in securing a bond, citing the high cost and the inability of bonding companies to handle such a substantial amount.
The process of seizing assets won’t be swift or straightforward due to the complexity of Trump’s business organization. While Trump’s attorneys push back on the attorney general’s suggestions regarding bond payments, New York Attorney General Letitia James has stated her intention to seize assets if no arrangement is met.
Judge Engoron has expanded the role of the monitor overseeing the Trump Organization, ordering detailed information about efforts to obtain bonds and granting access to financial operations. The monitor will assess internal controls and may recommend changes, with the judge empowered to enforce these recommendations.
Overall, these legal proceedings could have significant implications for Trump’s business operations, potentially jeopardizing his properties and brand reputation not only in New York but also in other jurisdictions.
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