Law Trump can’t get a loan to pay $464 million bond in fraud case, his lawyers say

[PainIsLIfe]

Trump is selling 'God Bless the USA' Bibles for $59.99 as he faces mounting legal bills​

Trump is selling 'God Bless the USA' Bibles for $59.99 as he faces mounting legal bills

Former President Donald Trump is now selling Bibles as he runs to return to the White House. Trump, who became the presumptive Republican nominee earlier this month, released a video on his Truth Social platform on Tuesday urging his supporters to buy the “God Bless the USA Bible," which is...

www.yahoo.com

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Regardless of who is selling a Bible, it is a lowkey scummy tactic to sell it for $X9.99 . Just round off the price and call it $60 or $50 or $40 or whatever. Making it just 1 cent below the rounded off number is just greed and scumminess.

The people supporting Trump either aren't reading or don't understand the meaning of a Bible anyway.

 

[PainIsLIfe]

The entire idea that he needs a bond is ridiculous.

It's not really a bond, it's the penalty he owes. It's a "bond" only in the fact that if he wins his appeal that he'll get the money back.

 

[CantCucktheTuck]

It's not really a bond, it's the penalty he owes. It's a "bond" only in the fact that if he wins his appeal that he'll get the money back.

my point is that his wealth is mostly tied up in hard assets. Assets that can't be picked up and moved(ie. a freaking sky scraper). There should be no need for a bond or any kind. Also to that point, the fact that they have threatened to seize property is absolutely ridiculous. These are massive buildings that are immovable, they will still be there after the appeal.

 

[44nutman]

No one is above the law or something

I see Tim Pool is clinging to that Edgelord wool cap. Never ceases to amaze me, everyone time I see his photo with that fucking hat, I giggle and then say "This fucking guy"

As someone in the Real Estate business, very rarely is your assessed value right. Most people dont care if it is under market value, because less taxes. If it is over market value, they can hire me, and I will argue your case but honestly do not do many of those because rarely is assessed value over market value. Back in the last market crash, I got most of that kind of work.

Typically the reason is the city or county has your square footage wrong, which makes it easy to win the case if over assessed. Also mass appraisals are typically used for determining assessed values.

 

[PainIsLIfe]

my point is that his wealth is mostly tied up in hard assets. Assets that can't be picked up and moved(ie. a freaking sky scraper). There should be no need for a bond or any kind. Also to that point, the fact that they have threatened to seize property is absolutely ridiculous. These are massive buildings that are immovable, they will still be there after the appeal.

Do you think they would finish the asset seizure much less complete it and sell off the property before the appeal is finished?

The general rule is that the judge fines you and you pay the fine. We can debate if it was excessive or not, but the idea of wanting it paid or property seized isn't novel.

 

[PainIsLIfe]

The 8th Amendment. Regardless of the $ you have on hand fines shall not be excessive. The fine for the interest alone daily is stupid.

Every judgment comes with interest until it's paid. - Do you guys know anything about the court system?

I'd say 356m sounds excessive, but there have been bigger fines levied in NY.

 

[44nutman]

Every judgment comes with interest until it's paid. - Do you guys know anything about the court system?

I'd say 356m sounds excessive, but there have been bigger fines levied in NY.

Nope they read what some blue check mark posts and run with it.
None of them ever address the restricted use of Mar A Lago. There are 4 tests for highest and best use to help determine the valuation of Real Estate. Mar A Lago can only be a resort(it can be nothing else ), that grosses 30 million a year and even taking the top of expected profit for a resort at 20%, the most it generates is 6 million a year in profit, but somehow we are supposed to believe it is worth 2 billion on that kind of ROI.
They would post pictures of tear downs or vacant lots on the water that were for 100 million, those lots do not have the restricted use, what are they are actually doing is comparing apples to oranges, and repeating what some blue check mark posted without taking the time to research what the blue check mark is telling them. It gets frustrating sometimes.

 

[Whippy McGee]

Did he/they list the penthouse as being 3x its actual size or claim that it could have houses built on it?

They both had the final metric over inflated, which is the point. Both had the bank go with the bank's number. In the end, they did the same thing and Jon Stewart needs to be charged as does virtually every real estate developer in NY City / NY State.

 

[Whippy McGee]

Every judgment comes with interest until it's paid. - Do you guys know anything about the court system?

I'd say 356m sounds excessive, but there have been bigger fines levied in NY.

So far I've heard Trump's staff over valued his property in the estimate. Is there anything else he is being charged with, because if that is it, the bank didn't take his valuation, but gave their own. Just like with Jon Stewart who did exactly what Trump did. He needs to be charged too? Right? Or is that (D)ifferent?

 

[44nutman]

They both had the final metric over inflated, which is the point. Both had the bank go with the bank's number. In the end, they did the same thing and Jon Stewart needs to be charged as does virtually every real estate developer in NY City / NY State.

Stewart sold the property, not getting a loan for the property. You dont even know what you are arguing anymore.
ARe you arguing I can only sell my property for assessed value? The government sets the assessed value, so if I can only sell for assessed value or less, then you are letting government dictate what price I can sell the property. Sorry I don't want more government.
If I sell my car over book value, using your rationale, I have committed a crime.
Once again, Stewart sold a property, not using it to get a loan. Tim Pool must think his readers are dumb to buy the tweet he posted. Looking at the comments looks like most did. Confirmation bias is a helluva drug.

 

[PainIsLIfe]

They both had the final metric over inflated, which is the point. Both had the bank go with the bank's number. In the end, they did the same thing and Jon Stewart needs to be charged as does virtually every real estate developer in NY City / NY State.

Dude, that isn't close to what happened.

Stuart put his appt up for sale and some dumbass overpaid for it. Trump gave fraudulent statements to the bank to secure a loan, the tems of his loan required that he maintain a certain net worth or the interest rate would adjust so Trump continually filed false statements.

 

[Jballer]

Stewart sold the property, not getting a loan for the property. You dont even know what you are arguing anymore.
ARe you arguing I can only sell my property for assessed value? The government sets the assessed value, so if I can only sell for assessed value or less, then you are letting government dictate what price I can sell the property. Sorry I don't want more government.
If I sell my car over book value, using your rationale, I have committed a crime.
Once again, Stewart sold a property, not using it to get a loan. Tim Pool must think his readers are dumb to buy the tweet he posted. Looking at the comments looks like most did. Confirmation bias is a helluva drug.

Who would’ve thought bidding wars for houses were illegal. I could’ve saved thousands on my house if I’d just asked the legal experts of Sherdog.

 

[PainIsLIfe]

So far I've heard Trump's staff over valued his property in the estimate. Is there anything else he is being charged with, because if that is it, the bank didn't take his valuation, but gave their own. Just like with Jon Stewart who did exactly what Trump did. He needs to be charged too? Right? Or is that (D)ifferent?

Over valued is a very polite way of saying that flat out lied on loan applications - trippled size of apartment, valued Mar a Lago as residential property (it isnt), listed that property had building upgrades on it that weren't there, valued land as being able to have 2x the number of houses on it than it was zoned for, claimed buildings were were completely occupied when they were only 70%, etc. AND NO, Trump's financials didn't say do your own evaluation.

Stewart didn't get a loan, never gave a valuation; he put his place up for sale and was offered a premium price.

I know that you're riding that Trump jock for all its worth, but you have to be able to see the difference

 

[44nutman]

Who would’ve thought bidding wars for houses were illegal. I could’ve saved thousands on my house if I’d just asked the legal experts of Sherdog.

The worst part, is my Uncle Randy will be like did you see what Jon Stewart did, Lawfare, he did the same thing Trump did and not arrested. I guess liberals get treated differently.
Then I have to explain to him, that Jon Stewart sold a house, much like Uncle Randy has in his lifetime, which is nothing like Trump did, but he will still think somehow Stewart committed a crime by selling his house over the assessed value, because he gets all his information from a dude that wears a stupid wool knit cap and does not bother to fact check it, or does not care, because he just needs to be angered about something. I think at this point, Uncle Randy is addicted to the outrage.

 

[Jack V Savage]

The worst part, is my Uncle Randy will be like did you see what Jon Stewart did, Lawfare, he did the same thing Trump did and not arrested. I guess liberals get treated differently.
Then I have to explain to him, that Jon Stewart sold a house, much like Uncle Randy has in his lifetime, which is nothing like Trump did, but he will still think somehow Stewart committed a crime by selling his house over the assessed value, because he gets all his information from a dude that wears a stupid wool knit cap and does not bother to fact check it, or does not care, because he just needs to be angered about something. I think at this point, Uncle Randy is addicted to the outrage.

I don't know. Trump lied about the value of his assets to get loans, benefitting by hundreds of millions of dollars, and Stewart sold an apartment in 2014 for more than he paid for it in 2005. Sounds like it's exactly the same thing.

 

[CantCucktheTuck]

 

[Jacket time]

 

[Jacket time]

the Lord works in mysterious ways

 

[Jacket time]

Sam Harris type break down

 

[White Whale]

Understanding Assessed Vs. Market Value

What’s the difference between assessed value and market value? One is the home’s tax-assessed value; the other is what buyers are willing to pay. Learn more.

www.rocketmortgage.com

People really need to read this if they wonder about how real estate works.