Trump Tower Could Be Seized: Report

Trump Tower Could Be Seized: Report

Attorney General Letitia James of New York seems to have set her sights on seizing one of the most valued assets of Donald Trump, the former President, who appears to be somewhat open to the idea, at least for the moment.

According to a report by the New York Post on a recent Wednesday, as the deadline on Monday draws near for Trump to secure a $464 million bond in relation to his civil fraud lawsuit — $454 million of which is his own responsibility and the remaining $10 million allocated to his sons, Donald Jr. and Eric — Trump is contemplating various strategies.

James made a case, which was upheld by a judge, accusing Trump of overestimating the worth of his assets, a move that has convinced many of the politicization of the judiciary against the ex-president.

To date, Trump has been unsuccessful in acquiring financial backing for the substantial bond required during his appeal against Judge Arthur Engoron's verdict.

The Post highlighted that Trump has several options: seeking financial assistance from friends, declaring bankruptcy, or disregarding the deadline, thus allowing James and the state of New York to confiscate a number of his properties, including the iconic Trump Tower.

“The possibility of letting New York seize his assets is something Trump has reportedly considered,” according to the Post, “especially given his belief in the strong likelihood of reclaiming his properties through an appeal, a process he's prepared to extend to the US Supreme Court, his acquaintances suggest.”

Sources familiar with Trump's thinking shared with the Post that he's averse to declaring bankruptcy and is equally reluctant to solicit financial aid from his affluent circle, despite their willingness to support if he were to ask.

“He has numerous affluent allies ready to assist, yet he hasn't reached out for help, to my knowledge,” a source mentioned.

Furthermore, Trump has alluded to possibly invoking the Eighth Amendment, which safeguards against “excessive bail” and “excessive fines,” in response to the predicament of securing the $464 million bond, which some interpret as evidence of his exaggerated financial claims. However, Trump recently found support from an unexpected quarter, billionaire Mark Cuban.

In response to Democratic Representative Ted Lieu of California, who asserted on X (formerly Twitter) that Trump lacked the financial means to cover the bond and had misrepresented his billionaire status, Cuban defended Trump.

“Ted, although I'm not a Trump supporter, you are mistaken on this matter, Ted. Net worth and cash on hand are entirely different,” Cuban remarked.

A confidant conveyed to the Post that regardless of Trump's decision, New York will bear the brunt of the repercussions from James's actions against him.

"The state will face serious repercussions... Businesses will think twice before operating in New York," the insider warned. "The risk is now deemed too high, and lenders are wary."

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