We'll soon learn whether New York Attorney General Letitia James is willing to drive a stake through the heart of New York City just to complete her personal crusade against Donald Trump.
Attorneys for the former president "indicated in a court filing Monday that he is unable to secure the full $464 million bond due in his New York fraud case," according to a breaking report in The Hill, and that puts the ball in James's court — and whether she'll follow through on her threat to sieze [dr_evil-voice] HALF A BILLION DOLLARS [/dr_evil-voice] worth of his real estate holding to make good on the recent court judgment against him.
"The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude," Trump's lawyers noted in Monday's filing.
Unless you're a fully operational Federal Reserve chief with your hand on the throttle of the nation's overworked money-printing machine, coming up with [dr_evil-voice] HALF A BILLION DOLLARS [/dr_evil-voice] is no easy feat. It's also a prerequisite, under New York law, if Trump wants to even file an appeal against a judgment that critics have called "unjust," "not valid," and a "spectacle."
When Judge Arthur Engoron meted out the gobsmackingly yuge punishment last month, New York Gov. Kathy Hochul assured other developers that they "have nothing to worry about, because they’re very different than Donald Trump and his behavior."
But a wild precedent has been set that normal business practices where no one felt ripped off and everybody made money, can lead to a ruinous judgment and essentially no chance of appeal. When James says she'll seize Trump's assets, it made the hairs stand up on the arms of every single developer in the city.
"What if I piss off Letitia James?" is now at the top of the list of concerns that is usually limited to economic matters.
New York needs developers maybe more than ever, now that office space demand has cratered and there is an urgent (and expensive) need to retool office space into rental living space.
Months before Engoron issued his decision last month, the New York Post reported that for real estate developers, "the ramifications of possibly losing their properties is no joking matter."
Investor and "Shark Tank" host Kevin O'Leary asked on Fox News, "Do you think any foreign institution or any private equity firm or any pension fund would touch New York? No. That’s why New Yorkers should be concerned."
“Canceling business certificates is carte blanche to go after anyone for anything,” one developer told the paper. “I’m not defending Trump. But now they have another tool in their toolbox. Where does it end? It’s a little scary.”
It's a lot scary for people who need to believe that justice is blind before risking millions on real estate, but after today's court filing, they must be thinking, "Escape while you still can."
Recommended: Guess What It Takes to Become a Cop in Nashville Now...
P.S. Escape from the mainstream media's walls by becoming one of our VIP or VIP Gold supporters. You need independent news and analysis and we need to keep the lights on. You can join here and don't forget our massive 50% off SAVEAMERICA promo code.
Join the conversation as a VIP Member