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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAs Trump's businesses struggle, the most profitable asset in his real estate empire is at risk
Vornado's Steven Roth is mulling withholding cash flow from two buildings Vornado co-owns with Trump, which could make Trump sell his stake at a discount.
Feb. 12, 2021, 5:00 AM EST
By Gretchen Morgenson, Cynthia McFadden and Anna Schecter
While Donald Trump undergoes a second impeachment trial in Washington, he is also confronting a potent threat to the crown jewel of his real estate holdings, according to a person familiar with the matter.
The threat, involving a highly profitable real estate partnership that generates significant cash for the Trump Organization, is ratcheting up pressure on the former president as his real estate and hospitality operations struggle under hefty debt and vastly reduced revenues, largely a result of the coronavirus pandemic.
The partnership owns two first-class commercial buildings one on Sixth Avenue in New York City and the other in downtown San Francisco and it is the single most profitable asset in the Trump empire. The Trump Organization owns a 30 percent stake in the buildings, while its partner, Vornado Realty Trust, a huge public real estate concern in New York City, owns 70 percent.
But now Steven Roth, Vornado's powerful founder and chairman, is considering whether to withhold the partnership's cash flows from Trump, said a person familiar with the matter. Such a move would slash the Trump Organization's cash receipts, and it could force Trump to sell his stake back to Vornado at a discount, leaving him with a smaller gain and eliminating a crucial source of cash.
more
https://www.nbcnews.com/news/us-news/trump-s-businesses-struggle-most-profitable-asset-his-real-estate-n1257456
North Shore Chicago
(3,253 posts)remove or dwindle his cash flow. Watch them all squirm, it won't be about lack of morals, it won't be about illegal activities, it won't be his treasonous acts.
Take his money, that is his only power.
llmart
(15,499 posts)You can't hurt someone who's a malignant narcissist/sociopath like he is by public humiliation, embarrassment, or any of the other things a normal person would be affected by. The only thing he's ever had going for him was the money. Do you think any of those people he hung with would have ever had anything to do with him if not for the money? He has no real friends.
So, yes, take away his money. However, I want the whole, slam damn family broke and that includes slumlord Kushner.
Fiendish Thingy
(15,361 posts)If the criminal prosecutions dont get rolling until late spring/early summer, he may be broke by then and not able to even afford a top notch lawyer like Bruce Nebraska is a judicial thinking place Castor...
...and then a big chunk of his loans come due.
Its so sweet when you can see just how the Karma Storm will form...
mahatmakanejeeves
(56,884 posts)I would not have been able to post the thread through all the tears.
crickets
(25,896 posts)WarGamer
(12,103 posts)He claims it's worth $2b which is laughable... I've seen real estimates of $500M
But don't be surprised if some Saudi Investment group comes along and pays him a billion...