A great twitter thread by Kurt Eichenwald as to how the charges against tfg org will affect his

[PortTack]

Last edited Thu Jul 1, 2021, 07:30 PM - Edit history (1)

Businesses and finances.

He may not go to jail but they may indeed end up flat dead broke

Link to tweet

?s=21

[Hekate]

1. Call in the loans! Call in the loans!

[StarfishSaver]

2. He's facing worse punishment (for him) than prison

[GoCubsGo]

4. Yep. Eddie Murphy's character in "Trading Places" said it best.

The best way you hurt rich people is by turning them into poor people. May his misery follow him to his grave, and the same for his accomplices.

[PortTack]

25. Oh...that is perfect analogy!

[Mr. Evil]

28. That's it.

And Malaria had better lawyer up and file for divorce pronto or she'll be scraping for crumbs.

I can see the headline now; "Former First Lady Returns To Nude Modeling."

[erronis]

29. Fortunately she got her kidneys lifted. Not sure my eyes could bear to watch her bare

More likely putin will recall her to the USSR for reprogramming and repositioning.

[wnylib]

34. I'm thinking that it's probably too

late already for her to salvage anything for herself.

[samnsara]

3. i want to see Eric working at Piggly Wiggly..

[Funtatlaguy]

5. Cleanup on aisle 5. Eric, bring a bucket 🪣. Some kid puked 🤮.

[csziggy]

7. Eric and D Jr. are going to be panhandling outside of Piggly Wiggly

Piggly Wiggly has standards that no one in that family could meet. Low standards, but standards nonetheless.

[NJCher]

8. I'd like to see trump

in a tent under the 405 Freeway overpass.

[wnylib]

35. And people taking pics to post online for laughs.

[obamanut2012]

13. Like they could work a real job and not get fired the first day

[Hugh_Lebowski]

17. Eric, on day one: "What do you mean YOU tell ME when I can take a break?

This is socialism! What? You can't fire me, I QUIT!"

[lunatica]

30. LOL!

[RockRaven]

6. Is one's primary residence protected during personal bankruptcy in FL?

And is that (part of) why Trump changed his permanent address to Perv-a-Lardo -- to retain ownership of it even if everything else fell apart? IIRC, it really is his favorite property.

[NJCher]

10. yes, sadly I am pretty sure

that is the case.

[csziggy]

11. It cannot be his primary residence

I think there might be a case working through the courts - if not, somebody has dropped the ball. When TFG turned it into a club part of the deal with the county was that no one could live there full time or it would lose it's club/business status and have to go back to solely a private residence with the higher single family residential taxation. He is violating that agreement.

[RockRaven]

15. My recollection, though vague, was that the city/county has given up even pretending like the

agreement is enforceable. Perhaps though that was just in the context of preventing him from living there. But they haven't tried to shut it down as a club/business either.

I suppose the real issue is whether a bankruptcy court would recognize it as his primary residence or not. He IS living there, whether or not he pinky-swore not to do so many years ago. I don't know what criteria they use.

[csziggy]

20. He hasn't lived in Florida long enough!

And the property of Mar A Lago is too big! You got me interested and I found this:

When You Can Use Florida's Bankruptcy Exemptions

Although you can file for bankruptcy in Florida after living there for over 180 days (or the greater portion of 180 days before filing), you must live in Florida much longer before using Florida's exemptions. Specifically, you need to live in Florida for 730 days before filing the bankruptcy petition. Otherwise, you'd use the previous state's exemptions.

Suppose you weren't living in any one state during the two years before filing for bankruptcy. In that case, you'd use the exemptions of the state you lived in for most of the 180 days before the two-year period that immediately preceded your filing. (11 U.S.C. § 522(b)(3)(A).)

Florida's Homestead Exemption

Florida has one of the most generous homestead exemptions in the country. You can exempt an unlimited amount of equity in your home or other property covered by the homestead exemption as long as the property isn't larger than half an acre in a municipality or 160 acres elsewhere.

Before claiming the homestead exemption in Florida, you must have owned the property for at least 1,215 days before the bankruptcy filing. If you can't meet this requirement, your homestead exemption is limited by federal law. (Fla. Stat. Ann. § 222.01-02)
More: https://www.nolo.com/legal-encyclopedia/florida-bankruptcy-exemptions-property-assets-bankruptcy.html

[yonder]

21. Yes, that was the way I understood it too, but....

....I recently read somewhere (here I think, but can't source it) that Palm Beach wiggled around that agreement by declaring TFG an employee of Mal-a-Lardo and by some weird logic, makes TFG not subject to that non-residency agreement. I think I got the drift right, if not the details.

I always wondered how they got around allowing him to vote in Palm Beach as a resident, if he cannot legally be a resident by that original development agreement. Sounds like some more actual voter fraud that should be investigated by that crack Guilliani team.

[csziggy]

22. Oh, the Supervisor of Elections for the county didn't want to get into it with the then president

Or apparently now with a former guy.

But it still means he cannot get homestead exemption or protect that property as his homestead if he has to declare bankruptcy.

As for his residency at MAL, I thought some of the neighbors were going to sue to force the county to enforce their agreement. But I have not tried to keep up with all of that.

[csziggy]

16. Mar A Lago is still under the ownership of the club: MAR A LAGO CLUB INC

He can't get homestead exemption or declare a homestead for a corporate owned property.

Previously I looked and he has several Limited Liability Company owned properties close around Mar A Lago. If he wanted to have a residence that could not be taken away, he should have "purchased" one of those and gotten the tax break and protection of a homestead from creditors by taking it out of the company.

I never thought he was a very good businessman and this proves it.

He is endangering the status of Mar A Lago as a going business by moving into it full time - which is against the covenants he agreed to with the county. This is really, really stupid.

[RockRaven]

18. Excellent info, thanks! eom

[obamanut2012]

19. Yes, our primary resdience cannot be taken

Which is a good thing, not a bad thing.

Any other residences have a chance of being seized.

[GeoWilliam750]

23. Does he own it directly - in which case he might have the tiniest of a fig leaf

Or is it owned by a corporate entity about to go bankrupt, in which case, he might not.

It is hard to see him being willing to personally wear the potential liability of directly owning such a club.

[malaise]

9. Thanks

You should change effect to affect

[PortTack]

26. Thx...updated

[stillcool]

12. I wonder how the Deutsche Bank

is faring through all this.

Trump’s Deutsche Bank Loans Appear To Be In Trouble
Dan Alexander
Senior editor at Forbes, covering Donald Trump's business.
=========
A Deutsche Bank representative declined to comment on the record for this story. The bank has been in a similar situation with Trump previously. In 2005, the lender agreed to extend him $640 million so that he could build a 92-story skyscraper in Chicago. Trump opened the building in 2009, while the world was still reeling from the Great Recession. One day before the Deutsche Bank loan matured, Trump sued the bank for $3 billion in damages, claiming it had helped cause the financial crisis.

Eventually, the two parties made up, and the bank agreed to loan Trump more money against the property. As the country now contends with another crisis, the building appears to be in trouble once again. So does an estimated $45 million of outstanding Deutsche Bank debt, which comes due in 2024.
https://www.forbes.com/sites/danalexander/2020/12/02/trumps-deutsche-bank-loans-appear-to-be-in-trouble/?sh=4e7c30b11e1f

[erronis]

31. Since Deutsche Bank is mainly a conduit for putin/oligarch money, I'm sure they'll print some more

greenbacks and float them through a few other captured holdings and back into circulation.

Amazing how much cold cash flows through casinos and real estate and comes out smelling like nice old money.

[wnylib]

36. I've been wondering about this, whether

his Russian pals will rescue him or whether they will decide to let him crash because he is of little use to them any more now that he's out of the White House.

I think their reaction to this will depend on whether he has any further political value to them and to Puti.

[Deminpenn]

14. On CNN and MSNBC there was a lot of

wondering why the organization was indicted since it's an inanimate entity. But that overlooks the fact that Trump and the Trump Organization are nearly one and the same.

[BumRushDaShow]

24. Here's a link to the unrolled thread

https://threadreaderapp.com/thread/1410676547124707336.html

The last part of it was interesting -

(snip)

Which brings us to today's charges...8
...all bank loans with a business come with "lending covenants." These are basically a series of requirements, some of which include "you'll behave" in minor character. But *the most important part* of any loan covenant is the "books and records" portion. It is included in.../9

...every covenant for a bank loan to a business. The terms are simple: You maintain truthful books and records, you attest to us that they are truthful, and we are allowed to review them at any time. There is no "You can lie *just a little bit* on your books and records".../10

...it's all or nothing, like pregnancy: You either are or you arent. The books and records either are truthful or they aren't. Which brings us to count 12, which I think you can now understand the significance of:



...Forget Weisselberg. That is every every corporate defendant, every entity that could have a loan covenant in its name. Every Trump Org bank lender in the world, right now, is looking at this indictment, looking at their covenants, and calling the Trump Org demanding.../12

...they turn over every relevant book and record pertaining to these issues. If they refuse...BOOM. Loans pulled. If they do and the banks don't like what they see...BOOM. Loans pulled. If the loans come due (which 100s of millions do next year) no way they get refinanced..../13

...there may be something I am missing here, but I do not see how the Trump Org survives this without some sort of corrupt deal overseas. But even that seems far-fetched. Instead, it may be the biggest real estate corp bankruptcy in history..../14

[wiggs]

27. Trump org doesn't survive '...without some sort of corrupt deal overseas.' My bet is that he's in

bed with so many corrupt individuals and organizations and countries that they will have to keep him afloat in order to protect their secrets. members of a criminal enterprise all own each other, and I doubt Trump would hesitate to ask for a few tens of millions from SA, Qatar and others to keep the peace in their countries.

In addition to side deals he had going, he had the power of the federal government behind him and likely found out a whole bunch of interesting information about the NRA, elected officials, and others overseas.

The grifter will continue to grift until his last day, regardless of Trump Org solvency.

[erronis]

32. Beware the Diet Coke laced with polonium. Every budger should be suspect.

DJT -

Your Secret Service detail is really tailing you, not protecting you.

Don't stand near windows. Don't expose your barn-wide body to possible dart guns and drones!!!

Don't breathe the air that some suicide crazy has held in their lungs until they can scream in your face:
MAGAT

(Oh, and don't worry about your supposed spawn trying to hasten your demise. They are all too incompetent to even save their own souls.)

[Joinfortmill]

33. Oh, boy. Pass the wine.