Michael Cohen puts up family apartment against bank debts

[pnwmom]

Source: Bloomberg

Michael Cohen, the longtime personal attorney for President Donald Trump who has been drawn into a potentially costly legal battle, has put up his family’s Manhattan apartment as collateral for millions of dollars in loans to his troubled taxi business.

The transaction, outlined in public filings this week, indicates the financial pressure on Cohen is hitting close to home as federal prosecutors delve into a broad range of his business activities, including a hush payment to a porn actress.

As of March, businesses owned by Cohen and his wife owed Sterling National Bank of Montebello, New York, as much as $12.8 million on loans extended in 2014. Those loans were secured by New York City taxi medallions, which have plummeted as much as 80 percent in value since then as Uber and Lyft cut into the cab business.

Cohen and his wife have now pledged their apartment in the Trump Park Avenue -- a 10th-floor spread combining three units -- as additional collateral to the bank, which valued it at $9 million, according to filings of the April 22 transaction.


Read more: https://www.bloomberg.com/news/articles/2018-05-08/trump-lawyer-cohen-puts-up-family-apartment-against-bank-debts

[Mr.Bill]

1. Good.

Now it won't be available to back up his bail when he needs it.

[Bernardo de La Paz]

2. Values of Trump Tower units have been plunging. Nobody wants to buy. . . . nt

[BigmanPigman]

3. GOOD!

And what is he going to put up for his bail and legal bills?

[Flaleftist]

4. SAD

Last edited Thu May 10, 2018, 11:43 AM - Edit history (2)

[FarPoint]

5. I guess all his credit cards are on ," hold"... frozen?

No way to access off shore accounts maybe? Did the FBI raid his mattress stash?

[Wellstone ruled]

8. You are probably right on .

9 million dollar apartment that will sell for 3-4 million on a good day. Location location. Someone posted a story of the Owners in that building figure they lost at least 20% and maybe more of their Values.

[Hekate]

6. Awwww

[deminks]

7. Pootey and the Oilygarchs can bail him out.

[llmart]

9. Cry me a river...

This is what you get when you hitch your wagon to Trump. Will his wife be bawling on national TV like Bernie Maddoff's wife did about not having enough money?

[They_Live]

10. It's okay

he can rest assured in that big fat permanent tax cut, or wait, does he have any money?

[justgamma]

11. Maybe

he should have charged his clients instead of paying their bill out of the goodness of his heart. lol

[Solly Mack]

12. Boohoo?

[salin]

13. Reminder, at first court date after the raid - the dude was so cool under fire...

On Monday his home, hotel room (wtf is that about), and his office was raided. On Friday there was a court hearing. He didn't attend. Instead he hung out with friends....

Link to tweet

?lang=en

It only keeps getting worse for Cohen with each passing news cycle.

This admin is so awful that it is easy to momentarily (seconds = moments) to feel bad for some pretty awful actors.

[KY_EnviroGuy]

14. Anyone else see the irony?

Here we have the attorney for a pResident whose cabinet is arguably the most brutal free-market driven bunch ever, and he's going bust due to free market forces. Go cry on Kudlow's or Mulvaney's shoulder, Michael.

....... ..........

[Maeve]

15. He thought that hooking up with Rump would let him play with the big boys

He didn't see the distinction between being made and being had

[dembotoz]

16. wonder if he has figured out trump does not pay his bills and gets away with it....

hey mike did you really think you could do trumps dirty work and stay clean?