"What he actually
owns at Trump Tower is 'the parking garage, the valet booth, room-service kitchens, lobby bathrooms, a restaurant space, and one unit.' That’s his apartment.... His basic model is that he goes to a city, lines up money to build the building... essentially licenses his name to operation, builds it and then gets what amounts to an ongoing residual in the form of some kind of servicing contract tied to the structure. You sell the units to a mix of people who are wowed by the Trump name and others from Russia and Saudi who want to park their money through a blind LLC..... [W]hat he does own is by design deeply intertwined with the real stuff that other people own.... The stuff he actually owns owns is the stuff [Letitia] James is going after — golf courses, big houses...."
Writes Josh Marshall, in
"We Have Met the Enemy and He Owns the Valet Booth at Trump Tower" (TPM).
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41 comments:
So Josh Marshall calls Trump the enemy when the government is actively targeting him?? Maybe he should read this article that describes him and others on the left to a TEE.
They claim this is Trump, when it is actually Biden and the Intel agencies who are in cahoots together to GET TRUMP, because he is the only one telling us the truth about what they are doing.
https://www.psychologytoday.com/us/blog/your-personal-renaissance/202009/why-do-people-follow-authoritarian-leaders
How much space in the minds of the individuals responsible for providing the copy within these linked publications is owned by Trump? I am confident in my belief that it is far more than any of them would acknowledge.
They can't evict him by themselves. They need your help. Where is your compassion?
It's all your fault, dear reader. Make it go away.
How kind of the fascist left media to do all this work gratis for the NYAG. Normal people of all stripes recoil at the games being played with people’s lives just to Get Trump. This is your stark reminder that the activist journalists cheering the bullshit on are in no way “normal.” If you have contempt for them already you now know it wasn’t intense enough. They deserve more contempt as their business model swirls round the drain. “Learn to code,” indeed.
essentially licenses his name to operation, builds it and then gets what amounts to an ongoing residual in the form of some kind of servicing contract tied to the structure.
Marshall means Trump loans his brand name to add value. Marxist are arguing that this is one more shady thing that Trump does.
Trump: Meep! Meep!
the stuff [Letitia] James is going after — golf courses, big houses
That would require other states to go along with NY’s insanity.
Need evidence that your contempt for the fascist Media Machine is shared by your fellow Americans? From today’s PowerLine blog:
60% of Likely U.S. Voters agree that the media are “truly the enemy of the people,” as Trump said in 2019, including 30% who Strongly Agree. Thirty-six percent (36%) disagree, including 21% who Strongly Disagree.
That’s from a Rasmussen survey that also found the majority of the public agreed Trump’s bloodbath comment was in reference to the auto industry. By nine points! That is landslide territory if we were talking elections. Even a solid minority slice of committed Biden voters aren’t buying the Party line on that comment.
So articles like the three Althouse linked are increasingly viewed as “dictated by the Biden campaign” to a willing activist Media. Need proof:
Among all Likely Voters, 63% believe it is likely that the major news media’s political coverage is dictated by talking points from the Biden campaign, including 42% who say it’s Very Likely.
“Likely voters.” Same source as above. Almost two thirds think Josh Marshal et al are fascist transcribers taking dictation from a Dictator. As in one who dictates.
Good work, Americans. I’m proud of your discernment.
Squint at these .. and I'm wondering if we're seeing some pre-post-mortems like the Glenn Thrush piece linked yesterday, at least to the extent that the Democrat fever swamps are going to wonder why Trump isn't likely to pull a McCain and suspend his campaign on Monday.
What they are describing, “what Trump owns”, is what someone owns when they own condo building. The developer. They own it…
Are liberals so disconnected from the rudimentary language of finance they need this explained? Perhaps its the trick to get the dopamine flowing and gratifying liberals by claiming he doesn’t really own things yet we’re going to take the tings he doesn’t own…
BTW- that naming right thing- the big letters on the outside of the building, some savvy people were willing to pay big sums to use it, and it paid off for them…
Too bad Trump didn’t earn his millions respectably by selling influence to corrupt foreign governments like the Bidens did.
rehajm
We are going to hear, shortly, from those elite legal minds, Mark and Rich, to tell us how this is fraud.
Here's what I see out of this entire thing: Lefties cannot hide their glee at the State confiscating private property and private bank accounts. It's all fun and games until the State comes for their stuff. And they will.
We are always one election away from another Great Leap Forward in this country.
I wonder what Josh Marshall thinks is happening in every large building- whether it house businesses or residences- around this country, around the world. How does he think this works?
and others from Russia and Saudi who want to park their money through a blind LLC.
I suppose he has evidence for this and isn't just trying to invoke blind xenophobia and racism among his readers.
"...you sell the units to a mix of people who are wowed by the Trump name and others from Russia and Saudi..."
Purely speculative bigotry, xenophobia and innuendo. Just what one would expect. As if nobody else would want to live at one of the prime locations in NYC.
Question for our hostess, or any other lawyer: Can NY go after properties outside of NY? Would it depend on whether or not the other states cooperate?
dbp - IANAL but I've seen the question answered on other threads.
James would need to petition the local authorities to enforce the NY judgement in other states and would likely need to comply with their rules on what assets can be seized.
Not saying they wouldn't assist her but it's another hurdle.
No matter - the corrupt evil left can kick out the owners and fill it will illegals.
win win.
Democrat Party members just love being part of a lynch mob.
Does anybody really know what will/should happen after New York State seizes all of these properties in and out of the state?
Many of the seizures, especially the ones with complex titles, will be tied up in various courts in different states?
Then the verdict is overturned or vastly reduced under the 8th Amendment?
And all of this while the wronged party is the President of the United States, and the Supreme Court has 3 (or more) members that have been appointed by him?
Could get complicated.
Journalists and career politicians learning how business works in the real world - should be fun.
I would be amazed if Trump personally owns any of these large scale properties. Most likely, there are corporate entities in which Trump owns shares or interests. A verdict against Trump personally results in the State being able to get at his interests, but short of proving in a new court proceeding that such corporate entities are sham alter egos ("piercing the corporate veil"), I can't imagine that New York can quickly grab anything but Trump's personal condo and dwelling. Presumably, there are bank mortgage holders that would vigorously contest any such proceeding. Same with the $500 million: most of it is likely operating cash of the corporate businesses owning the big properties. Will the State demand that every Trump-owned corporation stop paying employees and suppliers, forcing them into bankruptcy so that it gets its pound of flesh?
@dbp: The Full Faith and Credit Clause of the Constitution generally requires states to recognize the judgments of the courts of other states. There is an implied exception for public policy reasons, which probably does not apply here, although I would expect Trump to try to litigate it. Anyway, the short answer is that if you have a judgment from a New York court, under the Constitution you have the right to file that judgment in another state and exercise whatever rights judgment creditors have in the other state against property of the judgment debtor.
Latitia James might move to seize the vast amount of real estate Trump owns in little low IQ Joshy Marshall's head.
The nature of Trump's holdings in New York is going to make seizure problematic for James- the seizures will likely damage the value of jointly owned properties themselves and could open the state to federal lawsuits for that damage.
There's an old observation that people planning a crime get every detail correct up to the point of actually committing the crime. Then, they draw a blank because they don't think to plot their getaway or a strategy for dealing with the consequences.
The endless attacks on Trump to "finally get him" echo this failing. A dog has no idea what to do, and can do nothing meaningful, after it finally catches the mail truck. Wait for the U-turn.
Some people want to live there because it's a great location and the views are nice.
I love the Russian and Saudi slur.
Is this method of making money foreign to the left?
If his buildings are seized, I can't imagine any sane developer staying in Manhattan unless they are democrat lapdogs already.
Fuck the “Full Faith and Credit Clause”. The Democrats have chosen to make this a post-Constitutional nation. We should give them the fullest possible joy of it.
DeSantis would be well served for the 2028 Presidental contest by spearheading an effort to rewrite Florida law in such a way that rapacious left wing states like New York will not receive any cooperation at all. They could start by preventing recognition of any purely civil regulatory actions, as the Trump case purports to be, if there was no due process via jury trial before a fine was imposed. Would it get past the Supreme Court? Who gives a shit. Do it anyway, then pass it again if the Supremes overturn it. That seems to be how the communist states are treating the Bruen decision on gun rights.
It is time for every state that is in a position to do so to declare total war on the Democrat enemy occupiers. I want them to do anything they can to inflict harm on the Left, and ignore all the archaic niceties of civility, collegiality, fairness, or Constitutionality.
This is how business operates in China.
If you go against the Regime there Xi has you arrested takes your stuff and gives it to cronies.
People that support this are enemies of freedom. You will be treated as such.
I would guess that most of the famous national and international brand named hotels aren't owned by the branded name, but managed by them. This is normal.
Hey Achilles. How's it hanging? Still rocking the carnivore training table?
Douglas Levene,
If James tries that, it provides the pathway into federal court. I don't think she is that stupid, but she could be.
James would need to petition the local authorities to enforce the NY judgement in other states and would likely need to comply with their rules on what assets can be seized.
Not saying they wouldn't assist her but it's another hurdle.
=================
would that also give Trump another shot at opening up the case/judgment for review?
@Hasslayamper: I doubt Gov. DeSantis will take your advice since he presumably took con law once upon a time and knows that the FF&C is enforceable. The case would never get to the Supreme Court since the law is clear and the lowest trial judge would toss any such law out. Could Trump try to convince the Florida courts that the New York civil judgment against him was so void of due process that it should not be recognized, like a judgment from a South African or Chinese court? Sure, and maybe that would delay things for a couple of weeks, but the result wouldn’t change.
Trump’s best hope might be this: If Trump is elected, and if Trump loyalists control both houses of Congress, then Congress could pass a law under the part of the FF&C that says, “And the Congress may by general laws prescribe the …Effect [of other state judicial proceedings.]” Such a federal law could target the New York statute specifically and say that judgments under it need not be given full faith and credit.
“Marshall means Trump loans his brand name to add value. Marxist are arguing that this is one more shady thing that Trump”
It’s not a “loan”, but a license, that the Trumps can charge money for using.
We live in one of those properties (in Las Vegas). The Trumps own several of the units on the top floor, where they stay when in town. The boys are here with some regularity, and Eric is the one most involved in running it. Don Jr shows up every year for the SHOT show (the premier gun show in the country), Ivanka showed up a couple months ago when a new high end resort opened in town, and PDJT stays here when he is on the west coast. That’s always a zoo, security goes from 8 hr to 12-14 hr shifts, barricades go up on the street (half owned by the Trump property, and the other half by the shopping center across the street). My partner always knows when he is coming a couple days in advance because she knows some of the Secret Service advance team. Sometimes we see him, sometimes he comes or goes through the valet parking garage. This fall, he had lunch in the DJT restaurant downstairs, and I got a lot of photos of that. Then there was the time when my partner tried to get me downstairs by noon, and I dawdled. We were blocked for 15 minutes at the bottom of the elevator, until he want by, stopping to wave (she thought for her). Turns out that he had just spent 20 minutes in the lobby talking to people and getting photographed with them.
This is a hotel and condo only property. The plan was to build a second tower next door with a casino downstairs. But they couldn’t get a gaming license, apparently because it had been sold to the city as hotel and casino only. I have suggested that they should have hired one of Harry Reid’s boys to grease the skids. They are very successful in that regard (I had one in my firm when I was working up by Reno). In any case, the timing wasn’t good, so only about half the units were sold. The rest were rented as hotel rooms (and the unit owners can put their units in the rental program, as long as they retain their original decorating, etc). Presumably, those unsold units are owned by a Trump company. Starting late last summer, they started to sell them off again, but slowly, to maintain property values.
There was a lot of foreign, esp Chinese, money in ownership of the units. Not that many MAGA fans. But that is rapidly changing. It’s a nice place to stay in Las Vegas - large rooms, elegant common areas, great (expensive) restaurant, friendly staff, and really fast elevators (faster to do 40 floors there, than 2 in most elevators). No more expensive than other comparable rooms in Las Vegas, but significantly bigger. Surprising how many MAGA people, starting a couple months ago, stay because of the name, love it, and look into buying.
8th Amendment is also taught in Con Law.
I wonder how the NY AG would have been ignorant of NY condo and rental laws?
Is IP, copyright or trader mark considered the same as physical property for seizing purposes?
Why not seize the rights to his name and then make the city lots of money off of it above the $500M?
Back in the 80s or 90s soldier of fortune was a widely sold magazine catering, supposedly to mercenaries an teenage lads wh wanted to pretend they were mercenaries.
They got sued. Iirc for something that happened to someone because of a classified ad.
The court ruled against and awarded some big judgment.
Came time to collect it turned out that the magazine, as the entity that had been sued owned some postage stamps and spare change in the sofa cushions.
But nothing else.
Even the magazine name was rented. As was the subscriber list.
Istr that some settlement was reached but it was pennies on the dollar.
I've not seen the magazine in decades but it is apparel stiil in business at www.sofmag.com
I understand that some doctors do something similar with their practices when they can't get malpractice insurance.
I wonder if we'll find that our president emeritus has done something similar?
John Henry
I wondered about the name too. If it is sizable would it have the same value without the donald trump connection?
I tried to explain to the owners of John Henry branded clothing how much more valuable it would be if we were affiliated via a license.
They say they do OK as is and refuse to pay for a license.
Screw 'em. Cheap clothing, cheap company anyway.
John Henry
@That'sGoingToLeave: I don't think that the AG can seize intellectual property to satisfy the judgment. I think it's like real estate -- she can have the sheriff sell it at a public, advertised auction, and she would get the net proceeds (after the sheriff's 5% plus expenses) up to the amount of the judgment and any excess would go to Trump.
“@That'sGoingToLeave: I don't think that the AG can seize intellectual property to satisfy the judgment. I think it's like real estate -- she can have the sheriff sell it at a public, advertised auction, and she would get the net proceeds (after the sheriff's 5% plus expenses) up to the amount of the judgment and any excess would go to Trump.”
It’s not IP in general, but the difference between patents and copyrights on the one hand, and trademarks and trade secrets on the other. Patents and copyrights have ownership interests similar to real property. For patents, the big difference is that recording of title and liens is with the USPTO, and not the local county. It used to be Race/Notice, but the agency has issued (very) new recording rules that may have tweaked that a bit. The problem with Trademarks is that you can’t sell them, because their purpose is to associate a good or service (e.g. Trump) with a mark. So, instead of selling the TM itself, you sell the business that it identifies.
Real life story, that I was peripherally involved in. 30+ years ago, I had dealings with some of the people involved in the Cult Awareness Network (CAN). It was operated on a shoestring, and tried to warn people about the evils of cults, and provide resources for deprogramming from them. They made the mistake of identifying Scientology as a cult. Big mistake. Many, including me, believe that they are a cult. Nevertheless, they sued for, I believe, defamation. Truth and opinion are defenses to defamation claims? Only if you have money to defend yourself. Scientology has very deep pockets. CAN had almost no money. So, they lost. The Church of Scientology (etc) executed on their quite large judgement, and got everything that they could. This included their 800 numbers. Shortly after that, if you called CAN’s published 800 numbers, trying to get out of a cult, you would get a salesperson, selling you on the joys of Scientology.
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