The diocese and its parishes want abuse litigation against parishes to be put on hold for at least another 90 to 120 days so mediation discussions can progress without the distraction of having to defend against potentially hundreds of lawsuits in state courts.
Thousands of wealthy retirees are ditching Florida and now choosing to spend their golden years in Appalachia instead – but not everyone is happy about it.
With its warm weather and low tax burden, the sunshine state has long been known as the retirement capital of the US.
Yet Southern Appalachia, known for its stunningly beautiful views, is increasingly giving Florida a run for its money, Wall Street Journal reported.
The population in counties in southern Appalachia designated as retirement or recreational areas grew by 3.8 percent between April 2020 and July 2022 – more than six times the national average, according to Hamilton Lombard, a demographer at the University of Virginia.
But while older populations are attracted by cheaper living and housing cost, lower crime levels and pleasant weather with fewer hurricanes, some locals are furious about the impact this influx is having on property prices, traffic and even restaurant bookings – with one resident saying ‘they should go back to where they came from’.
Southern Appalachia is becoming a thriving retirement community due to an aging and affluent population, but some local services are struggling to keep up
Helen (right), born and raised in Dawson, is not pleased with the influx of transplants moving to her rural neighborhood
Pictured: A map of Southern Appalachia in relation to the rest of the United States
Ed Helms, 75, and his wife moved from Panama City Beach, Florida to a gated community, half of it in Dawson and half in a neighboring county, to escape natural disasters, congestion, and the rising cost of living.
‘Our property insurance was going sky high,’ Helms, who worked in mergers and acquisitions, told the Wall Street Journal.
‘We got tired of being unable to find a place to sit in restaurants. Everything was getting out of reason. We wouldn’t go back for anything.’
People like the Helms are often referred to as ‘halfbacks’ – a nickname for those originally from the Northeast and Midwest who moved to Florida before eventually settling somewhere in the middle.
The trend back in the early 2000s and then slowed during the recession – but has now picked up again in earnest.
Gayle Manchin, the The Appalachian Regional Commission’s co-chair and wife of Democratic Senator Joe Manchin, told WSJ she believes the pandemic has fueled the retirees’ interest in moving back to more isolated, nature-filled areas.
According to Lombard of the University of Virginia, who has been tracking the pattern, an average of 328,000 individuals from other regions of the country have relocated to the five-state region of Georgia, Alabama, North Carolina, South Carolina, and Tennessee annually since 2020.
The Georgia county of Dawson has proven particularly popular, reporting a 12.5 percent population increase from 2020 to 2022, according to estimates by the U.S. Census Bureau.
But this huge influx has put enormous pressure on local services, leaving some lifelong residents like Helen Anderson unimpressed.
Anderson was born and raised in Dawsonville, Georgia, her family making ends meet by farming chicken and selling moonshine from the foothills of the Blue Ridge Mountains in Atlanta.
‘They ought to go back where they come from,’ she told the Wall Street Journal when discussing the newcomers.
Manchin told the WSJ that demand for affordable housing has skyrocketed as more workers are needed to serve the influx of halfbacks.
The migration of these wealthy retirees has spread governments thin as they trying to extend healthcare, housing, and other services to its citizens, she added.
But chairman of the Dawson County Board of Commissions Billy Thurmond noted that some of people who stop him to complain about the traffic and development are ironically the same people who moved to the county in recent years.
‘People who have moved here now want us to put up a gate and stop anybody else from moving here,’ he told WSJ. ‘It doesn’t work that way.’
County Manager Joey Leverette said medical calls to eldercare facilities in the county are also taking up resources. For that reason, county officials are considering splitting up staff to dedicate some to just emergency calls, freeing up teams to respond to fire calls.
‘It’s a game changer,’ Leverette told WSJ. ‘If we don’t get the funding, we’ll just have to keep plodding along as best we can.’
An average of 328,000 individuals from other regions of the country have relocated to the five-state region of Georgia, Alabama, North Carolina, South Carolina, and Tennessee annually since 2020
The population in counties in southern Appalachia designated as retirement or recreational areas grew by 3.8% -more than six times the national average -from April 2020 to July 2022
The demand for affordable housing has skyrocketed for the influx of new workers serving the halfbacks moving in
County Manager Joey Leverette said medical calls to eldercare facilities in the county are taking up resources
Retirees are leaving Florida in droves due to increased cost of living, natural disasters, and congestion
Southern Appalachia has been known for its rural and serene nature
The U.S. Census Bureau has projected further development for the county, according to a piece that the weekly Dawson County News recently shared on Facebook.
One person commented: ‘The entire south and southern living is being ruined.’
Linda Bennett, 81, has lived in Dawson County. Now that she is widowed, she resides in a home close to Georgia Route 400. She cherished being in the country, but she worries that North Georgia will never be the same with so many newcomers.
‘It has grown so much; it is just unreal,’ she told WSJ. ‘With all the houses and apartments they’re building, it’s not going to get any better. How could it?’
After her husband died, Delaware native Karen Rickards, 73, moved from Tallahassee, Florida to Dawson, Georgia.
A halfback herself, she is wondering how much more growth Dawson County can handle.
‘They are building house after house after house,’ she told WSJ. ‘Atlanta’s moving up here, no doubt.’
SINGAPORE: A woman who was facing bankruptcy cheated her boss at a real estate firm into giving her a total of S$3.7 million (US$2.8 million), including his life savings and the sales proceeds of two of his properties.
The 69-year-old man later borrowed from his niece to keep handing money to the woman, and now stays in a rented home with his wife.
Lynn Charlotte James, a 47-year-old Singaporean, was convicted of five counts of cheating on Monday (Mar 4), with several other charges to be taken into consideration.
She pleaded guilty midway through her trial, which was delayed after she claimed she was suffering an asthmatic attack and could not breathe.
The court heard that James began working at the unidentified real estate firm around 2006, reporting to the victim.
In 2008, she began having financial difficulties and faced bankruptcy.
She devised a plan to cheat the victim, whose name was redacted from court documents.
James told the victim that she had become bankrupt and lied to him that the Insolvency and Public Trustee’s Office (IPTO) had retained funds in her bankruptcy estate.
She asked the victim to help her pay various purported fees to IPTO so that IPTO would release the funds to her.
The man believed James and gave her sums of money. As time passed, James demanded more and more cash from him, telling him that she would return him all the money he had given her once IPTO released the funds in her bankruptcy estate.
The victim was convinced that he had to keep transferring money to James, as she said she could not return the money he had already given her if IPTO did not release her funds, and he wanted to recover the substantial sums.
James also created fictitious emails from government agencies such as IPTO and the Ministry of Law to corroborate her lies.
In the forged emails, the government agencies purportedly demanded various fees payable to IPTO.
James also created fake emails from the Attorney-General’s Chambers and judges such as Chief Justice Sundaresh Menon asking her to continue paying fees to IPTO.
She told the victim that if he stopped paying money, the funds he had already sunk in would be confiscated and he would not be able to get his money back.
She warned him not to report the matter, saying that IPTO would confiscate her funds if they found out he was helping her and he would not be able to get any money back.
For more than nine years between May 2008 and October 2017, the victim transferred S$3,677,537.03 to James over 2,253 transactions.
He depleted his life savings to give money to James and also took money from his wife.
He and his wife sold two of their properties to raise funds to give to James, and they now stay in a rented home.
When the man and his wife ran out of money, he resorted to borrowing money from his niece. The niece eventually flagged the case to the authorities.
James used the money to repay her loans from moneylenders and to settle her personal expenses. She has not made any restitution.
She will return to court for mitigation and sentencing on Mar 12.
Republican presidential candidate and former U.S. President Donald Trump speaks during a Fox News town hall at the Greenville Convention Center in Greenville, South Carolina, on Feb. 20, 2024.
Justin Sullivan | Getty Images
Donald Trump is racing to stave off a pair of civil penalties totaling nearly $540 million, without having to first put up the full amounts in cash or bonds.
The former president’s lawyers claim that he would face “irreparable” harm if required to fully secure his judgments in order to keep them from coming due, and might even have to quickly sell off properties that can’t be rebought.
They also say Trump can’t simply post a cash deposit — at least not in his New York civil business fraud case, where he is facing $454 million in fines and interest alone.
“No one, including Jeff Bezos, Elon Musk and Donald Trump, has five hundred million laying around,” Trump’s attorney Chris Kise told an appeals court judge last week.
But legal experts say there’s another option that Trump’s lawyers haven’t mentioned in the court filings: Trump could offer up some of his properties as collateral to borrow what he needs — potentially from private equity sources.
There are “lots of private lenders out there in the debt markets and private equity markets that could lend” to Trump, said Columbia University law professor Eric Talley.
“In all cases, the loans would probably have to be secured with Trump properties, but if there is enough equity in some of them, he should be able to obtain secured credit, even on a compressed timeline,” Talley said.
In this courtroom sketch, former U.S. President Donald Trump looks on as his attorney Alina Habba delivers closing arguments during E. Jean Carroll’s second civil trial in which Carroll accused Trump of raping her decades ago, at Manhattan Federal Court in New York City on Jan. 26, 2024.
Jane Rosenberg | Reuters
The professor underscored the irony of Trump using his real estate to fight a lawsuit in which he was found liable for fraudulently inflating his property values for financial gain.
Any loans “would themselves involve making declarations of the value of the property — and that of course is what got him into this mess to begin with,” said Talley.
But accurately appraising the value of Trump’s assets is not a serious obstacle. As Trump’s lawyers noted during the fraud trial, the institutions that have lent him money already have conducted their own analyses of Trump’s finances, and did not rely solely on the claims at issue in his financial statements.
A more important factor could be whether Trump’s real estate assets are already mortgaged, said law professor John Coffee.
“He would have to come up with clean real estate property that is not already securing something that some other bank has a lien on,” Coffee said.
“Does he have that property? I can’t tell you.”
What Trump owns
As of late January, the Trump Organization comprised 415 entities, according to Barbara Jones, a retired federal judge tasked with monitoring the company’s finances.
Of those, Jones identified 70 operating entities that generate revenue. That includes long-term leases of buildings such as 40 Wall Street, commercial office space on 13 floors of the 58-story Trump Tower, plus the Trump National Doral Miami resort.
In New York City, the value of Trump’s real estate holdings totals $690 million, according to a September 2023 estimate by Forbes. Some of the most prominent buildings that bear Trump’s name in the city are largely owned by other entities.
New York Attorney General Letitia James, who brought the fraud case, said she would seize Trump’s real estate assets if he cannot pay his civil penalty.
“There’s absolutely no reason for the New York attorney general to be kind and gentle to him if he doesn’t post the bond,” Coffee said.
A view leading into Trump National Doral in Miami, Florida, on April 3, 2018.
Michele Eve Sandberg | AFP | Getty Images
Trump said in a deposition last year that he had “substantially in excess of $400 million in cash.” But his lawyers claimed last week that, if Trump is forced to secure the full $454 million penalty, “properties would likely need to be sold to raise capital under exigent circumstances.”
They instead offered to post a $100 million bond, but New York appeals court Judge Anil Singh rejected the proposal.
Unless a full appeals court reverses Singh’s decision, Trump has until March 25 to post an “undertaking” — cash or bonds — covering the entire penalty in order to stop it from taking effect during his appeal.
Trump has also asked a federal judge to delay another fast-approaching deadline to pay an $83.3 million penalty in E. Jean Carroll’s civil defamation case.
Carroll’s attorneys argued that Trump’s request “boils down to nothing more than ‘trust me.'”
Trump’s next move
If Trump does attempt to sell assets to meet his undertaking, he won’t have much time to get it done.
He would have to hire a broker to market his properties, and any deal would have to close to free up the cash to use toward a bond, said Neil Pedersen, owner of New York-based bond agency Pedersen & Sons.
“There could be opportunistic buyers approaching him as well,” Pedersen noted.
So far, Trump has given no indication that he is moving in that direction.
“There are no sales planned or contemplated,” Kise told CNBC in an email before Singh’s ruling. “So no appraisers hired, no steps taken, etc.”
The Trump Tower on 5th Avenue is pictured in the Manhattan borough of New York City on April 18, 2019.
Caitlin Ochs | Reuters
After Singh ordered Trump to pay the full penalty, Kise and Trump’s other attorneys did not reply to questions about whether they were now preparing to sell off properties.
Coffee said Trump “can very likely” get a loan to help him meet his undertaking. That’s in part because Singh temporarily halted another penalty that would bar Trump from applying for loans from New York registered lenders.
Moreover, said Coffee, Trump is well-known within New York financial circles, so he is “not going into a market with strangers.”
“The real problem is, can he give the banks enough collateral that they’re satisfied?”
Talley agreed. “There is a lot of ‘dry powder’ out there — not just with banks, but also in non-banks,” he said.
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Republican presidential candidate, former U.S. President Donald Trump speaks during a Fox News town hall at the Greenville Convention Center on February 20, 2024 in Greenville, South Carolina.
Justin Sullivan | Getty Images
They also say Trump can’t simply post a cash deposit — at least not in his New York civil business fraud case, where he is facing $454 million in fines and interest alone.
“No one, including Jeff Bezos, Elon Musk and Donald Trump, has five hundred million laying around,” Trump’s attorney Chris Kise told an appeals court judge last week.
But legal experts say there’s another option that Trump’s lawyers haven’t mentioned in the court filings: Trump could offer up some of his properties as collateral to borrow what he needs — potentially from private equity sources.
There are “lots of private lenders out there in the debt markets and private equity markets that could lend” to Trump, said Columbia University law professor Eric Talley.
“In all cases, the loans would probably have to be secured with Trump properties, but if there is enough equity in some of them, he should be able to obtain secured credit, even on a compressed timeline,” Talley said.
In this courtroom sketch, former U.S. President Donald Trump looks on as his attorney Alina Habba delivers closing arguments during E. Jean Carroll’s second civil trial in which Carroll accused Trump of raping her decades ago, at Manhattan Federal Court in New York City on Jan. 26, 2024.
Jane Rosenberg | Reuters
The professor underscored the irony of Trump using his real estate to fight a lawsuit in which he was found liable for fraudulently inflating his property values for financial gain.
Any loans “would themselves involve making declarations of the value of the property — and that of course is what got him into this mess to begin with,” said Talley.
But accurately appraising the value of Trump’s assets is not a serious obstacle. As Trump’s lawyers noted during the fraud trial, the institutions that have lent him money already have conducted their own analyses of Trump’s finances, and did not rely solely on the claims at issue in his financial statements.
A more important factor could be whether Trump’s real estate assets are already mortgaged, said law professor John Coffee.
“He would have to come up with clean real estate property that is not already securing something that some other bank has a lien on,” Coffee said.
“Does he have that property? I can’t tell you.”
As of late January, the Trump Organization comprised 415 entities, according to a retired federal judge tasked with monitoring the company’s finances.
Of those, Jones identified 70 operating entities that generate revenue. That includes long term leases of buildings like 40 Wall Street, commercial office space on 13 floors of the 58 story Trump Tower, and the Trump National Doral Miami resort.
View leading into Trump National Doral in Miami, Florida on April 3, 2018.
Michele Eve Sandberg | AFP | Getty Images
In New York City, the value of Trump’s real estate holdings totals $690 million, according to a September 2023 estimate by Forbes. And some of the most prominent buildings that bear Trump’s name in the city are largely owned by other entities.
New York Attorney General Letitia James, who brought the fraud case, said she would seize Trump’s real estate assets if he cannot pay his civil penalty.
“There’s absolutely no reason for the New York attorney general to be kind and gentle to him if he doesn’t post the bond,” Coffee said.
Trump said in a deposition last year that he had “substantially in excess of $400 million in cash.” But his lawyers claimed last week that, if Trump is forced to secure the full $454 million penalty, “properties would likely need to be sold to raise capital under exigent circumstances.”
They instead offered to post a $100 million bond, but New York appeals court Judge Anil Singh rejected the proposal.
Unless a full appeals court reverses Singh’s decision, Trump has until March 25 to post an “undertaking” — cash or bonds — covering the entire penalty in order to stop it from taking effect during his appeal.
Trump has also asked a federal judge to delay another fast-approaching deadline to pay an $83.3 million penalty in E. Jean Carroll’s civil defamation case.
Carroll’s attorneys argued that Trump’s request “boils down to nothing more than ‘trust me.'”
If Trump does attempt to sell assets to meet his undertaking, he won’t have much time to get it done.
He would have to hire a broker to market his properties, and any deal would have to close in order to free up the cash to use toward a bond, said Neil Pedersen, owner of New York-based bond agency Pedersen & Sons.
“There could be opportunistic buyers approaching him as well,” Pedersen noted.
So far, Trump has given no indication that he is moving in that direction.
“There are no sales planned or contemplated,” Kise told CNBC in an email before Singh’s ruling. “So no appraisers hired, no steps taken, etc.”
Trump Tower on 5th Avenue is pictured in the Manhattan borough of New York City, New York, U.S., April 18, 2019.
Caitlin Ochs | Reuters
After Singh ordered Trump to pay the full penalty, Kise and Trump’s other attorneys did not reply to questions about whether they were now preparing to sell off properties.
Coffee said that Trump “can very likely” get a loan to help him meet his undertaking. That’s in part because Singh temporarily halted another penalty that would bar Trump from applying for loans from New York registered lenders.
Moreover, said Coffee, Trump is well known within New York financial circles, so he “not going into a market with strangers.”
“The real problem is, can he gives the banks enough collateral that they’re satisfied?”
Talley agreed. “There is a lot of ‘dry powder’ out there, not just with banks but also in non-banks,” he said.
The Catholic Church’s shrinking physical presence in Western New York will get even smaller when the Buffalo Diocese sells off valuable real estate to help settle sex abuse claims.
The diocese, which four years ago today filed for Chapter 11 protection, has identified 22 properties, including its longtime headquarters, it may sell to generate funds toward a settlement of the roughly 900 claims in federal bankruptcy court.
But aside from that development, there’s little indication the diocese is close to reaching a deal with the Official Committee of Unsecured Creditors, which represents about 900 people who said they were sexually abused as children by Catholic priests or other diocese employees.
The bankruptcy case, filed Feb. 28, 2020, already has taken longer to resolve than any other diocese reorganization except for the Archdiocese of Milwaukee’s, which took nearly five years.
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While Buffalo Diocese officials and an attorney for the creditors committee declined to comment on their mediated settlement talks, abuse victims expressed dismay over the pace of negotiations.
“They’re nowhere,” said Kevin Brun, whose 2019 lawsuit alleging the Rev. Arthur Smith molested him when he was a teenager has been stalled in state court due to the bankruptcy. “I’ve been reflecting on how long this bankruptcy process is taking, and my frustration level, it can’t be measured. And I’m sure other survivors – in fact I know other survivors who I’ve spoken to that are extremely frustrated as well.”
The diocese has wracked up nearly $14 million in legal bills, while those who filed abuse claims in bankruptcy court have yet to see a penny.
“I don’t see where the sense of urgency or where the incentive is for these bankruptcy attorneys to settle these cases. I mean, they’re getting paid right along, regardless of what the final outcome is,” said Brun, who also has a claim in the diocese bankruptcy case. “I just don’t think they’re pushing hard enough or negotiating strong enough to bring this to fruition.”
Michael F. Whalen Jr. said he was hoping Chief Judge Carl L. Bucki of U.S. Bankruptcy Court in the Western District of New York will soon allow at least some Child Victims Act lawsuits to proceed in state court, as a prod for negotiations to move forward.
Bucki decided in January to keep Child Victims Act lawsuits against Catholic parishes and schools on hold until at least April 15.
“It’s just too long. Too many people are passing away,” said Whalen, whose news conference in 2018 alleging abuse by the Rev. Norbert Orsolits led to the unraveling of the diocese’s historical cover-up of clergy sex abuse cases. “I feel sorry for the survivors that have passed and haven’t see closure.”
The diocese’s announcement in court papers last October that it would offer at least $100 million toward a settlement elicited mostly scoffs – both from abuse victims who said it was a paltry amount to address their pain and suffering and from parishioners furious over having to pay for church leadership’s mishandling of abusive clergy.
Properties will be sold
To get there, the diocese will have to sell at least some of its property.
Already on the market is the former Christ the King Seminary, a sprawling campus of 18 buildings on 117 acres in the Town of Aurora, with an asking price of $5.3 million.
The Buffalo Diocese has set the price at $5.3 million for a bucolic property in the Town of Aurora where it used to have men trained to become priests.
Three potential buyers for the property emerged in 2020 after the seminary closed. One was the Masonic Care Community, which was prepared to make a cash offer, according to a trustee. The diocese put off plans for the sale at the time due to demands of the Chapter 11 process. The Masonic Care Community was still interested in the property but also was busy with other projects at the moment, said the trustee, Christopher Hough.
Other diocese properties have yet to be listed but have been named in court papers as likely targets for sales. The most prominent is the Catholic Center, the diocese’s longtime headquarters at 785 and 795 Main St. The five-story former home of the Courier Express newspaper was built in 1929 and has an estimated full market value of $6.7 million, according to City of Buffalo property records.
Also on the list of properties to be marketed: three Newman Centers located near university or college campuses in Buffalo, Amherst, and Alfred; three priest retirement homes; a home for expectant mothers and mothers with newborns; a center for families of patients being treated at nearby hospitals; and a large office building in Lackawanna that houses the administrative operations of Our Lady of Victory Charities. About 30 retired priests live in the three homes in Tonawanda, Depew and Lackawanna.
Appraisals were conducted last week of the UB Newman Center at 495 Skinnersville Road in Amherst and a condominium on Bristol Drive that’s home to the Rev. Paul D. Seil, UB Newman Center director, Seil said in a weekly newsletter posting on Sunday.
“While I have been informed numerous times that the condo will be sold (to help fund the settlement to the victims of clergy abuse and the cover-up), that does not mean the same for the Newman Center!” Seil said in the newsletter. He declined to comment further on Tuesday.
Construction of the UB Newman Center was completed in 2010 at a cost of $2.7 million.
Sales of the properties would further reduce the local Catholic Church’s vast Western New York real estate empire, which has shrunk dramatically over the past 15 years as dozens of churches and elementary schools closed due to declining church attendance and school enrollments and fewer priests.
Through a diocese spokesman, Bishop Michael W. Fisher declined requests to be interviewed for this story. In a video posted Tuesday to the diocese website, he acknowledged that Western New York Catholics “must address the realization that we have more parishes than we need for our Catholic population.”
“The reality is buildings are closing,” said Fisher, “but the church, the people of God, will continue.”
Most recently, All Saints Catholic Church in Buffalo’s Riverside neighborhood and St. Andrew Church and school in the Town of Tonawanda were slated to be closed later this year and will likely be put on the market. While those properties are owned by parishes, which are separate non-profit corporations, their sales ultimately will benefit a settlement trust because the parishes owed the diocese hundreds of thousands of dollars in “assessments,” a regular diocesan tax on weekly offertory collections.
But Fisher also said in his video that the recent closures “are not a direct result of our ongoing Chapter 11 proceedings” and instead were connected to “wider societal trends that span long before our recent problems,” such as migration of local Catholics to other parts of the country, smaller families and people identifying as spiritual but not religious.
The diocese and parishes have discussed additional assessments of all parishes as part of funding a settlement but “no actions have been taken at this time and cannot be taken until the bankruptcy court renders its decision,” he said.
The Buffalo Diocese has asked a state court to stop the public release of documents subpoenaed by the State Attorney General’s Office during its investigation into the diocese’s handling of childhood sex abuse allegations against clergy.
Bucki in January allowed the diocese to hire Hanna Commercial Real Estate as real estate broker for the 22 properties.
“We have the big list, but we’re not authorized to market any of them,” except for the seminary, said William K. Heussler, licensed associate real estate broker with Hanna.
Heussler said his office will be directed by the court about what properties to list and when.
“I don’t know procedurally what they do and how they deem those ready to sell,” he added.
The diocese is required under bankruptcy proceedings to monetize its assets for the purposes of paying its creditors, but it doesn’t necessarily mean that it must sell all properties.
In some instances, a loan may be taken against the value of a property, with the loan proceeds used to pay into a settlement trust.
The 22 properties on the diocese’s revised list do not include five Catholic high school buildings that were part of previous diocese property lists.
Bishop Timon-St. Jude High School in South Buffalo, St. Mary’s High School in Lancaster, Cardinal O’Hara High School in the Town of Tonawanda, Notre Dame High School in Batavia and the former DeSales High School in Lockport, now used as an elementary school, are all owned by the diocese. The schools have operated independently of the diocese for many years, but never took ownership of the buildings.
Instead, they lease the space long term for a nominal fee, with the understanding that they pay for property maintenance, renovations, and upgrades.
NEW YORK — Donald Trump could be at risk of losing some of his prized properties if he can’t pay his staggering New York civil fraud penalty. With interest, he owes the state nearly $454 million — and the amount is going up $87,502 each day until he pays.
New York Attorney General Letitia James told ABC News on Tuesday that she will seek to seize some of the former president’s assets if he’s unable to cover the bill from Judge Arthur Engoron’s Feb. 16 ruling.
Engoron concluded that Trump lied for years about his wealth as he built the real estate empire that vaulted him to stardom and the White House. Trump denies wrongdoing and has vowed to appeal.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James, a Democrat, said in an interview with ABC reporter Aaron Katersky.
Trump’s ability to pay his mounting legal debts is increasingly murky after back-to-back courtroom losses. In January, a jury ordered him to pay $83.3 million for defaming writer E. Jean Carroll.
Trump claimed last year that he has about $400 million in cash — reserves that would get eaten up by his court penalties. The rest of his net worth, which he says is several billion dollars, is tied up in golf courses, skyscrapers and other properties, along with investments and other holdings.
But don’t expect James to try to grab the keys to Trump Tower or Mar-a-Lago immediately. Trump’s promised appeal is likely to halt collection of his penalty while the process plays out.
Here’s a look at where things stand in the wake of Trump’s costly verdict.
COULD THE STATE REALLY SEIZE TRUMP’S ASSETS?
Yes. If Trump isn’t able to pay, the state “could levy and sell his assets, lien his real property, and garnish anyone who owes him money,” Syracuse University Law Professor Gregory Germain said.
Seizing assets is a common legal tactic when a defendant can’t access enough cash to pay a civil penalty. In a famous example, O.J. Simpson’s Heisman Trophy was seized and sold at auction in 1999 to cover part of a $33.5 million wrongful death judgment against him.
Trump could avoid losing assets to seizure if he has enough cash — or is able to free up enough cash — to pay his penalty and mounting interest.
How much he has isn’t clear because most information about Trump’s finances comes from Trump himself via his government disclosures and the annual financial statements that Engoron has deemed fraudulent.
Trump reported having about $294 million in cash or cash equivalents on his most recent annual financial statement for the fiscal year ending June 30, 2021.
After that, according to state lawyers, he added about $186.8 million from selling the lease on his Washington hotel in May 2022 and the rights to manage a New York City golf course in June 2023. Part of Trump’s penalty requires that he give those proceeds to the state, plus interest.
Engoron’s decision last week spared Trump’s real estate empire from what the Republican front-runner deemed the “corporate death penalty,” reversing a prior ruling and opting to leave his company in business, albeit with severe restrictions including oversight from a court-appointed monitor.
James didn’t specify to ABC which of Trump’s assets the state might want to seize, though she noted that her office happens to be right across the street from a Trump-owned office building in Lower Manhattan that was the subject of some of the fraud allegations in her lawsuit.
“We are prepared to make sure that the judgment is paid to New Yorkers,” James told ABC. “And yes, I look at 40 Wall Street each and every day.”
HOW WILL AN APPEAL AFFECT TRUMP’S PENALTY?
With Trump promising to appeal, it’s unlikely he’ll have to pay the penalty — or face the prospect of having some of his assets seized — for a while. If he wins, he might not have to pay anything.
Under state law, Trump will receive an automatic stay if he puts up money, assets or an appeal bond covering the amount he owes. A stay is a legal mechanism halting enforcement of a court decision while the appeals process plays out.
“Even if we choose to appeal this – which we will – we have to post the bond, which is the full amount and some, and we will be prepared to do that,” Trump lawyer Alina Habba told Fox News on Monday.
Trump’s lawyers can also ask the appeals court to grant a stay without obtaining a bond or with a bond for a lower amount.
In his Georgia election interference criminal case, Trump paid $20,000 — or 10% — for a $200,000 release bond. After losing at a first trial involving Carroll last year, Trump put $5.55 million in escrow to cover the cost of the judgment while he appeals. He has said he would appeal the $83.3 million January verdict but has yet to do so.
“If he can’t post a bond or meet the appellate division’s bonding requirements, then I would expect him to file bankruptcy to take advantage of the automatic stay on collection,” Germain said. “But that’s a couple of chess moves away, so we will just have to see what happens.”
Trump’s vow to appeal all but assures the legal fight over his business practices will persist into the thick of the presidential primary season as he tries to clinch the Republican nomination in his quest to retake the White House.
The appeal is also likely to overlap with his criminal trial next month in his New York hush-money case, the first of his four criminal cases to go to trial.
Trump can’t appeal yet because the clerk’s office at Engoron’s courthouse must first file paperwork to make the verdict official. Once that happens, Trump will have 30 days to appeal and get the penalty stayed, or pay up. Trump’s lawyers wrangled Wednesday with state lawyers and the judge over what that paperwork should say. Trump lawyer Cliff Robert told Engoron in a letter late Wednesday that he wants enforcement of the penalty delayed 30 days “to allow for an orderly post-Judgment process, particularly given the magnitude of Judgment.”
DOES TRUMP REALLY OWE $87,502 A DAY IN INTEREST?
With each passing day, Trump owes an additional $87,502 in interest on his civil fraud penalty. By Thursday, that’ll be an extra $525,000 since the decision was issued on Feb. 16. The interest will continue to accrue even while he appeals. Barring court intervention or an earlier resolution, his bill will soar to a half-billion dollars by August 2025.
Trump’s underlying penalty is $355 million, the equivalent of what the judge said were “ill-gotten gains” from savings on lower loan interest and windfall profits from development deals he wouldn’t have been able to make if he’d been honest about his wealth.
Under state law, he is being charged interest on that amount at an annual rate of 9%.
As of Wednesday, Trump owed just over $99 million in interest, bringing his total to just under $454 million — that’s $453,981,779 to be exact, according to the Associated Press’ calculations. Trump’s interest will keep accruing until Trump pays. Trump owes the money individually and as the owner of corporate entities that were named as defendants in James’ lawsuit.
Engoron said the interest Trump owes on about half of the total penalty amount — pertaining to loan savings — can be calculated from the start of James’ investigation in March 2019. Interest on the remaining amount — which pertains to the sale of Trump’s Washington hotel and Bronx golf course rights — can be calculated starting in May 2022 or June 2023.
In all, Engoron ordered Trump and his co-defendants to pay $363.9 million in penalties, or about $464.3 million with interest. The total bill increases by $89,729 per day, according to AP’s calculations.
Trump’s sons, Eric and Donald Jr., must each pay about $4.7 million, including interest, to the state for their shares of the Washington hotel sales. Weisselberg was ordered to pay $1 million — for half of the $2 million severance he’s receiving — plus about $100,000 in interest.
Until they pay, Weisselberg is on the hook for another $247 per day, while Trump’s sons each owe an extra $990 per day, according to AP’s calculations.
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NEW YORK (AP) — Donald Trump could be at risk of losing some of his prized properties if he can’t pay his staggering New York civil fraud penalty. With interest, he owes the state nearly $454 million — and the amount is going up $87,502 each day until he pays.
New York Attorney General Letitia James told ABC News on Tuesday that she will seek to seize some of the former president’s assets if he’s unable to cover the bill from Judge Arthur Engoron’s Feb. 16 ruling.
Engoron concluded that Trump lied for years about his wealth as he built the real estate empire that vaulted him to stardom and the White House. Trump denies wrongdoing and has vowed to appeal.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James, a Democrat, said in an interview with ABC reporter Aaron Katersky.
Trump’s ability to pay his mounting legal debts is increasingly murky after back-to-back courtroom losses. In January, a jury ordered him to pay $83.3 million for defaming writer E. Jean Carroll.
Trump claimed last year that he has about $400 million in cash — reserves that would get eaten up by his court penalties. The rest of his net worth, which he says is several billion dollars, is tied up in golf courses, skyscrapers and other properties, along with investments and other holdings.
But don’t expect James to try to grab the keys to Trump Tower or Mar-a-Lago immediately. Trump’s promised appeal is likely to halt collection of his penalty while the process plays out.
Here’s a look at where things stand in the wake of Trump’s costly verdict.
COULD THE STATE REALLY SEIZE TRUMP’S ASSETS?
Yes. If Trump isn’t able to pay, the state “could levy and sell his assets, lien his real property, and garnish anyone who owes him money,” Syracuse University Law Professor Gregory Germain said.
Seizing assets is a common legal tactic when a defendant can’t access enough cash to pay a civil penalty. In a famous example, O.J. Simpson’s Heisman Trophy was seized and sold at auction in 1999 to cover part of a $33.5 million wrongful death judgment against him.
Trump could avoid losing assets to seizure if he has enough cash — or can free up enough cash — to pay his penalty and mounting interest.
How much he has isn’t clear because most information about Trump’s finances comes from Trump himself via his government disclosures and the annual financial statements that Engoron has deemed fraudulent.
Trump reported having about $294 million in cash or cash equivalents on his most recent annual financial statement for the fiscal year ending June 30, 2021.
After that, according to state lawyers, he added about $186.8 million from selling the lease on his Washington hotel in May 2022 and the rights to manage a New York City golf course in June 2023. Part of Trump’s penalty requires that he give those proceeds to the state, plus interest.
Engoron’s decision last week spared Trump’s real estate empire from what the Republican front-runner deemed the “corporate death penalty,” reversing a prior ruling and opting to leave his company in business, albeit with severe restrictions including oversight from a court-appointed monitor.
James didn’t specify to ABC which of Trump’s assets the state might want to seize, though she noted that her office is right across the street from a Trump-owned office building in Lower Manhattan that was the subject of some of the fraud allegations in her lawsuit.
“We are prepared to make sure that the judgment is paid to New Yorkers,” James told ABC. “And yes, I look at 40 Wall Street each and every day.”
HOW WILL AN APPEAL AFFECT TRUMP’S PENALTY?
With Trump promising to appeal, it’s unlikely he’ll have to pay the penalty — or face the prospect of having some of his assets seized — for a while. If he wins, he might not have to pay anything.
Under state law, Trump will receive an automatic stay if he puts up money, assets or an appeal bond covering the amount he owes. A stay is a legal mechanism halting enforcement of a court decision while the appeals process plays out.
“Even if we choose to appeal this – which we will – we have to post the bond, which is the full amount and some, and we will be prepared to do that,” Trump lawyer Alina Habba told Fox News on Monday.
Trump’s lawyers can also ask the appeals court to grant a stay without obtaining a bond or with a bond for a lower amount.
In his Georgia election interference criminal case, Trump paid $20,000 — or 10% — for a $200,000 release bond. After losing at a first trial involving Carroll last year, Trump put $5.55 million in escrow to cover the cost of the judgment while he appeals. He has said he would appeal the $83.3 million January verdict but has yet to do so.
“If he can’t post a bond or meet the appellate division’s bonding requirements, then I would expect him to file bankruptcy to take advantage of the automatic stay on collection,” Germain said. “But that’s a couple of chess moves away, so we will just have to see what happens.”
Trump’s vow to appeal all but assures the legal fight over his business practices will persist into the thick of the presidential primary season as he tries to clinch the Republican nomination in his quest to retake the White House.
The appeal is also likely to overlap with his criminal trial next month in his New York hush-money case, the first of his four criminal cases to go to trial.
Trump’s 30-day window to appeal won’t start until the clerk at Engoron’s courthouse files paperwork making the verdict official. Engoron sent the paperwork to the clerk’s office Thursday, but it has yet to be filed. The judge rejected a request from Trump’s lawyer Clifford Robert asking for the enforcement of the penalty to be delayed 30 days “given the magnitude” of the judgment. Engoron, replying to the lawyer by email, said: “You have failed to explain, much less justify, any basis for a stay. I am confident that the Appellate Division will protect your appellate rights.”
DOES TRUMP REALLY OWE $87,502 A DAY IN INTEREST?
With each passing day, Trump owes an additional $87,502 in interest on his civil fraud penalty. By Thursday, that’ll be an extra $525,000 since the decision was issued on Feb. 16. The interest will continue to accrue even while he appeals. Barring court intervention or an earlier resolution, his bill will soar to a half-billion dollars by August 2025.
Trump’s underlying penalty is $355 million, the equivalent of what the judge said were “ill-gotten gains” from savings on lower loan interest and windfall profits from development deals he wouldn’t have been able to make if he’d been honest about his wealth.
Under state law, he is being charged interest on that amount at an annual rate of 9%.
As of Wednesday, Trump owed just over $99 million in interest, bringing his total to just under $454 million — that’s $453,981,779 to be exact, according to the Associated Press’ calculations. Trump’s interest will keep accruing until Trump pays. Trump owes the money individually and as the owner of corporate entities that were named as defendants in James’ lawsuit.
Engoron said the interest Trump owes on about half of the total penalty amount — pertaining to loan savings — can be calculated from the start of James’ investigation in March 2019. Interest on the remaining amount — which pertains to the sale of Trump’s Washington hotel and Bronx golf course rights — can be calculated starting in May 2022 or June 2023.
In all, Engoron ordered Trump and his co-defendants to pay $363.9 million in penalties, or about $464.3 million with interest — the total bill increases by $89,729 per day, according to AP’s calculations.
Trump’s sons, Eric and Donald Jr., must each pay about $4.7 million, including interest, to the state for their shares of the Washington hotel sales. Weisselberg was ordered to pay $1 million — for half of the $2 million severance he’s receiving — plus about $100,000 in interest.
Until they pay, Weisselberg is on the hook for another $247 per day, while Trump’s sons each owe an extra $990 per day, according to AP’s calculations.
___
Follow Sisak at x.com/mikesisak and send confidential tips by visiting https://www.ap.org/tips
- The three-bedroom home is located in Liverpool, Merseyside
A house has been listed for auction with pictures of a ‘bloodied handprint’ in the bathroom and splatters down another wall.
Prospective buyers were scrolling through properties online when they saw concerning red marks that they couldn’t ignore on a three-bedroom home in Liverpool, Merseyside.
A photo of the bathroom shows a bright red handprint smeared above the sink and another image reveals spurts of red liquid dripping down a wall.
The mystery red marks in the property, which is listed for auction at £40,000, sparked speculation amongst house-hunters.
However, the estate agent thinks it is probably just red paint and part of a prank pulled by locals.
One househunter questioned if was a ‘prank’ on them or if it was indeed a real crime scene.
Others said they also spotted the red marks when they were searching for a house, while one even said they’d be happy to buy it for that price even if it was real blood.
An online post highlighting the alarming features said: ‘Crime scene Liverpool. Reckon the estate agent is having a laugh?’
Another househunter commented: ‘I saw this one recently during my search for a house. We said the same thing about the blood.’
A second said: ‘I wonder how much it will sell for at auction. I wasn’t aware you could still buy houses so cheap! I’d take on a crime scene for that price!’
Although a third speculated: ‘It’s too little an amount to be arterial spray. Imagine going to view that and seeing it. You’d get a bit of a fright.’
London-based estate agents McHugh & Co auctioneer Sam Santana said he believes it to be red paint but admits he doesn’t know what’s happened at the property.
He didn’t notice the bizarre marks when his firm uploaded the listing but the images remain live on both their own site and Rightmove.
Estate agent Sam said: ‘It’s definitely not a joke from us and I didn’t notice it in the images myself.
‘As an advertising agent we have a duty to show everyone every room of the house.
‘It might be a prank by some locals or something because it looks like red paint on the wall rather than blood.
‘We wouldn’t know what’s happened in the house.
‘Usually this sort of property that needs doing up would be picked up by a property company then sold at auction.’
MailOnline has contacted McHugh & Co for a comment.