NY AG Letitia James eyes seizing Trump's assets if he cannot pay $354M fraud fine
Could NY's AG seize Trump's NY assets?
New York AG Letitia James says that if Donald Trump cannot pay his $354M civil fraud file, she'll go after his real estate holdings. But not every building with the former President's name on it is actually owned by Trump or his companies. FOX 5 NY's Linda Schmidt has the story.
New York State Attorney General Letitia James has her eye on 40 Wall Street and says if Donald Trump is unable to pay the $354M he owes from his civil fraud case, she's coming after this property.
Last week, former President Trump was slapped with a $354M judgment plus interest that compounds every day in his civil fraud case in New York.
Now, in an interview with ABC News, James warned Trump to pay up.
"We are prepared to make sure the judgment is paid to New Yorkers," James said.
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If Trump does not have the money to pay off his judgment, James says she will go after some of his real estate properties, including the skyscraper at 40 Wall Street.
"I look at 40 Wall Street each and every day," James said. "We will ask the judge to seize his assets."
But some are skeptical as to whether James can succeed in that effort.
According to Commercial Litigation and Bankruptcy lawyer Leo Jacobs, James will have to get in line behind many others before she sees a dime from Trump's properties.
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"Number one is the other lienholders, equity holders, judgment lienholders, taxes, New York City and New York State… and the list goes on and on and on," Jacobs said.
The process could take years, and as has been reported many times, Trump does not own every building bearing his name. Trump is known for licensing his name to other developers.
As for his civil fraud trial in New York, Trump has denied any wrongdoing and says he will appeal.