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Posted
 
Hopefully he'll suicide by ODing on his pills. 
 
(I'd rather see him die in prison, but this would be an acceptable alternative.)
 
 

Hopefully before thar he gets the Fred Trump treatment. When he was near his end the Trump kids set him up an office and a phone. The phone didn’t go anywhere.
  • Haha 2
Posted
10 minutes ago, dcbc said:

It's not slowing anything down since prosecution may continue.   But I can't imagine it will take long to review.  The whole thing was a red herring. 

Yeah the trial judge gave them an opportunity to develop it into a real conflict of interest and they pretty much failed.  Not much for a court of appeals to deal with.

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Posted

Expediting it is a positive thing imo. It puts the issue to bed as fast as possible, and it allows the prosecution to proceed. The sooner it's put to rest, the sooner the crazies stop whinging about it. 

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Posted (edited)

Are those current principal values or original note?  Because that’s at least 125 million on Doral of the deconstructed burger. What is that place worth?

nevermind, just got around to reading the last column

Edited by Pato del Muerto
Posted
23 minutes ago, SquishMitten said:

The sooner it's put to rest, the sooner the crazies stop whinging about it. 

Drink Reaction GIF by Laff

Posted

But he's a great negotiator, right?  Good Lord, I know loan-sharks with more favorable terms than prime+5 on $50mm.  

Hey Donald, what's the VIG on that?

-"Very Important Greatness.  I know loans.  I have the best loans."

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Posted

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

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Posted
1 minute ago, locodos said:

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

he better declare a real homestead quick or he's gonna be out on his ass when Fani sells MAL

Posted
9 minutes ago, Longhorn_Fan68 said:

he better declare a real homestead quick or he's gonna be out on his ass when Fani sells MAL

Isn't there some strange circumstance resulting in its not being homestead property.  I think he's technically the "property manager."  I know it's held by an LLC, but there was something strange about his acquisition of the property that's escaping me at the moment.

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Posted
3 minutes ago, Pato del Muerto said:

Mercy me- prime rate is 8.5 today and libor is around 5. 
 

his properties are on 2004 subprime mortgage terms. 

He took out that prime+5 literally in the middle of that 6 year gulch of record-low rates (3.25 prime).  I know we like to crack wise about he destroys everything he touches, his kids are morons, and he surrounds himself with yes-men.  But holy shit, somebody in that big office building had to have said, "Uh, Mr. Trump.  This may not be the best term sheet available."  But that guy probably did say that and got fired. 

3 minutes ago, locodos said:

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

I don't much bankruptcy law, we've done some Multi-Family deals out of bank workout but it's just us and other senior lenders/unsubs, no governmental entities other than maybe a late NNN property tax payment or two.  But I would think if the government can call the shots and only then can senior debt get theirs and if there's anything left over (there won't be), the equity LP's go last (or maybe mezz if there is any).  So if that's the case, never mind the equity balance on them.  The right squeeze, IMO would be some amalgamation of unrealized gains and property taxes.  Which properties appreciated above their cap levels combined with the most property tax liability.  Some blending of those two numbers gives you a punchlist to go for.  Because in addition to the fire-sale pricing, you also get him on the capital gains taxes and property taxes and associated penalties which just adds fuel to the fire.  Yeah, you'll have some lenders and even LP's get pissy and maybe pursue legal recourse on being shafted, but that's a regular Tuesday in New York real estate court.  Equity levels are one thing, but squeezing him on unrealized gains becoming realized plus a property tax kicker.  That's when shit gets fun and gets him stroked out.  

1 minute ago, Longhorn_Fan68 said:

he better declare a real homestead quick or he's gonna be out on his ass when Fani sells MAL

In this simulation, there's a decent chance...he switches Mar-a-Lago over to a charity venue where dying kids can come play a round of golf and get married and he'll stumble downstairs to make an awkward speech.  If it's really worth what he says it is, $1bn.  He could just sell it and be done with this whole thing.  But he knows it's not.  I doubt they go after that early on simply because it would be seen as politically vindictive and it actually doesn't have much unappreciated gains on it.  You start with what I stated above, that's how you get Capone.  

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Posted
15 minutes ago, locodos said:

I think the play that gives you the most bang for the buck is to start with properties that have little equity...  Seize it, sell it, jeez that's $100 off your $450mil tab.  Next...  If he still owes $5 mil and he's down to his last property, oh well this one has to go too.

 

Like the opposite of banks running largest amounts first for the day so they can generate more insufficient funds fees. 

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Posted
4 hours ago, Red Five said:

The republican nominee is half a billion in debt and is publicly begging for money. It would not surprise me if he announced that he is available for purchase. 

He has so much coming due in some of his properties, he's actually way more in debt than just half a billion. 

41 minutes ago, The Dog said:

image.thumb.png.1dcb9b943159f56dcc36d7886cd0e537.png

(line 7)

I'll let someone smarter than me explain the best tact, but it seems to be (if I'm readging this properly) that they should go after the properties that are already paid off...for starters, all the proceeds go to his debt, instead of dealing with partners and outstanding loans, etc. But additionally, those properties couldn't be used as collateral for further loans down the line. And all the other properties have major payments coming due in the next 5-10 years, which would make refinancing without collateral real hard. 

1 minute ago, dcbc said:

Isn't there some strange circumstance resulting in its not being homestead property.  I think he's technically the "property manager."  I know it's held by an LLC, but there was something strange about his acquisition of the property that's escaping me at the moment.

The issue was that legally, Mar A Lago is designated in some way that it can't be a residence. Some of the locals there were talking about suing him for living there, hence the "property manager" or wahtever subterfuge they're using to prevent him from being sued. Because it can't be a private residence. Which is also ther reason it's valued at like 15 million dollars, as a commercial property, becuase actual residences areound there are much, much more expensive. Something else he's whined about.

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Posted
9 minutes ago, YGIFS said:

I don't much bankruptcy law, we've done some Multi-Family deals out of bank workout but it's just us and other senior lenders/unsubs, no governmental entities other than maybe a late NNN property tax payment or two.  But I would think if the government can call the shots and only then can senior debt get theirs and if there's anything left over (there won't be), the equity LP's go last (or maybe mezz if there is any).  So if that's the case, never mind the equity balance on them.  The right squeeze, IMO would be some amalgamation of unrealized gains and property taxes.  Which properties appreciated above their cap levels combined with the most property tax liability.  Some blending of those two numbers gives you a punchlist to go for.  Because in addition to the fire-sale pricing, you also get him on the capital gains taxes and property taxes and associated penalties which just adds fuel to the fire.  Yeah, you'll have some lenders and even LP's get pissy and maybe pursue legal recourse on being shafted, but that's a regular Tuesday in New York real estate court.  Equity levels are one thing, but squeezing him on unrealized gains becoming realized plus a property tax kicker.  That's when shit gets fun and gets him stroked out.  

You obviously have much more experience in real-estate.  But the capital gain is independent from the equity, especially since I assume he's been using these properties like ATMS. The most leveraged properties are probably ones he most recently refinanced to pay for other projects.  Cash them out first, so that you cash them ALL out.  Then he'd face the maximum tax liability. As in on every New York property.

I don't understand your comment about the Property Tax Liability.  I assume that property tax only accrues on properties you still hold and are prorated to the sale date.  Any sale would reduce his property tax accrual. 

Posted
21 minutes ago, dcbc said:

Isn't there some strange circumstance resulting in its not being homestead property.  I think he's technically the "property manager."  I know it's held by an LLC, but there was something strange about his acquisition of the property that's escaping me at the moment.

He negotiated one of his famous deals with the City of Palm Beach.  MAL is NOT a residential property and cannot be homesteaded under Florida law.

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Posted (edited)

What does he actually own outright though?  Seems like his property empire is a lot like when someone keeps taking out new credit cards to make payments on maxed out ones.

Edited by kevwun
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Posted
1 minute ago, kevwun said:

What does he actually own outright though?  Seems like his property empire is a lot when someone keeps taking out new credit cards to make payments on maxed out ones.

very little, from what I can tell. maybe MAL and a shitty plane.

Posted
4 minutes ago, locodos said:

You obviously have much more experience in real-estate.  But the capital gain is independent from the equity, especially since I assume he's been using these properties like ATMS. The most leveraged properties are probably ones he most recently refinanced to pay for other projects.  Cash them out first, so that you cash them ALL out.  Then he'd face the maximum tax liability. As in on every New York property.

I don't understand your comment about the Property Tax Liability.  I assume that property tax only accrues on properties you still hold and are prorated to the sale date.  Any sale would reduce his property tax accrual. 

I didn't explain the property tax deal well (longcat Lobo), but that's a distant secondary issues.  But say he's got $20mm in equity in a property purchased for $100mm.  And is now worth $500mm.  And there's a second property where he had $50mm in equity and purchased for $100mm and is now worth $300mm.  Obviously these are illustrative examples and don't make real-world capital stack sense, but I'm trying to do this without the benefit of a white board and some industry knowledge.  I'd rather, as a prosecutor, go after the larger unrealized gain despite the lower equity position because of the capital gains both federal and state that it would trigger.  But yes, as you point out, he also has overleveraged some of them to pay for others.  Never mind his obvious abuse of construction and bridge loans.  It's a tangled web, hence how much trouble he's in.  My simple, but ineffectively stated point, was were I New York---I'd put more of a squeeze in the form of additional cap gains rather than looking for equity/liquidity solvency.  But I'm not as smart as that whole AG office by a damn sight.  One thing I do know, in this simulation...a coked up Don, Jr. is going to emerge from the top floor bathroom and shout, "WAIT, WHAT IF WE DID A 1031 EXCHANGE WITH THE AG?"  

2 minutes ago, kevwun said:

What does he actually own outright though?  Seems like his property empire is a lot when someone keeps taking out new credit cards to make payments on maxed out ones.

Yeah, some of it he owns in Fee Simple.  But he ground-leases a lotta shit too, never mind the 'name licensing' scam he's been running for decades.  

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Posted
39 minutes ago, YGIFS said:

He took out that prime+5 literally in the middle of that 6 year gulch of record-low rates (3.25 prime).  I know we like to crack wise about he destroys everything he touches, his kids are morons, and he surrounds himself with yes-men.  But holy shit, somebody in that big office building had to have said, "Uh, Mr. Trump.  This may not be the best term sheet available." 

You have to qualify for the lower rates.

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Posted
1 hour ago, SquishMitten said:

Well duh. Everything he has will have tons of liens on it. That's why he can't get any more loans. He ain't got no equity.


4D chess  !

good luck moving properties when everything has liens 

Posted (edited)
21 minutes ago, Ted Lange said:

While googling, in an attempt to make a joke about a gold toilet, I came across the fact that Walmart is selling this.

image.thumb.png.7e5ab0caca58947396f5090d1259cf6c.png

What's the 2025 date about?  Please tell me Walmart is foreshadowing his death. 

Edited by Bodhi
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Posted

Yeah, I have a number of questions.  First off, how did Wal-Mart get the licensing?  What''s the 2021 start date?  Is that like tacitly saying he's been President again since then?  And then to your point, 2025?  When Wal-Mart thinks you're dead, but made in China still, that's some LBJ losing Cronkite level shit right there.  

Posted

The likeness is so lifelike on that "gold" bar.

Also, obligatory "I'd like to see ol' Donnie Trump wriggle his way out of this one..." 

Ah, well, nevertheless.

Posted
2 hours ago, YGIFS said:

He took out that prime+5 literally in the middle of that 6 year gulch of record-low rates (3.25 prime).  I know we like to crack wise about he destroys everything he touches, his kids are morons, and he surrounds himself with yes-men.  But holy shit, somebody in that big office building had to have said, "Uh, Mr. Trump.  This may not be the best term sheet available."  But that guy probably did say that and got fired. 

I don't much bankruptcy law, we've done some Multi-Family deals out of bank workout but it's just us and other senior lenders/unsubs, no governmental entities other than maybe a late NNN property tax payment or two.  But I would think if the government can call the shots and only then can senior debt get theirs and if there's anything left over (there won't be), the equity LP's go last (or maybe mezz if there is any).  So if that's the case, never mind the equity balance on them.  The right squeeze, IMO would be some amalgamation of unrealized gains and property taxes.  Which properties appreciated above their cap levels combined with the most property tax liability.  Some blending of those two numbers gives you a punchlist to go for.  Because in addition to the fire-sale pricing, you also get him on the capital gains taxes and property taxes and associated penalties which just adds fuel to the fire.  Yeah, you'll have some lenders and even LP's get pissy and maybe pursue legal recourse on being shafted, but that's a regular Tuesday in New York real estate court.  Equity levels are one thing, but squeezing him on unrealized gains becoming realized plus a property tax kicker.  That's when shit gets fun and gets him stroked out.  

In this simulation, there's a decent chance...he switches Mar-a-Lago over to a charity venue where dying kids can come play a round of golf and get married and he'll stumble downstairs to make an awkward speech.  If it's really worth what he says it is, $1bn.  He could just sell it and be done with this whole thing.  But he knows it's not.  I doubt they go after that early on simply because it would be seen as politically vindictive and it actually doesn't have much unappreciated gains on it.  You start with what I stated above, that's how you get Capone.  

If I'm seeing it right, he took out multiple loans on the same properties, which is probably the reason for the high rates.

He refi'd Doral about 5011 times, and stacked 2nds on DBs 1st, so... Fuckem all for money laundering... They wouldn't let my gray ass stack on $500k. F'em

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Posted
7 hours ago, High Plains Drifter said:

 

Hopefully he'll suicide by ODing on his pills. 

 

(I'd rather see him die in prison, but this would be an acceptable alternative.)

 

 

I honestly don't care how or where he dies, so long as he dies... soon.

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Posted
10 minutes ago, Francisco 2.0 said:

 

 

 

Bitch out there sounding like Miss teen South Carolina “I personally believe that witch hunt such as the Saudi Arabia and Russia…and the demise of our country like the politically motivated…”

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Posted
5 hours ago, Ted Lange said:

 

 

While googling, in an attempt to make a joke about a gold toilet, I came across the fact that Walmart is selling this.

 

image.thumb.png.7e5ab0caca58947396f5090d1259cf6c.png

 

 

 

Which then lead me to this

 

image.thumb.png.8e603d0776b27d1aa052777f670d22bc.png

 

image.thumb.png.d2eed04e872edd3df75e3fdd326567d3.png

 

And this review

 

 

 

image.png.cd7416b71edc3d12f08c3e08543b1c13.png

 

 

blazing-saddles.gif

 

"All new biglier edition" is fucking fantastic 

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Posted
Bitch out there sounding like Miss teen South Carolina “I personally believe that witch hunt such as the Saudi Arabia and Russia…and the demise of our country like the politically motivated…”
Well, she did say she would rather be hot than smart. She's an old man 8, and an intellectual 3- at least she's playing to her strengths. And with the right audience. Republicans are typically a pretty unattractive group. All apologies to our friends along the Brazos River Valley.
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Posted

Am I the only one who’s disappointed that he doesn’t spell “statute” as “statue”? That would’ve been low hanging fruit comedy.

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