Why Donald Trump's 40 Wall Street Was Struggling Even Before His Legal Woes
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- Опубликовано: 9 июн 2024
- Donald Trump is facing a cash crunch. He admitted in a court filing on Monday that he does not have enough cash and cannot secure a bond to cover the more than $457 million he owes to New York state after being found liable in a civil fraud case. And his team has reportedly not ruled out declaring bankruptcy via certain entities.
If any of Trump’s companies were to declare bankruptcy, it seems most likely that it would be one tied to 40 Wall Street, his troubled skyscraper in downtown Manhattan. The building looks glamorous-ascending 63 stories above the Financial District, with a copper crown on top-but its finances are not pretty. That fact may not have been clear to New York Attorney General Letitia James when she spoke with ABC News in February about preparing to seize Trump’s assets if he didn’t pay in full. “I look at 40 Wall Street each and every day,” James reportedly said, of the building Trump has run since 1995.
The former president’s debt at the property totals roughly $120 million, and the loan matures in 2025. That means Trump will need to find a new lender or come up with the cash to pay it off at some point next year, shortly after he figures out some way to get his hands on the roughly $540 million he owes in fines and interest resulting from three civil lawsuits.
Read the full story on Forbes: www.forbes.com/sites/zachever...
0:00 Introduction
1:07 What Can Trump Afford Now?
2:10 The Latest With Trump's 40 Wall Street Property
4:07 Is There Any Hope Of Trump Fixing His Money Woes
7:26 Zach's Prediction For 40 Wall Street
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Latitia James "Grabbed him by his Assets"! When you're an AG, they let you get away with it! 😆 🤣 😂
by her standards what he did is okay, because she did the exact same thing? why is it okay when she does it if the isn't a double standard?
Lll
@@irishdream44WTF did she do that approaches Trump's fraud?
😂😂😂😂😂😂
@yvonneplant9434
Do I look like Google? I guess since you can't figure out how to you tube this question..
The lawsuit alleges that Doyle was given “fraudulently inflated valuations” of the townhouse, putting its market value at over $80 million. Dr. Cahill and the Society’s current President-General, James Normile, “made representations to [Doyle] that the building had ‘air rights’ and could be built, or rebuilt, higher than its current height.
“In reality, there were no ‘air rights’ and the actual value is closer to $20 million. [The Society] made a gross over-valuation” of the townhouse, which induced Doyle to make the $3 million loan.
“Tish James said, ‘nobody is above the law,’ which should include Tish James, who seems to have actively aided and abetted in the Art of the Steal,” Parlatore told The Post.
He fooled Forbes for too long. Let's all wake up from his nightmare.
Forbes has always been a magazine for millionaires and billionaires. It's lot of puff pieces and the glorification of wealth - and not about ethics.
How gullible is Forbes - how many other Forbes 400 Billionaires have fooled them? What happened to good journalism?
All his properties are heavily burdened. His numbers are the best case non burden properties. Forty Wall needs upgrades. it's a mess inside.
Fooled Forbes? Quite foolish to believe that, isn't it? Also foolish to think at the end otd they don't all party on Epstein island...
He fooled Forbes…because all they care about is subscribers and he makes news, and, more importantly, he fooled AMERICA!!
Whatever he touches, whoever he works with, gets screwed. Some people could have stopped all this if they’d followed their morals and not craved power.
A "billionaire's" son is begging for $5.00 before this video starts....junior, try asking your brother'in-law for the $$$...
Only a fool living paycheck by paycheck would give his hard earned money to a rich billionaire. Then blame the others for his stupidity and struggles.
I'm so sick of seeing Junior and his ad.
Everybody keeps saying this but why would Jared do that? He knows that money he'll never get back--it's not looking good as far as the election is concerned.
Screw the polls. Ppl know you take them with a grain of salt.
This isn't a closely knit family at all. During all the civil trials, no family members at all! Narcissists don't do intimate relationships with anybody. It's all transactional. Nothing more.
BTW: Jared is just as cold and stingy as the family he married into. He was also a slum lord. 😂
@@Dfgzx12xywand still a enough people do it. It’s insane that this people still do it. How they can send money to him that he can pay his legal bills? That’s insane!
@@Dfgzx12xyw
And buy the head to toe uniform of the MAGA cult. He dresses them just like Heaven's Gate.
This is Forbes gradually stepping back from the loser.
They don't even refer to him as, "president" in their video titles anymore. 😂😂
Right. Let's remember that not very long ago, Forbes was still saying he had 400 million in his pocket. haha.
The Bidens?
Because he is not and never was president, just a bad entertainer/personality@@LadyElizondo
What about the Bidens?
When you've been found "guilty", your crimes go from "alleged" to "did it".
Don’t sell our legal system so short, we have a well established appeals system that blocks malicious prosecution by partisan DAs and judges. You know where this kangaroo court judgment is headed,….
Who's been found guilty?
This verdict will be drop kicked by the appellate courts.
@@uio890138Doubt it. Every lawyer I have seen quotes from says hes SOL.
The crime of borrowing money and paying it back. Crazy country you have or should I say banana republic.
he says he is rich to get more money then claims he is worth less in order to pay less money, right? imo he'd of been homeless without his daddies hand me down money, he is a fraud, always has been, same for his kids
He'd of?? o_O
Grammar police on the case😂
😅😅😅 Trumpers are mad at the news when is something they dont want to hear 🤣🤣🤣
and they are mad all the time.
@@LiLDiddeeJust wait till 7/1/24, when FL Epstein Grand Jury Proceedings become public info.
Yeah, the like & dislike in this video and other that have a report they don't want to hear (that is not Fox, OAN, etc.) prove your point.
Trumpers would get nothing but bad news except that their leader has convinced them it’s fake.
This is Forbes trying to save face" 😂
Just like Fox having one rational pundit
Last tim3 I listened to Forbes, yall said all his properties were free and clear, no mortgages. I think he's fooled you again.
b b but the live billionaire tracker!! 🤣🤣🤣
Legal setbacks? Is that the way you're spinning this ? Fasten your seatbelt, there are some more "setbacks" on the way.
most likely
That's what banana republics do.
@@Shadow_Banned_Conservative How do you bankrupt a casino?
@@Shadow_Banned_ConservativeI'll help you with the casino question you were asked--how do you bankrupt one? By opening two, which compete with each other and thereby reducing the profits of both. Who the F does that?
Your hero, of course. Even banana republics aren't THAT dumb.
@@Shadow_Banned_Conservativenah…, this is a nation of laws. He had his day(s) in court.
Ain't it ironic when the loan shark can't pay his own 'vig'?
Haha Forbes trying to ride the fence and not doing is well.
It's called telling the truth. Unlike the fake forbes with red logo
So clearly a house of cards. So much for the successful business man. Don is and has been a successful conman and grifter, but hopefully that will come to an end soon and he will spend the rest of his sorry life in prison and broke.
🤞🏽
Better not bet the ranch on that, Skippy. His net worth is about to double .
Jose you must be jealous
@@stephenrogers2113Ewww...
@@jimelliott6200He can't grift that much more from his cult.
Take the golf courses first, they are backed by foreign "investors" ... get 2 birds with one stone.
Hopefully they come for you some day....
@@boostjunkie2320 huh? your comment does not make any sense..are you implying that @rotnbazturd7569 has committed crimes and law enforcement will come for him? or maybe you would like to see a law created that anyone with a (R) beside their name cannot be held accountable for their crimes..
You said "they" who are "they" you mean law enforcement? or maybe "they" are the courts going after a citizen for defamation..who once he lost that case continued defaming and lost a second time...
@@boostjunkie2320 they already have🇺🇸U.S. Taxpayer⚖️💪🇺🇸 The true freeloaders of the greatest country in the world. The millionaires & Billionaires. Karma Time💋🤡🇷🇺👺🥊
@@rolandgraff414 Ok cracked out weirdo....
and take Mar-a-Lago - its technically a club and not his home (according to his own agreement with the city of Palm Beach).
The real question is does diaper don actually own anything at all? It seems to me everything is mortgaged up the wazoo and or leasehold
That's how the rich get rich. Look into it. Has gold tolit. Do you have a gold tolit.
He’s a liar he wants his supporters to foot the bill how pathetic
40 Wall is a nice building.
The value of his properties would probably double if he simply took his name off them.
He’s a horrible property manager and horrible businessman.
Renegotiate the ground lease…this German company doesn’t want bankruptcy…take your name off it and sell a majority share to Vornado and let them manage it.
40 Wall Street would probably work well as a residential conversion. Rename it Matsui Tower (in honor of the architect) and market it to sentimental Japanese bankers.
Says the guy that's net worth is no doubt millions upon billions. But no doubt you know EXACTLY what you're talking about when it comes to property management of NYC prime.
@@bullwinklemoose8291lol
Well your boy keeps losing
debtors prison...
Right after the fraud and corruption prison and then right after the traitor Guantánamo prison
⚖️💪🇺🇸ride on🌏🌍🌎 Vote blue for the kids🙏✌️☘️
This can't be right. Forbes has been touting Trump's status as a billionaire for decades. There must be some mistake.
They took his word for it. He lies like a rug.
Surely you aren't saying that the guy that bankrupted his own Casino, frauded the students who went to his University and had to pay hush money to a porn star is bad at business? 😅😂🤣
So 400 million bucks is a little bit of money according to that guy
To some people, 400 million is an ABSOLUTELY inconsequential amount of money.
400 million is less than 1/4 of 1% of Musk's net worth. It is noise in his checking account.
So, about 25 people? Is that 'the some' people you are referring to?@@Abmotsad
@@FrankBurnham
Probably more than that. There are currently over 3000 billionaires in the world. Of those, about 200 have more than 10 billion.
And - of course - it depends on what one means by "absolutely inconsequential".
For a person with 10 billion dollars - as I pointed out out, there are hundreds of them - losing 500 million means that you still have 9.5 billion. So, is that "absolutely inconsequential"? To one's ego? Maybe not. But to one's genuine material circumstances? Yes. Long before you reach 9.5 billion, you have maxed out on the actual material benefits of wealth.
And - of course - even those peasant billionaires with only a single billion can comfortably lose half of that and still eat pretty regularly.
If you look up the word "some", the pertinent definitions in this case are:
some
determiner
1. an unspecified amount or number of.
pronoun
2. at least a small amount or number of people or things. "Surely some have noticed"
So, I think you'll agree that - even if the number were only 25, an inaccurate figure - what I said would be correct.
Did you have a point?
400 million is a huge amount of fraud
You made my point. There are only 200 people who could say 400 million is a little bit of their money. That is about 0.0000000000000000000000001% of world population.
Why would you stand by such a foolish statement? How outside the box are you? Must you fight everyone all the time? Friend. @@Abmotsad
Being found guilty in court does not equal allegedly. Numnut.
Yeah, what would you call him? Fraudster? Fraud? Conman? Grifter?
that’s a cool bowie poster. i remember it from my high school library.
Your attention to detail is commendable. Or my lack of attention is shocking.
Let's make 40 Wall Street "affordable" housing with rent caps in place. NY should buy it at fire sale price and sell to highest bidder to retrofit it for green apartments for middle class workers.
In a civil case the defendant is found liable , not guilty which is terminology used in criminal cases.
He and his company were found liable for fraud and his ex CFO is going back to jail, having pled guilty to perjury , including his testimony in the fraud trial. The fraud is no longer alleged after a finding by the court.
Wooden delivery of someone else's questions. His answers begged for follow up questions that were just left in the air. Pointless.
Gotta learn the difference between allegedly and convicted of.
The owners of the land that the building sits on are in a wonderful position to purchase it. I can't imagine that anyone else would bid on the building burdened by that ground lease, so they should have little competition
I agree. They’d be buying a distressed building in a bad market. They’ll never get a better opportunity to buy.
Bankruptcy court here we come 🤑....
6 months he will have truth socal money
Going bankrupt won't help. . No bankruptcy protection against these judgements.
I'm pretty impressed with your liquor cabinet in the background!😊
I love his booze collection by his work desk :)
Makes his job easier to manage.😃
Maybe bankruptcy #7 will be the charm!😂😂😂
I think CHUBB is going to get Trumped.
And you’re probably right. There are concerns about who backed CHUBB on that bond as well.
Nope. It's us taxpayers who's going to ultimately foot the bill. Chubb is insured through the Federal Insurance programme.
..No, 40 Wall St owes more than could got out of it...
It's a lease he doesn't own it. He has to pay, in addition to the taxes, more than the revenue that is winding down lower. It needs major repairs and the tenants are leaving as the leases come up for renewal. Oh, and he owes $160mil on it. Beautiful landmark on the outside though.
The biggest problem is that if the properties get sold CGT will apply.
CGT?
Capital gains tax. This is a legit concern. More headaches for the orange man. @@starsalign9336
@@starsalign9336 Capital gains tax
Capital Gains Tax?@@starsalign9336
Is Forbes going to print corrections about all of the articles claiming the orange one was actually a Billionaire, when he wasn't?
Love the booze rack, guy has good 'taste' in that regard.... it's 10 in the morning and i need a drink after watching this
Likely a daily thing, get help.
I'm with you
Maybe even some " medical" marijuana.
That's a man who's upfront about his addiction
It's because he's a bad businessman who makes terrible decisions.
How tf is real estate less low in value when everyone else real estate is high as it’s ever been 😊
Office space is in a big downturn due to employees working remotely since the pandemic.
And quite a few of them buildings leases are coming due in the summer and nobdy to renew them for
If two or three different companies hold a lean or mortgage against real estate, the buildings are old and poorly maintained and they're not making rent money, the value of a building can slide down really fast.
Evidently you haven’t heard of the crisis in commercial real estate
He better hope that his gold crapper doesn't get clogged. I don't think he could afford a NYC plumber.
“When you are A.G. they let you do whatever they want. You can grab them by the assets.” -Letitia James
This from the same "journalists" who reported incorrectly that he's a billionaire! LOL!
A liquor store on display during the interview? Really? Forbes?
Hey I'm going to quote an article, can you tell me if its yours. I just never figured out how to read or source credits.
Alleged crimes?
Fraudulent accounting in order to get redued loan rates! Not actually 'criminal' but a breach of the law! Likely to be some tax fraud as well, but that hasn't been id-ed (yet!). FWIW the specific law is Executive Law 63(12). It was created to protect the integrity of New York as a Financial Centre (or Center for you Yanks!)!
Why does a man worth $2 billion need financial help from those who can barely make rent? Those struggling to make rent will only struggle more if they give that Billionaire a few Dollars, however that billionaire will not face any life threatening outcome from this. Not having a place to stay, or not enough food, is a life threatening situation.
If the impoverished can navigate this society, a billionaire will be fine if he losses a few pieces of property. After all, poor people are raising babies all the time, and that is not cheap, and these people only have 1 home, yet they manage to make things work.
There is no logical reason a poor person should be giving a Billionaire anything in financial help. If anything, it should be the other way around.
So much tight rope walking… it’s depressing.
The former president’s debt at the property totals roughly $120 million, and the loan matures in 2025.
That makes him smart.
@@leonadams1053 That makes 120 million less he can leverage. The rest of his portfolio probably looks the same He has called himself the "King of debt". Well this is one debt he can't default on.
No bank is going to give him money
will be worth more after his name removed
This guy likes his alcohol 😂😂😂
Assets? BS this is all OPM
Guess we'll find out if commercial real estate really is a difficult asset to sell at a good price soon.
The State of NY isn't acquiring gump property to manage, they are simply ordering it to be auctioned in order to satisfy his debts. That means that the bank that was dumb enough to lend gump 120 million for the building will be bidding to protect their "investment", but that's where the property's REAL value will he established. If that is only enough to cover the existing mortgage, oh well, the State of NY just moves onto the next trashy gump property and the next auction. If market conditions, an onerous lease, and gump's usual substandard construction creates a synergy that beats the value down that's just tough cupcakes. This is a scene that's going to play out repeatedly across all of his over-leveraged garbage properties. Let us also not forget that most of the reporting (including here) includes a rash of false financial details that were provided by the convicted frauds. 40 Wall St. was reported by gump as beingv97% occupied? Yeah, right! Only an absolute imbecile would ever believe that.
Most embarassing hang-the-cub-reporter-out-to-dry since Clark Kent faced puberty in a phone booth.
Padlocks and chains are ready......
Why does Don Jr. Have jet black hair like dracula?
Britney looks like a high school cheerleader 😂
Time for Buttercup to payup.
The amount is not going to get "knocked down" and if he hadn't been playing financial games for DECADES, none of this would be happening, he did and now he's getting slammed for doing it. Crying that he can't come up with that amount of money that quickly is not their problem, it's the Law. That makes it his problem for breaking it, not theirs for enforcing it.
I dare anyone to try to "work out a deal" paying a speeding ticket, a person has a "window" to pay for it
They are both Civil Offense's, the same laws apply.
Why would anyone want to stay there
I look at 40 Wall Street on Friday
I look at 40 Wall Street on Saturday
I look at 40 Wall Street on Sunday
I look at 40 Wall Street on Monday
I think a new book is in order the Art of the Deal, destined for failure
Having Don Jr asking for money before this segment started is an obvious miscalculation on the part of RUclips! LOL😅
Take the plane so rump has to buy a ticket for a commerical airline.
He can travel with the common people.😅😅😅
This story is saying the lease on 40 Wall Street is only $2.5mil/year?
How much equity does he have in these properties? Haven't heard anyone address this basic question.
First time I have seen a presenter with a liquor shelf in his office
Grow up.
Excellent research 👌
40 Wall Street is impressive and beautiful.
I appreciate the coverage of this issue. In future, though. it would be great if Zack worked on the verbal crutch issue. He probably doesn't know how frequently he uses them.
Hope James takes it all
The actual taxpayers of New York getting Rump Tower and Mar a Lago and all the golf courses and other properties would be sweet justice and fitting indeed.
Such an illuminating discussion. Two of the most like-able journalists ever. (Zack, that's a lot of booze bottles on your shelf--do we need an intervention? ; ) ) Keep up the great work!
I will have a Whiskey sour please.
500 million dollar bonds happen all the time geez
No, they don’t
There have been a few cases where corporations had to put up Billion dollar bonds. Texaco lost a $10 Billion lawsuit in the 80s and went to the Supreme Court to argue they shouldn't have to put up the money as it infringed on their right to due process in appealing. They lost.
Murdoch paid 780 million
@@deliciousfulwhat case? link
Good one !
Former "traitor, thief and conman". Hes not worthy to be addressed as "president" now or ever.
Cool to see a guest with a bar behind him, rather than the more PC bookshelf. Legit.
Why is that cool?
6:59 This is State of New York legal proceeding not a Federal issue, so he misspoke!
Most people have books on their shelves, he's got booze. I guess Forbes reporting drives you to drink.
🎉🎉VOTE BLUE🎉🎉UP/DWN THE BALLOT🎉🎉
It will not be lower the bond will stay the same
$500 million bond should be investigated!
No one wants to post a $500 million bond for Don the Con because he's - a con finally getting his just deserts.
What?
@stevelangan1277 why not?
@@michaelfoxbrassreally????
Whatever happened to the old days when journalists used to ask their guests questions. Now it's "talk to us about ....." It's just lazy journalism
This guy sure likes his booze… looks like he likes to party. A lot!🤣
Chip in Ivanka, Jared and all siblings. Stop asking we the poor
King of debts is in a hole. Now he is also King of judgment debts. The guy is just too arrogant thinking he was above everything. His downfall is inevitable.
We will have never seen anything like it
🤔 this math ain’t mathing. Not sure where he’s getting these figures but something doesn’t seem quite right.
Triggered Magaholics on here are very mad that some reality is busting through the Bubble.
Sell it cheap, who cares?
Feb 15 (Reuters) - The U.S. Securities and Exchange Commission allowed Donald Trump's media and technology company to merge with a blank-check acquisition vehicle in a deal that currently values the parent of his social media app Truth Social at as much as $10 billion.
A month later that value was nothing
The sec has notably been co-opted for a long time. They used to be respectable but now they frequently let the presumed rich get away with whatever they want because interfering by doing their job would be “socialist “.
It just dropped by 30%, RUN!!!
How many people can come up with 400 million on the spot, and they want to go after his property, but if he doesnt own the property out right, what happens?
Nobody, that’s the reason for no bond, they said it’s unheard of.
When your a multi-billionaire and run a highly successful business and manage debt as well as he claims, what is the problem?
@@psylintzu6036 Murdoch paid 780 million without begging for donations.
There's always the 8 amendment .
@@hermansohier7643Doesn't apply here
Two. Quotes from his book and they weren’t his words. And the “writer” of the book is being interviewed from a massive pile of liquor.
A little bit of money, right
He's still under audit by the IRS. 9 years. Still not finished. The IRS better be doing a thorough job
Is this really the best Forbes can do? Two kids. One’s got two trophies behind her and little more of the other guys got the largest bar I’ve seen in quite a long time right there by your side I mean Mrs. really not impressive.
EXCUSE ME MR PERDENTE,
BUT NO CRIMINALS ARE ALLOWED TO DO BUSINESS IN NY STATE???????
Easy Fix. Lock him up. He's a felon on the loose. He should be in jail now.