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TTO - liquidation sale - Everything must go!

Abandon reality, all ye who enter here. *Democracy*Under*Threat*

What will be the first to get sold off?

Boeing 757, missing an engine
6
19%
Sikorsky executive helicopter (reduced to sell!)
7
22%
Trump Hotel DC
6
19%
Doral golf course
0
No votes
Other golf courses
1
3%
Vornado buys out Trump’s share of two towers.
11
34%
St. Martin Mansion (airbnb potential!)
1
3%
Other (explain)
0
No votes
 
Total votes: 32

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Chilidog
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TTO - liquidation sale - Everything must go!

#1

Post by Chilidog »

OK a thread for baseless, idle speculation, because I'm bored.

Premise, the Trump Organization is facied with rising issues with loans, cash flow and the like decides to sell off some of its holdings.

The helicopter is now listed for under a million
https://www.avbuyer.com/aircraft/helico ... 76b/361408

The Vornado buy out seems the most likely, but those are the only properties he has that are making money right now
https://www.google.com/amp/s/www.wsj.co ... 1612872003
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Chilidog
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Re: TTO - liquidation sale - Everything must go!

#2

Post by Chilidog »

The St. Martin house is a turkey

https://www.bloomberg.com/news/articles ... y-for-sale

The new owner is going to have to spend more money to strip the gold wallpaper off.
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Re: TTO - liquidation sale - Everything must go!

#3

Post by RTH10260 »

Chilidog wrote: Mon Jul 05, 2021 12:30 pm The St. Martin house is a turkey

https://www.bloomberg.com/news/articles ... y-for-sale

The new owner is going to have to spend more money to strip the gold wallpaper off.
It can be yours for $16.9 million, a relative bargain after the former U.S. president’s company slashed the price by $11 million since first listing the property four years ago.
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Chilidog
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Re: TTO - liquidation sale - Everything must go!

#4

Post by Chilidog »

The Trump DC Hotel is another Albatros
. Last time it was up for sale, Eric Trump, the president’s son, said the company was looking for a sales price of around $500 million.
Rumor is that the bids from the first offer were all south of $200 million

https://www.washingtonpost.com/business ... otel-sale/
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Kendra
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Re: TTO - liquidation sale - Everything must go!

#5

Post by Kendra »

https://www.newsmax.com/politics/trump- ... d/1022330/

:snippity:
Friday, 21 May 2021 10:22 PM

"It will soon be brought to a Louisiana service facility for the completion of work, inspection and updating of Rolls-Royce engines, and a brand-new paint job. When completed, it will be better than ever, and again used at upcoming rallies!''

For the last two years, several media outlets have lamented the fate of ''Trump Force One'' due to the location and apparent shape of the aircraft.

A piece by CNN in March calling the plane ''the crown jewel of his wealth,'' implied that the cost for its rehab ''could reach well into the high six-figures, a price-tag Trump doesn't appear to be dealing with right now.''
:snippity:

Can we find a reporter to follow up on its status?
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Chilidog
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Re: TTO - liquidation sale - Everything must go!

#6

Post by Chilidog »

Oops. I forgot about Trump's whinery

Not for sale right now.

But I doubt it will stay in the family much longer.
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filly
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Re: TTO - liquidation sale - Everything must go!

#7

Post by filly »

Chilidog wrote: Mon Jul 05, 2021 12:34 pm The Trump DC Hotel is another Albatros
. Last time it was up for sale, Eric Trump, the president’s son, said the company was looking for a sales price of around $500 million.
Rumor is that the bids from the first offer were all south of $200 million

https://www.washingtonpost.com/business ... otel-sale/
And that's just the sale of the lease on the property! I'm guessing since the federal government owns the property the documents on the lease should be publicly available somewhere.
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Re: TTO - liquidation sale - Everything must go!

#8

Post by MsDaisy »

filly wrote: Mon Jul 05, 2021 12:52 pm
Chilidog wrote: Mon Jul 05, 2021 12:34 pm The Trump DC Hotel is another Albatros
. Last time it was up for sale, Eric Trump, the president’s son, said the company was looking for a sales price of around $500 million.
Rumor is that the bids from the first offer were all south of $200 million

https://www.washingtonpost.com/business ... otel-sale/
And that's just the sale of the lease on the property! I'm guessing since the federal government owns the property the documents on the lease should be publicly available somewhere.
It's for sale again...

Trump Organization puts D.C. hotel lease up for sale again: report
The Trump Organization is making another attempt to sell the lease to its D.C. hotel after failing to close a deal on the property during the pandemic, The Washington Post reported Tuesday.

The Pennsylvania Avenue hotel became a popular destination for lobbyists and foreign government officials during former President Trump’s tenure, but Trump’s election loss and the COVID-19 pandemic have caused its profits to plummet.

The Trump Organization is hiring brokerage firm Newmark Group to sell the property, two sources told the Post. Trump’s company tried to sell the lease in the fall of 2019 but was forced to pull the listing when the pandemic hit.

Trump leases the government-owned hotel from the General Services Administration. Democrats criticized the agency for failing to track the income Trump may have received from foreign governments staying at the hotel.
https://thehill.com/business-a-lobbying ... ain-report
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Re: TTO - liquidation sale - Everything must go!

#9

Post by zekeb »

My question for those in the know: What if trump owes more on Two Towers that its worth? I presume the creditors hold a lien on the building for an amount at least equal to trump's share of the debt. This could be said for any of his properties. It appears that he is upside-down financially.
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Re: TTO - liquidation sale - Everything must go!

#10

Post by Fiascoist »

Voted Vornado for two reasons. TFG needs money, lots of it and other lending options have or will dry up. TFG has no value to Vornado and is actually more like black mold attached to the assets. A good thorough cleaning is required.
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Re: TTO - liquidation sale - Everything must go!

#11

Post by Kendra »

Had to look up the St Martin estate. Article from 2017: https://www.mansionglobal.com/articles/ ... -cut-70329

:snippity:
The president owns the property through a limited liability company, one of the dozens of entities established to manage his various holdings in the United States and abroad. Since assuming the presidency, Mr. Trump has turned over those entities to a revocable trust managed by his son Donald Jr. and Trump Organization executive Allen Weisselberg as a way avoid conflicts of interest.

The trust claimed the St. Martin property had a value of $25 million to $50 million on Mr. Trump’s most recent financial disclosures filed in June with the U.S. Office of Government Ethics.

It’s not clear why the trust is so eager to offload the property. A publicist for the Trump Organization did not immediately return requests for comment.
:snippity:
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Re: TTO - liquidation sale - Everything must go!

#12

Post by somerset »

I'm going with the helicopter. It's cheap enough (and the price is almost certainly negotiable down from the asking price) for there to be a lot of potential buyers and there's little loss of status when it goes.

I think Vornado will also buy out his interest in their properties, but not just yet. His need for cash will increase as his financial condition worsens, perhaps to the point of desperation. I see the value of his interest going down over the next 12~18 months, so I think it's in Vornado's best interest to be patient.

Frater or GG might have a line on what's actually happening with the 757. From what I remember, "high six figures" sounds way too low to get it airworthy.

Speaking of the helicopter, 6,261 hours but 19,166 cycles. Lots and lots of very short hops.
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Re: TTO - liquidation sale - Everything must go!

#13

Post by Frater I*I »

somerset wrote: Mon Jul 05, 2021 2:02 pm :snippity:
Frater or GG might have a line on what's actually happening with the 757. From what I remember, "high six figures" sounds way too low to get it airworthy.

:snippity:
The powerplant, an RB-211, isn't made any more and replacement parts are hard to come by, so he's looking a breaking a million for the overhaul. Too, also, the only overhaul shop for Rolls-Royce aircraft engines here is the US that I'm aware of is in ATL and run by Delta, and there's no way they'll let it be shipped out without guaranteed payment on hand.

This airframe is also in need of a heavy maintenance visit and aging aircraft inspection by the FAA, seven more figures with a 30-90 day or more turnaround for that alone. As above, no repair station is going to let that aircraft leave without payment on delivery.
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Re: TTO - liquidation sale - Everything must go!

#14

Post by humblescribe »

zekeb wrote: Mon Jul 05, 2021 12:59 pm My question for those in the know: What if trump owes more on Two Towers that its worth? I presume the creditors hold a lien on the building for an amount at least equal to trump's share of the debt. This could be said for any of his properties. It appears that he is upside-down financially.
(1) Zeke, I am not in the know.

(2) We do not know how tRump bought into the towers. We do not know how title is held. Is it an undivided X% interest? Or is it an LLC and one of his companies owns an X% LLC interest? If the former, I would suppose that the Two Towers entity is on the hook for any debt; the cash received would be after the proportionate share of debt is subtracted, as the former guy would no longer be responsible for his percentage.

If the latter, then the sale would pay off the loans taken out to buy into the Two Towers before any coin went to the business. We'd have to examine the loan documents to see if the loan had recourse provisions or personal guarantees if the sales proceeds were not enough to satisfy the debt.

Two things to keep in mind: The sales price of a partnership (or LLC) interest for income tax purposes includes not only any cash amount but also the amount of debt that the partner is no longer responsible for. In addition, debt forgiveness is taxable income to the extent that the taxpayer is not insolvent.

Any sales of his ownership interests in various properties will be a monumental tax and financial headache for the lawyers and accountants to figure out the best way to structure the deals. What may make good sense financially might run into hefty income tax issues, or vice-versa.
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Re: TTO - liquidation sale - Everything must go!

#15

Post by PaulG »

Chilidog wrote: Mon Jul 05, 2021 12:18 pm OK a thread for baseless, idle speculation, because I'm bored.

Premise, the Trump Organization is facied with rising issues with loans, cash flow and the like decides to sell off some of its holdings.

The helicopter is now listed for under a million
https://www.avbuyer.com/aircraft/helico ... 76b/361408

The Vornado buy out seems the most likely, but those are the only properties he has that are making money right now
https://www.google.com/amp/s/www.wsj.co ... 1612872003
I went with the favorite and voted Vornado. Doral? It ought to be valuable but it faces rising issues with the Atlantic. I think he'll have trouble selling Doral before the cockroaches are displaced by shrimp.
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Re: TTO - liquidation sale - Everything must go!

#16

Post by LM K »

Imo, the first things to go will be properties that aren't as branded with the Trump brand. So, his helicopter, plane, and tucked away private homes are likely to be first to go.

The insurrection motivated individuals and businesses to cut ties with Trump and the Trump Org. Trump has always marketed his projects on name recognition. In the business world, Trump's name is now a liability.

Now that the Trump Org is under indictment, selling assets will be harder. Who wants to step into the middle of Trump's legal crap? Who knows what NY plans to go after?

I think it's hilarious that Trump is trying to sell the DC hotel. The hotel is and always has been a bust; its value took a huge hit because of the pandemic, and the insurrection decreased the value of everything officially labelled with Trump's name.

If Trump really planned to run in 2024, he'd keep the hotel.

I don't think Trump will sell many of his golf courses. He has golf courses in:

*California
*D.C
*Florida (3)
*New York (3)
*New Jersey (2)
"North Carolina
*Philadelphia

*Dubai (2)
*Indonesia (3)
*Ireland
*Scotland (2)

I doubt he will sell his golf courses in Indonesia and Dubai. Those might turn a profit once the pandemic is better controlled. He will want to keep golf courses in states/cities that facilitate his business dealings or are residences. His Irish and Scottish properties are not financially successful.

Trump is in for a rude awakening. His primary source of income is from his brand. No one wants to be associated with the Trump brand anymore.
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Re: TTO - liquidation sale - Everything must go!

#17

Post by sugar magnolia »

Frater I*I wrote: Mon Jul 05, 2021 2:33 pm
somerset wrote: Mon Jul 05, 2021 2:02 pm :snippity:
Frater or GG might have a line on what's actually happening with the 757. From what I remember, "high six figures" sounds way too low to get it airworthy.

:snippity:
The powerplant, an RB-211, isn't made any more and replacement parts are hard to come by, so he's looking a breaking a million for the overhaul. Too, also, the only overhaul shop for Rolls-Royce aircraft engines here is the US that I'm aware of is in ATL and run by Delta, and there's no way they'll let it be shipped out without guaranteed payment on hand.

This airframe is also in need of a heavy maintenance visit and aging aircraft inspection by the FAA, seven more figures with a 30-90 day or more turnaround for that alone. As above, no repair station is going to let that aircraft leave without payment on delivery.
Lots of articles mention a Louisiana facility.
Trump said the plane will soon be brought to a service facility in Louisiana for inspection and repairs, including updated Rolls-Royce engines, as well as a new paint job.
https://www.businessinsider.com/trump-f ... ies-2021-5
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Re: TTO - liquidation sale - Everything must go!

#18

Post by Suranis »

I think T Force 1 is going nowhere.

It was an old plane when he got it, having done good service as a passenger jet but was bought at a time where people were selling off 757s so he probably got it at a low price as people were offloading them. He claims he paid 100 Million for it, which was 4 to 5 times the current asking price. So he is either inflating the Price to pleasure himself about how rich it makes him look, or someone saw him coming and talked him into actually paying 100 million for it as Turnip is a fuckwit.

Since then he rode it into the ground. The thing was a money pit between fuel costs, increasing maintenance costs as the thing fell out of shape due to his refusal to pay for a refit, and avoiding mandatory inspections in his usual way.

So, now its basically being allowed to rust in a rented open sky space. Renting a space for it to fall to bits is the cheapest way and least public way Trump has to get rid of it. Its very unlikely Trump could get buyers for it at the price he would want, and more importantly stepping into it would hammer home to him hos lowered status. He is now in a smaller jet plane than Air force 1. That means he is a loser. He would be reminded of that time he was stuck behind Air force one with Obama in it and he glowered due to the size difference.

Frankly he should just offer it gratis to anyone, letting them know it needs work to get it running again. Small airlines would jump at it. But he wont do that. So he will leave it rust in the rain and avoid questions about it. From his narcissistic point of view and the fact that he has no real money, its the best option. Selling it off for what its worth (sod all) would show he is a loser.

Any mention that it will "Soon" be going somewhere for a refit is the new "We will show our health plan in two weeks." Its bullshit.
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Re: TTO - liquidation sale - Everything must go!

#19

Post by Azastan »

Helicopter is cheap and can easily be repainted so that it's no longer associated with the TO.

Then Vornado. Dump some golf courses overseas, especially the Scottish ones which suck down money.
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Re: TTO - liquidation sale - Everything must go!

#20

Post by zekeb »

The helicopter may be due for a million dollars in overhauls. Without seeing the maintenance logs, no intelligent buyer would touch that purchase. His golf courses are money losers. He'd be lucky to get fifty cents on the dollar for what he has put into them. The airplane? That may well end up at Pima, AZ waiting to be chopped up into scrap. The only other chance of it being sold would be to some third world rinky dink airline. The only way trump ever made any money was by shafting other people. That gig ended when he entered politics and opened himself up for everyone to see.
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Re: TTO - liquidation sale - Everything must go!

#21

Post by fierceredpanda »

I agree with zeke except I'm not at all convinced the 757 will ever even make the trip to Pima, AZ or some other boneyard, because it would be too expensive just to get it fixed enough to make the journey. It's just going to keep rusting to pieces on the ground at whatever airport it's at now.
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Re: TTO - liquidation sale - Everything must go!

#22

Post by filly »

PaulG wrote: Mon Jul 05, 2021 2:54 pm
Chilidog wrote: Mon Jul 05, 2021 12:18 pm OK a thread for baseless, idle speculation, because I'm bored.

Premise, the Trump Organization is facied with rising issues with loans, cash flow and the like decides to sell off some of its holdings.

The helicopter is now listed for under a million
https://www.avbuyer.com/aircraft/helico ... 76b/361408

The Vornado buy out seems the most likely, but those are the only properties he has that are making money right now
https://www.google.com/amp/s/www.wsj.co ... 1612872003
I went with the favorite and voted Vornado. Doral? It ought to be valuable but it faces rising issues with the Atlantic. I think he'll have trouble selling Doral before the cockroaches are displaced by shrimp.
According to David Farenthold who monitors this stuff for WAPO and won a Pulitzer for his work, the Doral is bleeding money. Aside from its location in South Florida the clubhouse overlooks a working landfill. There are plenty of other places to golf in the area.
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Re: TTO - liquidation sale - Everything must go!

#23

Post by Azastan »

zekeb wrote: Mon Jul 05, 2021 3:40 pm The helicopter may be due for a million dollars in overhauls.
Nothing says it has to actually be in operating condition. Some deluded supporter could buy it to donate to the 'Biggest and Bestest Presidential Lieberry EVAH!' and simply truck it there.
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Re: TTO - liquidation sale - Everything must go!

#24

Post by Frater I*I »

fierceredpanda wrote: Mon Jul 05, 2021 4:02 pm I agree with zeke except I'm not at all convinced the 757 will ever even make the trip to Pima, AZ or some other boneyard, because it would be too expensive just to get it fixed enough to make the journey. It's just going to keep rusting to pieces on the ground at whatever airport it's at now.
Freight haulers would take it off his hands, at a discounted rate of course. They'd have their own RB-211s in storage since the 757 has been pretty much retired from the airlines and is a popular airframe with the cargo haulers. They are still one of the fastest production commercial aircraft that was made, especially with the Rolls on them...
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Re: TTO - liquidation sale - Everything must go!

#25

Post by RTH10260 »

fierceredpanda wrote: Mon Jul 05, 2021 4:02 pm I agree with zeke except I'm not at all convinced the 757 will ever even make the trip to Pima, AZ or some other boneyard, because it would be too expensive just to get it fixed enough to make the journey. It's just going to keep rusting to pieces on the ground at whatever airport it's at now.
To move anywhere the 757 needs a extra one engine, new or repurposed, and according to all news items there is no such engine available round the globe, at least not for the price impotus is willing to pay for. I understand that T is neither willing to pay the costs for the incapacitated enging to be shipped to Europe for overhaul, and returned.Doesn't look like that plane will move more than the few feet that is needed to keep the tires in shape.
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