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Michael Cohen Put Up His Home As Collateral -- Now What Are The Chances He'll Flip On Trump?
GOVERNMENT
Michael Cohen Put Up His Home As Collateral — Now What Are The Chances He’ll Flip On Trump?
Is Michael Cohen in a "fight for his family's financial life"?
By KATHRYN RUBINO
at 11:56 AM
Desperate men do desperate things. There’s now hope — at least amongst the segment of Americans opposed to President Trump — that Donald Trump’s fixer Michael Cohen might be a little closer to striking a deal with federal prosecutors and spilling all the tea on the president.
Bloomberg has a new report that reveals, according to public filings, the taxi business owned by Cohen and his wife owes as much as $12.8 million on loans to Sterling Bank. That loan had been secured by taxi medallions, but with the success of Uber and other ride-hailing services, the value of that collateral has dropped 80 percent. Now the Cohens have placed their home as collateral on the debt owed to Sterling Bank:
The exact details of the transaction are unclear — indeed, in a text to Bloomberg Cohen puffed, “With all due respect, you don’t remotely understand my loan.” But the experts have some insight into what may be going on behind the filings:
....
Kathryn Rubino is an editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
Michael Cohen Put Up His Home As Collateral — Now What Are The Chances He’ll Flip On Trump?
Is Michael Cohen in a "fight for his family's financial life"?
By KATHRYN RUBINO
at 11:56 AM
Desperate men do desperate things. There’s now hope — at least amongst the segment of Americans opposed to President Trump — that Donald Trump’s fixer Michael Cohen might be a little closer to striking a deal with federal prosecutors and spilling all the tea on the president.
Bloomberg has a new report that reveals, according to public filings, the taxi business owned by Cohen and his wife owes as much as $12.8 million on loans to Sterling Bank. That loan had been secured by taxi medallions, but with the success of Uber and other ride-hailing services, the value of that collateral has dropped 80 percent. Now the Cohens have placed their home as collateral on the debt owed to Sterling Bank:
Cohen and his wife have now pledged their apartment in the Trump Park Avenue — a 10th-floor spread combining three units — as additional collateral to the bank, which valued it at $9 million, according to filings of the April 22 transaction.
The exact details of the transaction are unclear — indeed, in a text to Bloomberg Cohen puffed, “With all due respect, you don’t remotely understand my loan.” But the experts have some insight into what may be going on behind the filings:
“It looks to me like the lender probably said you have to guarantee these existing loans, and by the way you have to pledge your real estate to backstop your guaranty,” said Joshua Stein, a Manhattan real-estate attorney who reviewed the public filings.
....
Kathryn Rubino is an editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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