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Michael Cohen Put Up His Home As Collateral -- Now What Are The Chances He'll Flip On Trump?
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Michael Cohen Put Up His Home As Collateral Now What Are The Chances Hell 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. Theres now hope at least amongst the segment of Americans opposed to President Trump that Donald Trumps 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 dont 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 Hell 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. Theres now hope at least amongst the segment of Americans opposed to President Trump that Donald Trumps 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 dont 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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Michael Cohen Put Up His Home As Collateral -- Now What Are The Chances He'll Flip On Trump? (Original Post)
mahatmakanejeeves
May 2018
OP
asiliveandbreathe
(8,203 posts)1. A tip of the hat mahatmakanejeeves -
mahatmakanejeeves
(57,283 posts)2. De nada. My pleasure. Or agony. I'm not sure which. NT
still_one
(92,060 posts)3. What r the chances he will get a full pardon?
ProudMNDemocrat
(16,699 posts)4. According to some experts......
On the Last Word with Lawrence O'Donnell last night, Cohen's involvement may not be covered by a President pardon. Especially when it comes to pay for play, money laundering, etc. There are NY State charges as well to consider.
BigmanPigman
(51,562 posts)6. That is what I assumed last night.
Thanks for verifying.
Capperdan
(492 posts)5. A Home in Trump's tower
May not be easy to unload. Remember the poor guy that just died in the fire, he couldn't find a buyer.