mystic_belmont posted...
LJ's job is to get that money. Selling overleveraged properties is not great. It's not ideal.
Correct. If there was a 20 million dollar golf resort there is no guarantee how much it would be sold for. Unless it had something truly special, chances are they would not get 20 million at auction. Plus you have other expenses. If it takes six months between seizure and it being sold, that is six months that New York has to maintain it. Grass will need cutting, exterminators will need to keep pests out, utilities companies will still have to be paid, etc. By the time all is over with New York may get 12 million for it.
However a 20 million dollar bank account is a different animal. It is instant money which means there is no other work required once they have it to get money out of it. There is no spending to keep it up. Most importantly though a 20 million dollar bank account means they are not going to get anything less than 20 million.