No, as we do not have “debtor’s prison” in the United States…at least not officially. There are certainly ways the system works around that.
However, in this case the state will file a lien against all of his properties, and then begin the legal process of recouping the funds from the judgement if he defaults.
He’s about to need to sell off a large percentage of his holdings, but he won’t be poor by any stretch. He’ll still likely be a billionaire, with a B. Even low estimates put his worth at somewhere around $2B.
And losing a quarter of that to a legal decision is a huge hit, but he’ll still have $1.5B in worth afterwards. Even if he did nothing with it and just let it accrue interest, he and his entire family would still be set for life. I hate the man, but this isn’t going to be what ruins him. This is one slice of a very large pie. I’d be happy to be proven wrong.
So how does this end?
Like… what happens when he fails to pay? Does he get arrested?
No, as we do not have “debtor’s prison” in the United States…at least not officially. There are certainly ways the system works around that.
However, in this case the state will file a lien against all of his properties, and then begin the legal process of recouping the funds from the judgement if he defaults.
We don’t have debtors prison for the wealthy, but we do for the poor
That’s what I meant by the “not officially” and “the system works around that” parts 🙃
Removed by mod
He’s about to need to sell off a large percentage of his holdings, but he won’t be poor by any stretch. He’ll still likely be a billionaire, with a B. Even low estimates put his worth at somewhere around $2B.
And losing a quarter of that to a legal decision is a huge hit, but he’ll still have $1.5B in worth afterwards. Even if he did nothing with it and just let it accrue interest, he and his entire family would still be set for life. I hate the man, but this isn’t going to be what ruins him. This is one slice of a very large pie. I’d be happy to be proven wrong.
Removed by mod