July 12th 2024.
Yesterday, a judge made the decision to revoke bankruptcy protection for Rudy Giuliani, which means that his creditors can now pursue his assets within a matter of days. This comes after the former mayor of New York sought bankruptcy protection following a $148 million defamation lawsuit from two Georgia election workers. As a result, the judge's ruling on Friday opens the door for Ruby Freeman, Shaye Moss, and other creditors who are seeking to collect the more than $150 million that Giuliani owes.
Judge Sean Lane of the federal bankruptcy court in New York reached this decision in part due to Giuliani's lack of transparency since filing for bankruptcy over six months ago. In his 22-page opinion, Lane pointed out that Giuliani has not provided any information about the finances of companies he owns, which have received thousands of dollars in wire transfers in recent weeks. Furthermore, the judge noted that Giuliani has not been fully transparent with his creditors, such as failing to disclose a book contract and his earnings from a radio show and podcast.
"The lack of financial transparency is particularly concerning given the allegations of self-dealing and potential conflicts of interest that could impact the administration of his bankruptcy case," Lane wrote in his decision on Friday. This ruling comes as a blow to Giuliani, a former Time magazine Person of the Year and prominent figure in New York society, who claims to have a net worth of $10.6 million, mostly in the form of two apartments in New York City and Palm Beach, Florida.
Moss and Freeman, the two election workers who won the defamation lawsuit against Giuliani, are now planning to seek liens on these properties in the coming days, according to their lawyers. Giuliani's attorneys have indicated that he plans to appeal the jury verdict and may also fight any liens in state court. In addition to his properties, Giuliani's creditors will also be able to pursue his bank accounts, a Mercedes-Benz sports car, a collection of luxury watches, World Series championship rings, and other valuable items such as a signed Joe DiMaggio shirt.
However, the true value of these assets is unclear, as creditors accuse Giuliani of downplaying their worth or failing to disclose complete estimates. For instance, one World Series ring alone is believed to be worth nearly $30,000, according to court filings. Giuliani also claims to be owed over $10,000 in taxes from his appearance on "The Masked Singer" and expects to receive tens of thousands of dollars from his involvement in various ventures, such as a coffee bean marketing campaign and a documentary.
This latest ruling marks a significant downfall for Giuliani, who has faced numerous challenges following his work as a lawyer for former President Donald Trump after the 2020 election. Last week, Giuliani lost his law license in New York for promoting false information in court to challenge the election results. He is also facing criminal charges in Arizona and Georgia related to Trump's efforts to undermine his loss in the election. Giuliani has pleaded not guilty in both cases.
In light of the recent developments, Giuliani has agreed to end his bankruptcy proceedings, after Freeman and Moss suggested this approach earlier in the week. His creditors had become increasingly frustrated with his lack of transparency and accused him of exploiting the bankruptcy system to avoid paying his debts. This accusation sparked outbursts from Giuliani in court, who claimed that he was the one being defamed. In addition to Moss and Freeman, Giuliani also owes over $1 million in taxes, tens of thousands of dollars in unpaid phone bills, and more than $1.4 million to a law firm where a close friend represented him during past investigations. Other companies and individuals, such as his former assistant and voting machine companies Smartmatic and Dominion, are also suing him.
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