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Right now, Trump’s $2 billion-and-change stake is just that—an illiquid stake in a company that makes negative money and relies wholly on public perception to retain its paper value.

Yet in reality, these investors have an illiquid investment that is hard to spin into gold.

Rubin agreed that the loan would not prevent James from trying to collect, but her office has “no interest” in assuming the risk of Trump’s illiquid assets, as the A.G.’s office said in its brief.

“I’ve represented and prosecuted large real estate developers, and it’s not uncommon for them to be highly illiquid,” tweeted former federal prosecutor Renato Mariotti.

The price of these illiquid instruments matches that typically paid to insure against default by a country on the cusp of being downgraded to a junk credit rating.