Wealth distribution by any other name is still theft
Wealth acquistion by the state is not the same as wealth redistribution. The cost of redistribution including government and outside middle men is somewhere between 70 and 99.9% of the assets seized. That is the whole point.
And it further benefits the bottom feeders in our society - the vulture capitalists who can swoop in and purchase the resulting defaulted, abandoned or foreclosed properties for pennies on the dollar.