The legal system has hit Donald Trump big time, this time, with a decision made in a New York court that Trump had exaggerated the worth of his businesses to gain favourable terms with banks. The decision is to therefore to revoke the Trump Organization’s “business certificates,” so he can’t do business in New York. As I understand it, unless the decision is successfully appealed, which Trump’s lawyers are doing, this finishes off his businesses, being mainly New York based. Clearly this aims to cripple his campaign by financially destroying him. Nasty stuff.
The idea that Trump exaggerated his worth is absurd, as all businesses always try to do this, it is just what business is about, pushing the idea that one’s business is best. But banks are not vulnerable maidens, and they have their own valuations, so this is not a problem at all. It is not up to Trump to prove the value of his business. Value is in the eye of the beholder.
Clearly, this has been thought out as a strategy to destroy him, by compounding actions. I hope that by this time Trump wakes up to how evil and corrupt the system is, and decides to do what is necessary to save the West, if he gets elected as president.
https://nypost.com/2023/09/26/trump-fraud-ruling-a-devastating-blow-for-ex-president-experts/
“A ruling by a New York judge that Donald Trump had committed fraud — leaving the fate of his business empire dangling in uncertainty — was a “devastating” blow for the former president, legal experts said Tuesday night.
If not successfully appealed, the decision will revoke the Trump Organization’s “business certificates,” — the corporate licenses held by Trump, his family, the Trump Organization and the LLCs it has — preventing the 77-year-old from conducting business in the Empire State until the revocation is rescinded.
The ruling amounts to a “corporate death penalty,” experts told Business Insider.
“It means you are no longer a company, and the judge is appointing someone to take over the assets and distribute them as the court sees fit,” former financial-crimes prosecutor John Moscow told the outlet.
Manhattan Supreme Court Justice Arthur Engoron ruled that the businessman greatly exaggerated the value of his wealth to secure favorable terms with banks, which ultimately led him to worldwide fame — and into the White House.
Part of the ruling dictates that a receiver must be put in place to manage the process of the LLC’s getting shuttered.
Recommendations for the position must be given to the judge within 10 days.
“The decision today is a final decision that fraud is proven. The judge made this decision on the basis of Trump’s own documents. The evidence is Trump’s own documentation,” Andrew P. Napolitano, a former New Jersey Superior Court judge, told The Post.
“These are indisputable facts — the case is based entirely on the documents his lenders and his insurance companies produced.”
Another former Manhattan financial-crimes prosecutor, Diana Florence, told Insider that while Trump will still own his properties the ruling changes what he can do with them – sort of like owning a car but having a driver’s license revoked.
She also compared it to when someone dies but an executor runs the estate of the deceased person’s assets.
“Without a corporate charter, you can’t operate as a corporation,” Florence told the outlet. “You can’t get loans, you can’t apply for a government contract.”
The 2024 GOP presidential front-runner will likely appeal the ruling, which could cost him upward of $250 million in penalties that New York state Attorney General Letitia James is requesting — a heavy lift for the less-than-liquid Republican.
The penalties will be determined at a trial starting Oct. 3.
The receiver could theoretically continue to run things including collecting rent, paying taxes, bills and salaries until the business assets are sold.
While Trump would be entitled to those assets they will first go toward paying his debts, including any damages he may owe after the trial, Florence said.
“The receiver will be in charge, and they are answerable to the court. Trump can’t tell the receiver what to do,” she said, adding that the whole process could take years to resolve.
Trump could potentially have to sell off his assets in order to pay the lofty legal fees, which could hurt his ego more than his pockets, a source familiar with the former president said.
“He is really ******,” said the source, who asked to remain anonymous.
“This really hurts. He cares about the money. This is the beginning of the end for him. These cases are going to really hurt him. He’s been so blasé about this.”
It’s not immediately clear whether the certificate revocation would remain in place as the appeals case makes its way through the circuit, which could take months.
Little is preventing Trump from ignoring the ruling, however — he would be hit with monetary fines for conducting business in the interim, but wouldn’t see any criminal ramifications.
“A regular person would be very concerned about what happened today and they would probably start looking at new shareholders or selling or looking into perhaps transferring certain real estate into various different entities. I don’t think he’s going to be doing any of that,” said Alex Fisher, a corporate lawyer at Fisher and Fisher.”
https://www.zerohedge.com/political/trump-rages-deranged-ny-judges-corporate-death-penalty-decision
“Nazis applauded by Canada's Parliament; Chinese money sent to Joe Biden's address; CIA busted using Fauci as a COVID patsy; border crisis at max dissonance; Biden's ratings at record lows; West losing focus on Ukraine war...
If ever a 'distraction' was needed it was now... and the playbook says 'Get Trump'.
Right on cue, in a stunning decision on Tuesday, a New York State judge found - with no trial or jury - that Donald Trump, his family, and his business, theTrump Organization, was liable for fraud, and ordered what experts in New York financial crimes say amounts to the dissolution of his company.
In a 35-page ruling, Manhattan Supreme Court Justice Arthur Engoron (D) revoked the New York “business certificates” belonging to the Trump Organization and any other New York-based business run by Trump or his family – while ordering that an independent third party will be tasked with “managing the dissolution of the cancelled LLCs.”
"It's a staggering judgement," said John Moscow, a former financial crimes prosecutor for the Manhattan district attorney's office.
"It means you are no longer a company, and the judge is appointing someone to take over the assets and distribute them as the court sees fit."
"It's comparable to once a person dies. A dead person can't sell property. Only the executor of the estate can do that – or in this case, the receiver."
Experts are calling it the "corporate death penalty."
As Sundance at TheConservativeTreehouse.com put it:
"All the banks and lenders did their own due diligence on the financing.
All operational loans and business loans were paid back.
There were no defaults or banking interests adversely impacted.
There are no victims of what the State calls “fraud,” yet the judge is ruling the Trump organization must dissolve all business interests in the state and exit within 10 days."
As you might expect, President Trump was enraged, blasting “The widespread, radical attack against me, my family and my supporters have now devolved to new, un-American depths,” calling Engoron “deranged” and James a “completely biased and corrupt ‘prosecutor.’”
“We are rapidly becoming a communist country, and my civil rights have been taken away from me,” he continued.
“This is Democrat political lawfare and a witch hunt at a level never seen before.”
Trump plans to appeal the decision, his attorneys said.
“Today’s outrageous decision is completely disconnected from the facts and governing law,” Christopher Kise, a lawyer for Trump, said in a statement.
“President Trump and his family will seek all available appellate remedies to rectify this miscarriage of justice.”
Eric and Don Jr. Trump took to X to slam the Judge's valuation of his father's Mar-a-Lago resort, which Trump claims is over a billion dollars, but Engoron ruled is worth between $18 million and $27.6 million - which is absurd when you look at the surrounding property values.”