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29-09-2023
NEW YORK: Former US President Donald Trump’s commercial enterprise is shaken from its core after Judge Arthur Engoron’s ruling that found the 77-year-old billionaire liable for fraud and showing inflated worth of his assets to secure a better financial posture and the benefits associated with it.
The ruling was issued on the case investigated by the state’s Attorney General Letitia James, rescinding the licenses of the Trump Organization and other companies owned by Donald Trump and his adult sons, Eric and Donald Trump Jr.
Donald Trump in his social media post called the ruling a “political hack”, and said that Judge Engoron “must be stopped”.
According to Michael Cohen, Trump’s former attorney and fixer, the ruling pushed the former president already out of business.
While speaking with media, he said: “Those companies will end up being liquidated … the judge has already determined that the fraud existed.”
During the hearing, lawyers asked if the judge’s ruling meant Donald Trump’s assets to be sold, or if they could continue to operate under receivership.
Engoron noted that the issue would be addressed at the non-jury trial on October 2.
Trump’s attorneys said that the decision to rescind the licenses will be appealed alongside the decision.
If it fails, the edifice will come crashing down.
According to the Guardian, experts say the beginning would be marked by the sale of the actor-turned-politician’s most prestigious real estate assets including Trump Tower in New York, golf courses and resorts around the US.
It may also include his prized Mar-a-Lago club in Florida if it is termed to be a business operation instead of his primary residential home.
In Wednesday’s post, Trump denounced the value of Mar-a-Lago as $18 million, claiming it was worth “100 times more than he values it.”
William Black, corporate fraud investigator and distinguished scholar in residence for financial regulation at the University of Minnesota Law School said in a report: “In finance, once the dominoes start falling, it becomes basically impossible to save it.”
Black noted: “These properties are even more damaged goods today because of the success in demonstrating they are massively overvalued. The most likely thing, if you get an honest agent or receiver, they’re going to sell the properties at a loss. And when you’ve got a whole bunch of properties, with the first one you just desperately need to get some action and that gets discounted the most.” (Int’l News Desk)
