The Trump Organization is trying to determine the sweep of Tuesday’s ruling that Donald Trump is liable for fraud and what it means for the future of the former president’s namesake business, his attorneys say.
At a pre-trial hearing Wednesday, Trump attorneys said they didn’t know to which part of the company the ruling applied and were starting to work out what may need to be dissolved to comply with the judge’s surprise decision.
Officials from New York Attorney General Letitia James’ office also said they needed more time to go through the order.
The fraud case “changed significantly since yesterday,” New York Judge Arthur Engoron said in court Wednesday, referring to his stunning ruling where he found Trump and his adult sons liable for fraud and canceled the Trump Organization’s business certification.
The government is revoking the business license, not stripping Trump of assets. Trump still owns the business, but the court is now in charge of winding them down. All of the money is still going to Trump and family while this happens. The businesses will get sold off and Trump will get the money for that as well.
People thinking like you will believe that the government is stealing Trumps properties, which it is not. He will be able to fund raise off of this.
When the pieces are sold off, other companies can buy the assets as long as they are in good standing. Trump has businesses in other states not covered by this ruling, which is specific to New York state.
The ruling is specific to NYS.
However, from what I understand, the Trump Organization itself is incorporated in NYS. So they’ll be selling off everything it owns, in every state.
That includes Mar a Lago.
The proceeds of the sale go first to pay any debts and obligations - to stiffed contractors, to government fines, and to pay off the remainder of bank loans. The owners (i.e. Trump) gets the rest of the cash from the sales. There’s literally no way Trump ends up poor from this, but he might find it difficult to repurchase things like Trump tower.
The damages they owe to the state will be determined at the trial starting next week. It’s likely to be a large number; the state is asking for $250 million.
Depending on what assets are covered under this ruling there would still be considerable finances even after the selloff. Each apartment in Trump towers alone go for the millions. Trump tower alone is likely worth more than even the asking damages, much less awarded.