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 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.