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 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.