Biden and the Democrats refuse to give Trump a break and its disgusting.
Former President Donald Trump is facing potential asset sales to settle debts following a recent court ruling that found him liable for fraudulent activities related to the overvaluation of his estate. The ruling, delivered by Judge Arthur Engoron in a $250 million civil lawsuit initiated by New York Attorney General Letitia James, determined that Trump had intentionally provided “false and misleading” financial information to inflate the values of various properties. These actions were aimed at deceiving banks and insurers to secure more favorable financial benefits and loans.
According to Newsweek, as a consequence of Judge Engoron’s decision, the business certificates of The Trump Organization, Trump’s real estate company, will be revoked, potentially leading to significant repercussions for the conglomerate, which comprises numerous individual entities. Business certificates for companies affiliated with Trump’s sons, Donald Trump Jr. and Eric Trump, who were also named in Attorney General James’ lawsuit, will also be invalidated.
This development may result in the transfer of control and potential dissolution of some of Trump’s companies, with far-reaching consequences for his business interests, particularly as he pursues another run for the presidency, often highlighting his business acumen. Additionally, this ruling effectively resolves a critical aspect of Attorney General James’ $250 million lawsuit just days before the scheduled start of the civil trial on October 2.
In response to the verdict, Trump decried what he called a “widespread, radical attack” that had reached “new, un-American depths” and expressed his intention to appeal the decision.
Legal analyst Lisa Rubin, commenting on the ruling on a social media platform, explained that the cancellation of the New York business certificates represents a “fairly dramatic relief.” She highlighted that within ten days, the parties involved are required to suggest potential receivers who will oversee the dissolution of these companies. Once dissolved, the assets held by these limited liability companies, including valuable properties such as Mar-a-Lago in Florida, golf courses, and Trump’s New York triplex apartment, could be distributed based on the receiver’s recommendations, subject to court approval.
Rubin also raised the possibility that these assets might need to be sold to cover outstanding debts, including potential orders for disgorgement of profits by the judge. Notably, the Attorney General has sought a sum of “at least $250 million” from Trump and his co-defendants as restitution for their fraudulent activities.
Furthermore, Trump and his sons may face potential restrictions on operating businesses in New York following the conclusion of the civil trial initiated by Attorney General James, along with potential limitations on their ability to apply for loans.
In his comprehensive 35-page ruling, Judge Engoron strongly criticized Trump’s property valuations as having “no basis in law or fact.” He highlighted discrepancies such as equating the worth of rent-regulated apartments to unregulated ones and treating restricted land as equivalent to unrestricted land. The judge emphasized that these actions represented a departure from reality.
Trump’s attorney, Alina Habba, vehemently contested the ruling, describing it as “fundamentally flawed at every level” and indicating an imminent appeal. She also emphasized that the Trump Organization is an American success story, expressing concern about the magnitude of the court’s decision.
Attorney General James welcomed the ruling, stating, “A judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in years of financial fraud. We look forward to presenting the rest of our case at trial.”