One of Trump's numerous bank-ripping boasts was that his penthouse residence was three times larger than it was. If the deception is clear, the impact is not. No banks or others have complained, and it's unclear how much they lost.
This is a basically a death penalty for a business,” said Columbia University law professor Eric Talley concerning Trump may be shut down. “Is he getting his due for the fraud, or because people dislike him
The judge's “dissolution” order from last year is being appealed. James invited a lending expert to testify that Deutsche Bank lost $168 million in interest on Trump loans if Trump never guaranteed them. Even though his wealth estimate was inflated, Trump guaranteed.
The bank estimated Trump's wealth, sometimes subtracting billions, yet still lent to him. Bank executives testifying couldn't determine if Trump's personal assertion of worth affected rates.
Last year, the judge ordered the revocation of state certificates for numerous of Trump's New York corporations and their transfer to a receiver for "dissolution." The judge did not specify if "dissolution" meant liquidating property-controlling entities or the properties themselves.
According to legal experts, Engoron might dissolve Trump Tower, his 40 Wall Street tower, his Mar-a-Lago club in Florida, a Chicago hotel, and other properties. Attorney general James never requested a sale or dissolution. Instead. She suggests Trump be barred from New York business and pay $370 million in saved interest and other “ill-gotten gains.”
James recommended in a footnote in a 94-page summary statement submitted earlier this month that the judge appoint an impartial monitor to oversee Trump's activities for five years, after which the court might revoke his company certifications and put him out of business.
University of Michigan law professor William Thomas worries the order will endure. “Those who want to see Donald Trump suffer by any means necessary risk ignoring the very rule of law they accuse him of flouting,” he warned.
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