84 votes

New York judge orders cancellation of Donald Trump and family members business licenses in New York State

Posted by boxer_dogs_dance
Tags: business, usa.ny, legal, judges, trump organization, donald trump, author.adam klasfeld, author.steve reilly, source.themessenger
https://themessenger.com/politics/new-york-trump-organization-judge-new-york-letitia-james

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Title
Donald Trump's New York Business Empire Must Be Dissolved, Judge Rules
Published
Sep 26 2023
Word count
469 words

12 comments

  2. [2]
    arch_mage
    Link
    https://www.reuters.com/legal/judge-finds-trump-liable-fraud-new-york-civil-case-2023-09-26/ This is like really bad for Trump. If this is upheld, then banks will come after him for lying about...

    https://www.reuters.com/legal/judge-finds-trump-liable-fraud-new-york-civil-case-2023-09-26/

    Engoron (Judge) said James (NY State Attorney General) submitted "conclusive evidence" that Trump had overstated his net worth by between $812 million and $2.2 billion.

    This is like really bad for Trump. If this is upheld, then banks will come after him for lying about the worth of his assets. Its not chump change either, we are talking potentially Billions dollars that never actually existed.

    7 votes
    1. anadem
      Link Parent
      This seems to be the big part of the deal. Yes, Trump's empire is in the receiver's hands and not DJT's tiny ones, but the banks are the sharks here.

      banks will come after him

      This seems to be the big part of the deal. Yes, Trump's empire is in the receiver's hands and not DJT's tiny ones, but the banks are the sharks here.

      3 votes
  3. [9]
    boxer_dogs_dance
    Link
    Here is an analysis of how this is likely to play out...

    Here is an analysis of how this is likely to play out
    https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9?utmSource=twitter&utmContent=referral&utmTerm=topbar&referrer=twitter

    6 votes
    1. [8]
      thefilmslayer
      Link Parent
      The Guardian also has a good article on the subject as well. I hope it pans out, good riddance to bad garbage. With any luck it will completely torpedo his hopes of becoming president-for-life.

      The Guardian also has a good article on the subject as well. I hope it pans out, good riddance to bad garbage. With any luck it will completely torpedo his hopes of becoming president-for-life.

      7 votes
      1. [7]
        boxer_dogs_dance
        Link Parent
        He may not personally live long enough to see all of the appeals play out and a final judgement applied to his business, but this is imho a very serious wound to the Trump family, quite possibly...

        He may not personally live long enough to see all of the appeals play out and a final judgement applied to his business, but this is imho a very serious wound to the Trump family, quite possibly fatal to their wealth.

        It is ironic that had he not run for president, he would quite possibly not have inspired these investigations and lawsuits regarding his business empire.

        7 votes
        1. [6]
          MimicSquid
          Link Parent
          I mean, "fatal to their wealth" in the sense that they'll only have hundreds of millions after everything is sold off. It's the destruction of their empire in one sense, but Mar a Lago alone is...

          I mean, "fatal to their wealth" in the sense that they'll only have hundreds of millions after everything is sold off. It's the destruction of their empire in one sense, but Mar a Lago alone is "only" worth 18 million. That's still enough money for every descendant to live a quiet middle-class life. Not that they only have the one property, or would be happy with that life, but they'll still be wealthy. Just less so.

          5 votes
          1. [3]
            Comment deleted by author
            Link Parent
            1. [2]
              Caliwyrm
              Link Parent
              They'll always have cash flow coming in. Jared alone got $2 billion from the Saudis and they even doubt his business acumen. Hmmmm...

              They'll always have cash flow coming in. Jared alone got $2 billion from the Saudis and they even doubt his business acumen.

              Hmmmm...

              4 votes
              1. boxer_dogs_dance
                Link Parent
                Jared is going to be more than fine. I'm not sure about the Trump sons, but we will see.

                Jared is going to be more than fine. I'm not sure about the Trump sons, but we will see.

                1 vote
          2. [3]
            boxer_dogs_dance
            Link Parent
            If I understand correctly, Mar A Lago is also going to be impacted by this. Everything in corporate entities in the name of Trump or his sons is going to go into receivership and it is unclear...

            If I understand correctly, Mar A Lago is also going to be impacted by this. Everything in corporate entities in the name of Trump or his sons is going to go into receivership and it is unclear what will be left after fines are assessed against the property.

            Also banks who received fraudulent information can sue him directly and also call in his current loans.

            3 votes
            1. [2]
              MimicSquid
              Link Parent
              I suppose I don't know if his debts exceed his assets. But he does have quite a few assets.

              I suppose I don't know if his debts exceed his assets. But he does have quite a few assets.

              1 vote
              1. boxer_dogs_dance
                (edited )
                Link Parent
                It's not just about debts. It's about fines and penalties imposed by this judge, and future lawsuits where this ruling is used as uncontrovertable evidence of fraud. More background, fraud is bad...

                It's not just about debts. It's about fines and penalties imposed by this judge, and future lawsuits where this ruling is used as uncontrovertable evidence of fraud.

                More background, fraud is bad news for the debtor in any bankruptcy filing. I don't know exactly how it plays out in Chapter 11 for businesses, but the US bankruptcy code has clear penalties for fraud. Speaking generally, fraud means no discharge for individuals. I'm sure that in corporate bankruptcy, fraud also has severe penalties.

                5 votes