Trump never made the greatest of decisions, which is the main reason this blog exists. He only made them when it benefited him, and keeping within the law while doing it was no option for him. All he has done throughout his career was to circumvent the law, and not pay proper taxes, while at the same time, overvaluing his properties so that he could get super loans from banks. The only problem was that his properties were way overvalued by him, and he committed fraud when he borrowed money for property values that just didn’t exist. It was just a matter of time as New York Supreme Court Justice Arthur Engoron made a ruling against Donald Trump in the civil fraud case, in which just the preponderance of evidence is all that is required. Since this is not a criminal case, there is no burden of proof beyond a reasonable doubt needed, so Donald J. Trump is screwed. The judge found Donald Trump guilty of fraud by inflating his net worth in business transactions, and now without a jury trial to begin on Monday, October 2nd on the 6 other counts. The complete and utter destruction of his company is on the line. There is a chance that he will never be able to earn another buck for the rest of his life. Other counts are for insurance fraud, fraudulent financial statements used by Trump, and fraudulent business records. The judge also imposed sanctions on his attorneys, two of his children, along with two other company executives. Trump’s businesses are headquartered in New York, and now the Trump business model is held cold in their tracks. No more business in or from New York State. It is the ‘beginning of the end’ of Donald J. Trump. Now court cases begin, and it will be non-stop litigation for Donald Trump in the midst of trying to run again for President. He will not be able to secure loans in the future most definitely in New York State, but other states would deny Trump the ability to borrow.
Just last week, it was found out that Donald Trump lost his opportunity to have a jury trial in the fraud case, because his attorney Alina Habba who didn’t submit forms in time so that a jury trial would be possible. Instead, it looks like Donald J. Trump will have to answer to Judge Engoron on October 2nd where the judge will now decide on monetary damages somewhere in the tune of $250+ million dollars. During the ruling by Engoron, Alina Habba was sanctioned for all the frivolous lawsuits made as she represented Trump. This week on September 28th, Engoron found Trump liable of defrauding banks and insurers by fraudulently overvaluing his assets by at least $2.2 Billion dollars, and qualifying for loans he made using inflated property worth values. Trump has no longer any control of his properties in the state of New York, as his LLCs are now canceled. With cancelled LLC’s, the business properties are now worthless on paper, and Trump won’t be able to sell them if he wanted to, according to Leitman Bailey, an American lawyer who practices residential and commercial real estate law. Trump would be in default on his loans, and no buyer would be able to buy the property, no title insurance company would be able to insure it, and therefore no sale could take place. Trump can no longer do business in the state of New York. He can no longer do business in his famous Trump Tower, that most likely will lose the name of ‘TRUMP TOWER’ on the exterior. Trump’s footprint in New York is being stomped out. Any LLC used in his New York businesses are now null and void, although Trump will file a temporary injunction to stop immediate effects of such a ruling, in which the final determination of his businesses in New York may be in limbo for maybe up to 2 years. LLC cancellations for Donald Trump is like tearing the heart out of the Trump business in New York, as his businesses no longer have the right to do business under the supervision of Donald Trump. He can no longer make money there. Does this affect his business in Florida, Mara Largo? He runs Mara Largo from his offices in New York. Of course, 8 other business locations in New York City are affected.
They are the following… Click on each link for each specific website…
Trump Tower and Triplex Apartment Complex
4-6 East 57th Street
Trump Park Avenue
1290 Avenue of the Americas
40 Wall Street
Trump National Golf Club Hudson Valley
Trump National Golf Club Westchester
READ MORE ABOUT HIS CANCELLED LLCs RIGHT HERE.
Trump will try and fight this decision by Engoron, but now he has more fish to fry. Like I just said, Trump has a hearing on Monday, and he plans to attend. He will also file an appeal that may take years to decide Trumps fate with all real estate owned and operated in the state of New York. By then, he may be incarcerated for other crimes. In any regard, things do not look good for Trump. With all this happening now, he still is running for President. Really?/!.,?/! With his reputation put up on a table, who will support him now besides his MAGA Republicans?
So, what happens to ‘Trump Tower’ or ’40 Wall Street’ now that he can no longer run a business at or from these addresses? Well, for starters, Trump will have to hand control of his New York properties to an independent third party, also known as a receiver. He will still own them but will not have any control over them. He will not be allowed to manage them, or sell them, even if he wants to. But, Judge Engoron hasn’t made a final decision if the assets can be managed by a third party or whether they must just flat-out be sold. In any light, Trump is screwed. The fraudster finally got what he had coming, and the ruling is hitting him hard. This is just the beginning of the pain Donald J. Trump is about to experience regarding his financials and his freedom in the future. He has so much and stands to lose most of it.
As of the date of this update, October 7, 2023, the trial for Donald J. Trump is underway. Trump claimed he would be at the trial the entire week. On the 3rd day, Trump bailed out and went back to Florida. He couldn’t take the heat. He didn’t need to be there because it was not a criminal trial. The only thing left to decide is how much money Trump would have to give up to the State of New York.
ON a real dark note for Donald Trump, what has happened is that Trump is about to lose total control of his businesses run from New York, not just in New York. Any LLC’s or businesses he has worldwide that are controlled by LLC’s in New York most likely will have to shut down.
An updated list of properties that are affected that Trump will no longer have control over will be forthcoming.