The Trump Card...

ATeam

Senior Member
Retired Expediter
Truly Stunning

I did not expect today's ruling by Judge Engoron to be as harsh as it was, and to have the immediate impact it does. I am stunned. Happy, but stunned.

"The Trump Organization and its sister companies will be sent into receivership to be under the control of a court-appointed officer.

"Even before the trial officially starts, the ruling handed New York Attorney General Letitia James a near total victory, meaning that next week’s trial will mostly focus on damages that could pulverize whatever is left of Trump’s many business entities and bank accounts."
(Source)
 
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ATeam

Senior Member
Retired Expediter
The citizens benefited from a successful Trump business.
Do you mean these businesses?

Of the six casinos that Donald Trump owned in Atlantic City, none of them are still in operation. (Google Bard)
  • Trump Plaza: Imploded in 2021.
  • Trump Marina: Closed in 2011 and demolished in 2013.
  • Trump Taj Mahal: Closed in 2016 and demolished in 2017.
  • Trump's Castle: Closed in 2014 and demolished in 2011.
  • Trump World's Fair: Closed in 2004 and demolished in 2015.
  • Trump 29: Closed in 2007 and demolished in 2012.
Trump University: Founded in 2004, Trump University was a real estate seminar company. The company was sued by multiple states for fraud and was shut down in 2013.

Trump Magazine: Founded in 2007, Trump Magazine was a lifestyle magazine that was published by Time Inc. The magazine was discontinued in 2013 due to poor sales.

Trump Steaks: Founded in 2007, Trump Steaks was a line of steaks that was sold at Sharper Image stores. The company was discontinued in 2012 due to poor sales.

Trump Shuttle: Founded in 1989, Trump Shuttle was a regional airline that operated between New York City, Boston, and Washington, D.C. The airline filed for bankruptcy in 1992 and ceased operations.

Not a for-profit business but also:

Trump Foundation:
Founded in 1987, was dissolved on December 18, 2018, after a New York State Attorney General investigation found that it had engaged in widespread financial misconduct..
 
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muttly

Veteran Expediter
Retired Expediter
Even with trying to jail his political opponent and having the “news” media cover for him, Biden is still losing by 5 points or so. How bad of a job must he be doing? #hemorrhagingsupport
 
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ATeam

Senior Member
Retired Expediter
The Fraud Trial Begins Monday & Trump's Businesses are Doomed

With the partial summary judgement now in, the core question has been answered. Yes, the Court found, Trump et al are liable for the massive fraud they repeatedly committed for years and years.

Accordingly, the business certificates for Trump's businesses shall be canceled and those businesses shall be put in receivership (out of Trump's control) and dissolved. This means the companies will cease to exist.

In a word, Donald Trump's businesses have been sentenced to death.

The judge "... cancelled all of the business licenses for the Trump Organization and its 500 or so subsidiary companies and partnerships after finding that Trump used them to, along with his older two sons, commit fraud." (Source)

The businesses will be dissolved in the same way a bankrupt company is dissolved, or assets seized from a drug lord are dissolved. In this case, the Trump companies will be required to pay all their debts and liabilities, including any realized tax liabilities when the business assets are sold off. After that, the remaining proceeds (if any) will be distributed to the creditors and shareholders (stakeholders). When the process is completed, certificates of dissolution will be filed and the business entities will be no more.

Trump has claimed for years that his businesses are worth vast sums. We're going to find out exactly how much (or how little) they are worth because liquidation requires all assets AND liabilities to be accounted for.

It will likely take years for these companies to be dissolved, but dissolved they will be. Trump will lose control of them very soon. The Court has given the parties 10 days to recommend up to three receivers each. I presume the judge will quickly put one or more of them on the job. That's the moment when Trump loses control of the companies in question; when company control is placed in the receivers' hands.

Does this mean Trump Tower will no longer be owned and operated by the Trump Organization and Trump's name will come off the building? I'm not a legal expert and I could be wrong about this, but yes, I think that is exactly what this means. It will be the same for all other Trump assets targeted by the order, including the Trump Organization itself. These businesses are being dissolved. They will exist no more. There will be nothing left to place the Trump name on.

With the above items resolved by partial summary judgement, several issues remain to be decided at trial. The principle issue is how much Trump will be fined. Another issue is whether or not Trump et al will be banned from doing future business in New York.

That trial begins next week on Monday, Oct 2, 2023. Arguments will begin immediately because there will be no jury selection. This is a bench trial, not a jury trial. That means the judge alone will hear and rule on the case without a jury. It is a bench trial because both the defendants (Trump et al) and the prosecutor (NY AG James), asked for and received a bench trial. This trial is expected to end sometime in December.

Trump is certain to appeal the judge's partial summary judgement. In the opinion of several legal experts weighing in on the matter, the likelihood of the ruling being reversed on appeal is zero or near zero. Trump has already appealed a number of rulings by this judge in this case. The appeals court upheld the judge's rulings every time. This is a done deal. The Trump companies in question will be dissolved.

Ivanka Trump made her own appeal in this case. For her, the appeals court overturned Judge Engoron's ruling and Ivanka was dismissed from the case on statute of limitations grounds. No such relief was provided to any other defendant. The ruling that applies to them is the one Judge Engoron issued yesterday, and they will all begin trial on Monday.

I'm sure Trump's supporters will say things like this is unconstitutional, you can't just take a man's businesses away from him. It is illegal to do this.

In fact, it is constitutional, and yes a court can take a man's businesses away from him, and it is legal to do. The illegal part happened when Trump repeatedly used his companies to commit massive fraud. The disgorgement of the illegal profits and dissolution of those companies are the legal consequences now catching up with Trump.

Karma. Justice. The accountability train has arrived. The chickens have come home to roost. However you choose to say it, Trump's New York businesses are done, and Trump is a New York businessman no more.

To me personally, this is wonderfully satisfying. I have been waiting for a very long time to see Trump businesses held to an honest accounting. That day has come.
 
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ATeam

Senior Member
Retired Expediter
No, The Judge Did Not Rule Mar-a-Lago is worth $18 Million

Some trump supporters are claiming, incorrectly, that Judge Engoron ruled that Mar-a-Lago is worth $18 million. If you read the ruling, you well see that is false. The judge ruled that Trump's claim that it is worth $1.5 billion is preposterous. The judge did not rule it is worth $18 million. He noted, for reference, that local tax authorities value that property at that amount.

That's a subtle but important difference; lost on most Trump supporters because to them, such differences do not matter. But they do matter in the real world, which is why Trump supporters are so frustrated so often. They keep bumping up against realities they do not realize are there, chosing instead to manufacture the unreal "truths" they want.
 
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ATeam

Senior Member
Retired Expediter
What Will Happen When Trump's Companies are Placed In Receivership?

As discussed above and widely reported on the news, a judge has ordered Trump's New York companies into receivership to be dissolved. Trump will lose all control of his companies the moment the receiver(s) take charge. That is expected to happen very soon, like in the next 30 days or less.

Trump will certainly appeal the judge's order in an effort to stave off this result. We do not know how that will play out. Ultimately, the legal commentators say, the appeal will fail.

It remains to be seen if the appellate court will allow the order to stand as is and the dissolution to proceed while the appeal is considered, or if the order will be stayed pending appeal, or if the appellate court will allow the receivers to take control of the Trump companies, but pause the dissolution pending appeal. I believe this third option is most likely.

Regardless, unless the appellate court overturns Judge Engoron's ruling (highly unlikely), the Trump companies and all their assets will eventually be placed under the receivers' authority and dissolved.

Per Google Bard:

The first actions a receiver takes when a company in New York is placed in receivership to be dissolved are:
  1. Take control of the company's assets and operations. This includes taking possession of all of the company's property, including its bank accounts, inventory, and real estate. The receiver may also need to take steps to preserve the company's assets, such as shutting down operations or selling perishable inventory.
  2. Notify creditors and other interested parties of the receivership. The receiver is required to publish notice of the receivership in two newspapers of general circulation in the county where the company's office is located. The receiver must also send notice to all known creditors and other interested parties, such as customers, employees, and shareholders.
  3. Assess the company's financial condition and develop a plan for dissolution. The receiver will need to review the company's financial records and identify all of its assets and liabilities. Once the receiver has a good understanding of the company's financial condition, they can develop a plan for dissolving the company and distributing its assets to creditors.
 
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ATeam

Senior Member
Retired Expediter
Yes. That is correct. It is called a summary judgement. Both Trump and James asked Judge Engoron to make a summary judgement ruling. The judge did exactly that, ruling in the prosecution's favor. Without a trial, but based on the evidence submitted, the judge found that Trump et al committed fraud.

Note also that even if there had been a trial on this question, it would have been heard by the judge alone. There would have been no jury because both Trump and AG James requested a bench trial (no jury).

This was actually a partial summary judgement. There will be a bench trial that begins this Monday. That will be to resolve the issues raised by the prosecution's lawsuit but not yet heard by the Court.

If the idea of no trial concerns you, you need not worry. Trump will certainly appeal the judges partial summary judgement, and in that appeal, he will likely raise the very point you make. It will be laughed out of court, but rest assured, Trump will likely make the argument.
 
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ATeam

Senior Member
Retired Expediter
After Court Ruling, Trump's Businesses are Safe ... Not

Notwithstanding what I posted above, much remains unknown about exactly when and how Trump's New York businesses will be placed in receivership and dissolved. News outlets are beginning to explore that now. I cite several examples below.

Two things are certain. First, it is clear there are NO news stories or commentators anywhere on the political spectrum saying Trump's businesses are safe. No one is saying all is well with the Trump Organization and related entities. Trump's businesses are not safe. They are slated to go into receivership to be dissolved.

Second, while the businesses may be placed in receivership very soon, there are hundreds of them. The many questions and actions regarding their dissolution will take years to play out.










 
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