Did the judge just put Trump & Co. Out of Business in New York?

While the media is talking about Donald’s Trump’s skipping a debate and his going out to campaign next week?

Yesterday a judge ruled that the ex-Real Estate and supposedly Rich guy fraudulently did business for years  as the New York Attorney General Tish James has charged in a civil case……..

Next week there will be second phase for the New York Attorney general to see how much Trump & Co. will be fined for its underhandedness by Judge Arthur F. Engoron……

 

The judge fined Trump’s lawyers for making stuff up to the court….

One might think that New York State and the IRS could level tax fines on Trump after this?

The Manhattan DA has already won a case against the Trump business….

 

Now?

What happens?

Do creditors  repossess Trump’s assets to get their money ?

Is there a rush to bankruptcy ?

Are there ‘fire sales’ of assets?….

Are bank accounts frozen?

Is his ‘Trump One’ jet repossessed ?

 

The elevator for Donald J. Trump IS on its way down…..

How far is yet to be determined ….

 

Donald Trump is no longer in business.

Worse, the self-proclaimed multibillionaire may soon be personally bankrupt as a result, stripped of just about everything because for years he engaged in calculated bank fraud and insurance fraud by inflating the value of his properties, a judge ruled Tuesday.

His gaudy Trump Tower apartment, his golf courses, his Boeing 757 jet and even Mar-a-Lago could all be disposed of by a court-appointed monitor, leaving Trump with not much more than his pensions as a one term president and a television performer.

A New York State judge on Tuesday 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.

Under the New York General Business Law you can only do business in your own name as a sole proprietor or with a business license, which the state calls a “business certificate.”  All of Trump’s businesses were corporations or partnerships that require business certificates.

The civil fraud case was brought by Letitia James, the elected attorney general of New York State.

The evidence and the issues were so clear cut, Judge Arthur F. Engoron ruled on Tuesday, that there was no reason to waste the court’s time trying them.

In a 35-page decision, Judge Engoron also excoriated Trump and his lawyers for making nonsense arguments, so badly misquoting legal cases that they turned the law upside down, and other legal misconduct….

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In 2015 Trump claimed his net worth was north of $10 billion. When he became president, he asked if he could file his federally required financial disclosure statements without signing them under penalty of perjury. That request was denied. The statement Trump then filed, by my counting, showed a net worth of not much more than $1 billion, but was based on fantastical assertions of value.

News organizations, except DCReport, told their audiences next to nothing about how from June 2015 to January 2017 Trump’s claimed net worth fell by roughly 90 percent.

Trump will, of course, appeal. He is already suing the judge, so far without success.

I give Trump’s chances of prevailing on appeal at somewhere between zero and nothing except perhaps on some minor procedural point, which you can be sure Trump will describe as complete vindication.

The summary judgement decision Tuesday was partial, however.

A non-jury trial before Judge Engoron next week will determine how much Trump will be fined for his years of bank fraud and insurance fraud. …

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Creditors, any fines due the state because of the fraud, and taxes will be paid first from sales of Trump properties.

The various properties are likely to be sold at fire sale prices and certainly not for top dollar when liquidation begins, probably after all appeals are exhausted. …

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Judge Engoron noted that state law specifically authorizes the attorney general to sue in such cases on behalf of the people of the state.

The fact is that Trump’s bizarre, fact-free, and frivolous arguments may enthrall those who see him as their hero or savior, but in a court of law all Trump could present was distortions, lies, and childish nonsense….

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