Here’s how Donald Trump’s NY fraud ruling impacts his businesses
By Priscilla DeGregory,
Ben Kochman and
Kyle Schnitzer
Published Sep. 27, 2023, 4:39 p.m. ET
The bombshell court ruling finding Donald Trump liable for fraud left even his own lawyers scratching their heads — asking the judge on Wednesday to clarify his decision canceling the former president’s New York business licenses.
Manhattan Supreme Court Justice Arthur Engoron’s 34-page ruling from Tuesday would force Trump, 77, to hand over control of his Empire State properties — including Trump Tower in Midtown — to an independent third party, otherwise known as a receiver.
During the Wednesday hearing, Trump lawyer Christopher Kise asked Engoron: “Certain of the entities, physical entities like Trump Tower or 40 Wall St — is the court under the assumption that those assets would be sold or just to be managed under the moderator?”
“I’m not prepared to make a ruling,” Engoron replied.
In his ruling, the judge wrote the receiver must be appointed “to manage the dissolution of the cancelled” business certificates for Limited Liability Corporations, or LLCs, under the Trump Organization umbrella.
A Manhattan judge found former President Donald Trump liable for fraud by exaggerating the value of his assets.Photo by Sean Rayford/Getty Images
The decision was issued in New York Attorney General Letitia James’ sprawling civil fraud case against Trump, his namesake real estate company and executives including his children Donald Trump Jr. and Eric Trump — alleging that for years the ex-president exaggerated his assets to get an edge on loan and insurance terms.
Here’s how the ruling impacts Trump’s businesses, according to legal experts:
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https://nypost.com/2023/09/27/how-donald-trumps-ny-fraud-ruling-impacts-his-businesses/