Here’s what Trump’s $355M fraud ruling means for his company, real estate empire – and wallet
By Social Links for Ben Kochman and
Social Links for Priscilla DeGregory
Published Feb. 16, 2024, 6:08 p.m. ET
A New York court delivered a crushing blow Friday to Donald Trump’s wallet by ordering the real estate tycoon to pay some $355 million after finding him liable of inflating his net worth by billions a year to get better loan and insurance terms.
But it’s unlikely that Trump’s name will be erased from the Big Apple skyline after Manhattan Supreme Court Justice Arthur Engoron rejected the New York Attorney General’s request to permanently bar him from doing business in the state where he shot to fame.
Here’s what the ruling means for Trump’s real estate empire, his family company — and his wallet:
What does the ruling mean for Trump’s NY real estate empire?
Prior to trial, the judge had yanked Trump’s business license for the Trump Organization — issuing what attorneys described as the “corporate death penalty” — after finding him liable for New York Attorney General Letitia James’ main claim of fraud.
But in Friday’s ruling, Engoron reinstated Trump’s “business certificates” — and left it up to a third-party monitor to oversee the former president’s prized assets, such as Midtown’s Trump Tower and other iconic New York properties.
“This is a complete reversal from the last decision, and it is much more palatable for Trump,” said real estate lawyer Adam Leitman Bailey, who has sued Trump in the past.
“He went from ordering Trump to potentially have to sell all of his New York assets within a short amount of time, to just having a monitor oversee things without giving her direction on what she’s supposed to do,” Leitman Bailey added.
The ruling also bars Trump from being the CEO of Trump Org — or holding any top business office in the state — for three years, but the ex-president could appoint someone else to run the company during that time, with the business staying in New York.
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https://nypost.com/2024/02/16/us-news/heres-what-trumps-355m-fraud-ruling-means-for-his-company-real-estate-empire-and-wallet/