Trump Org. tries to figure out the future of its business after fraud ruling
The Trump Organization is trying to determine the sweep of Tuesday’s ruling that Donald Trump is liable for fraud and what it means for the future of the former president’s namesake business, his attorneys say.
At a pre-trial hearing Wednesday, Trump attorneys said they didn’t know to which part of the company the ruling applied and were starting to work out what may need to be dissolved to comply with the judge’s surprise decision.
Officials from New York Attorney General Letitia James’ office also said they needed more time to go through the order.
The fraud case “changed significantly since yesterday,” New York Judge Arthur Engoron said in court Wednesday, referring to his stunning ruling where he found Trump and his adult sons liable for fraud and canceled the Trump Organization’s business certification.
At best, The Trump Organization gets pulled into little, tiny pieces that are unable to work together. There won't be anything left of value, power or influence.
Bought time we hit him in the money. Kicked him in the fork so hard he suddenly went deaf.
And if it needs saying, money is the only thing propping this man up. His influence will evaporate overnight once he's truly broke.
Don't underestimate the ability of stupid people to give him money. I suspect that he makes more from the grifting than the company. Losing the company martyrdom will be a boon for fundraising.
You're right, but the Org is also almost certainly a huge part of how he launders campaign money to pay off his ... Russian bankers.
He's over 1 billion in debt. He didn't even fundraise that much after the election and he had other expenses to cover.
This guy made so much money when the first charge was levied that it made my eyes water. People who can't afford rent are dying to bail him out. It's so stupid.
Don’t underestimate the ability of foreign influences to fund him either.
Unfortunately, the grift will continue. Close enough to half the people of the US voted for him last time.
46% or 74M voters voted for him. Only 29% of 258M US adults voted for him. This same delusional 30% shows up all the time and they vote hard. They aren't 50% though.
This is legitimately enough to say “pack it in.” The american experiment has failed and failed fucking fantastically.
Edit: guys I get it, it’s not half of the country. It IS roughly half of the people who voted though, which is what fucking matters
Would be if it was a true measure but with the low voter participation and him getting less than 50% of what few people voted, he never got more than 21% of the total population to vote for him. That means that over three quarters of Americans have never voted for him and probably never will.
That he got that far with so little of the population voting for him (18% when he "won" in 2016) says a LOT about how undemocratic the system is, though..
Whatever way you do the figures, he was elected once and nearly elected a second time. He’s the most likely candidate for a third term and it’s neck and neck. People choosing not to vote is just as big a problem when one of the candidates is this terrible for the world.
He was APPOINTED once. Elected is when you get more votes than the other candidates.
You mean politicians from both parties alienating prospective voters by representing rich people and their corporations many times more than regular people, being staunchly pro-cop and laughing at the very notion of common sense policies that most of the population wants?
While Biden is by far the lesser evil, him and the other neoliberals are still very much an evil, complicit in the rise of fascists like Trump because they never do enough to resist them or represent and help the poor people who have been fooled by Trump pretending to care about them.
And that's not even mentioning all the voter suppression the Dems make pretty speeches against but hardly ever do anything to actually stop it.
An indirect election is a type of election. https://en.m.wikipedia.org/wiki/United_States_presidential_election
Voter suppression is certainly a problem but voter apathy is a bigger problem.
An indirect election is one thing, but the EC isn't democratic. Not even close.
And voter "apathy" (more like resignation) is mostly a problem because, with very few center-left exceptions, the major parties only cater to the rich and others with right wing policy positions.
To have nobody who represents you faithfully in Congress or the white House is de facto disenfranchisement, not apathy or laziness.
In the most recent election, as it was an election, trump nearly won. That's apathy, not resignation.
None of the candidates in the republican side can get support over trump. Again, apathy. I'm no saying they are good candidates, but a bucket of vomit would be better than a narcissist who steers the country towards civil war and fascism, only caring about his own enrichment.
There are myriad possible reasons for people not voting, including but not limited to
Voter suppression makes it extremely difficult to impossible for many, especially in the states and districts that Trump won. Voter suppression that the Dems keep promising to do something about.
The disenfranchisement through lack of faithful representation I mentioned
Having no energy left after working grueling hours on election day
Going to college in a state that only allows permanent residents to vote and being unable to return to your hometown for election day
But you just automatically assume that it's the only one that's completely unquantifiable and absolves yourself and your favourite politicians from all responsibility.
That's very convenient, don't you think?
Not at all, but while all of those reasons can and should be addressed, the vast majority of people not voting are choosing not to for other reasons. It's not inability it's lack of will. The reason one side is trying to stifle the voice of the other by gerrymandering and making registration difficult is because votes matter. Yet many people choose not to vote as they think their vote doesn't make a difference. It's apathy more than barriers.
Too tired to vote is not a real reason. There is postal voting in many states. Despite postal voting in some states, and states without the type of problems you cite, voter turnout is still low. It's a big problem.
You're complaining about disenfranchised voters while downvoring comments you don't agree with. I assume the irony is lost on you.
I don't care about Internet points. The whole system on Lemmy is to make posts more visible. You're choosing to stifle conversation.
Oh yeah? How are you measuring the will of people to be so certain?
Again, where's your proof? All the other things are objectively measurable, but you assume that it's the intangible one because that's convenient to you.
It definitely is. YOU try working the equivalent of two full time jobs and take care of a family on top of that, still unable to make ends meet. See how much energy you have left for literally ANYTHING else.
But not all. Most of the ones with the most restrictions on it were amongst the states Trump won. Yet another case of measurable voter.
Because of the many measurable reasons I've mentioned and to a much smaller extent the theoretical one you want to blame it all on for convenience.
Yep. One that can be tackled by addressing the many tangible reasons rather than just yelling at people for unproven assumptions.
Yeah, I'm downvoting misinformation and assumptions based on nothing concrete. That's not disenfranchisement or censorship or whatever else you imagine it to be. Nothing ironic about that.
No, I'm choosing to express my opposition to misinformation using the tools available to me. If I was to downvote someone claiming Trump won in 2020, would you complain about that too? What about someone claiming that vaccines give you covid?
Not all utterances are of equal value. Your downplaying of proven problems in favor of your gut feeling based on party strategist propaganda is misinformation and thus of little value if not downright harmful.
I think it's more damning to see how many eligible voters saw his disastrous administration, and still didn't vote.
Imagine seeing Trump on the golf course for a literal year out of his term and thinking, "Yeah, I don't care if that guy wins or loses again."
Imagine seeing 4 years of the kind of damage Trump can do, running on returning to the exact same status quo that made a demagogue like him all but inevitable, and then shaming everyone who doesn't think that's a great idea as indifferent 🤦
I don't have to imagine it, because that's exactly what I'm doing.
If anyone thinks America before Trump was just as bad as America during Trump, they literally don't deserve the right to vote, because they lack critical thinking skills and empathy for their fellow people.
Oh, and PS: your "enlightened centrism" is neither.
I think you're thoroughly misunderstanding what I'm saying. You're definitely misunderstanding where I'm coming from.
What I'm saying is that it's not enough to return to how things were just before Trump, because things were so damn bad for so many people that they (extremely unwisely and in most cases with malicious intent) made TRUMP president.
To go "you know what? We need to do exactly the same things that we had been doing for 30 years when the disaster happened" is absolute lunacy that invites the disaster back.
In case you still can't tell, I'm not a centrist. I'm a progressive who knows that it's no longer 1992 like the DNC thinks but also that it's beginning to smell a lot like 1920s Italy when fascists first came to power while liberals didn't use what power they had to stop them either.
except its not true and you should fact check things you read on the internet before condemning an entire country
gestures towards all of it and then makes a completely different, significantly ruder gesture at them
I hope his and the conservative community gets shut down so hard ALL of 2024 that the election just becomes a show about why we don’t want conservatives around anymore and people just abandon it wholly.
That would be a great end to a shit story about what happens when you let human cancer grow in politics.
You'd have to block the routers and tv's of 74 million idiots.
That’s what the 2016 election should have been and what I thought the 2020 election was right after it happened. So the fact that we are where we are today means that there probably isn’t any hope of that happening, ever.
BURN MOTHER FUCKER
The future eh? Good thing I can see that. My future vision says that eventually T***p will die and his idiot sack spawn will waste whatever is left after the government finishes chewing on his economic corpse. Ivanka will no longer have to think about her horny weirdo dad, Eric will mourn for the hug he never got, Don Junior will switch from cocaine to meth, Tiffany still won't matter, and Barron will probably get arrested for something weird and gross in his 30s. Oh and Melania will make a fortune on book sales and public speaking while thanking God it's finally over.
While Trump Tower is eshine as the Trump homeless community center our whatever. We will make all his hotels homeless and low cost housing and we dedicate them all to him.
Yeah. For a trump based business, I would imagine it’s next to impossible to turn a profit legitimately.
That's what happens when the leader is a nepo baby who's also an idiot who thinks himself infallible 🤷
How about the future is - NO FUTURE. Shutter the place.
This is the best summary I could come up with:
At a pre-trial hearing Wednesday, Trump attorneys said they didn’t know to which part of the company the ruling applied and were starting to work out what may need to be dissolved to comply with the judge’s surprise decision.
Trump attorney Christopher Kise stressed during Wednesday’s hearing that the judge’s ruling injected fresh uncertainty for his team about the fast-approaching trial and raised a host of questions for them, including over how far-reaching the decision is for the company.
“It’s the reason why I’m saying we would ask the court for a little more time with the monitor,” he said, referring to a retired federal judge who had been appointed several years ago to oversee the company’s financial statements.
Engoron said in his ruling that a receiver will be put in place to “manage the dissolution” of the corporate entities, a move that is rare outside of cases where a judge finds there to be a notable amount of business fraud, according to Simon Miller, a New York-based attorney with broad expertise on receiverships.
Engoron said in his ruling that the issues that will be determined at trial include how much Trump will be held liable for in the lawsuit and the amount of disgorgement, or ill-gotten funds, the company will need to pay to the attorney general’s office.
Kise said in a separate statement that the judge’s decision is “outrageous” and argued that it “seeks to nationalize one of the most successful corporate empires in the United States and seize control of private property.”
The original article contains 1,128 words, the summary contains 255 words. Saved 77%. I'm a bot and I'm open source!
So who's looking into the not at suspicious 1bil deal ivankas idiot got.
You're a billion short, there.
The business still functions and makes money. Trump gets paid , but isn't allowed to run it. If parts get sold they will be sold for market prices. I woudn't be surprised if Trump gets paid for the sale of his assets and fund raises to buy them back under a business from another state. He could make out really well from this.
wrong. everything you said.
The government is revoking the business license, not stripping Trump of assets. Trump still owns the business, but the court is now in charge of winding them down. All of the money is still going to Trump and family while this happens. The businesses will get sold off and Trump will get the money for that as well.
People thinking like you will believe that the government is stealing Trumps properties, which it is not. He will be able to fund raise off of this.
When the pieces are sold off, other companies can buy the assets as long as they are in good standing. Trump has businesses in other states not covered by this ruling, which is specific to New York state.
The ruling is specific to NYS.
However, from what I understand, the Trump Organization itself is incorporated in NYS. So they'll be selling off everything it owns, in every state.
That includes Mar a Lago.
The proceeds of the sale go first to pay any debts and obligations - to stiffed contractors, to government fines, and to pay off the remainder of bank loans. The owners (i.e. Trump) gets the rest of the cash from the sales. There's literally no way Trump ends up poor from this, but he might find it difficult to repurchase things like Trump tower.
The damages they owe to the state will be determined at the trial starting next week. It's likely to be a large number; the state is asking for $250 million.
Depending on what assets are covered under this ruling there would still be considerable finances even after the selloff. Each apartment in Trump towers alone go for the millions. Trump tower alone is likely worth more than even the asking damages, much less awarded.
Gosh, and those steaks were tasty. Good thing I still have a bunch in the freezer.