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NEW: A New York trial court judge has found that Trump, his adult sons, and Allen Weisselberg engaged in a persistent, years-long fraud through “fantasy world” valuations of core Trump assets, including his own residence and various golf courses and office buildings. 1/
His decision not only eliminates the need for trial on that claim, but also orders fairly dramatic relief: the cancellation of New York business certificates for all of the entities named as defendants, “as well as any other entity controlled or beneficially owned by the individual defendants found liable.” 2/
Within 10 days, the parties are required to recommend three individuals who could serve as potential receivers to manage the dissolution of those companies. 3/
And on dissolution, the assets belonging to these LLCs — which include many of the jewels in Trump’s crown—will be dispensed with on the recommendation of the appointed receiver, as approved by the court. What does that mean? 4/
That they could ultimately not only be transferred to entities outside New York but also potentially sold. And whether Trump will be able to maintain ownership after dissolution is unclear. FIN.
Indeed, one possibility is that assets will need be sold to satisfy outstanding debts, including any disgorgement of profits ordered by the judge. Remember: The AG has asked that Trump and his co-defendants hand over “at least $250 million” from their fraudulent scheme. FIN
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