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The next witness is up now in People v. Trump:
Jack Weisselberg, who is Allen Weisselberg's son and a director at Ladder Capital, takes the stand in the civil fraud case.
Jack Weisselberg, who is Allen Weisselberg's son and a director at Ladder Capital, takes the stand in the civil fraud case.
The AG's counsel Colleen Faherty leads the direct examination.
Lunch recess.
Will be back at 2:15 PM ET.
Will be back at 2:15 PM ET.
We're back.
The NYAG has the witness run down lingo regarding fixed-rate loans, asking the witness to describe "pooling" loans, senior tranche, junior tranches, and other such terms.
The testimony so far has been setting the stage for the facts at issue.
The NYAG has the witness run down lingo regarding fixed-rate loans, asking the witness to describe "pooling" loans, senior tranche, junior tranches, and other such terms.
The testimony so far has been setting the stage for the facts at issue.
Here's a fun bit of lingo being reviewed right now: "bad boy guaranty."
Per WestLaw )content.next.westlaw.com/practical-law/…
Per WestLaw )content.next.westlaw.com/practical-law/…
NYAG pivots to the evidence:
Email from Allen to Jack Weisselberg on Oct. 19, 2011
"As discussed we are looking for a forward commitment in the amount of $65 mil., and a term of ten years to take effect in August 2012. Thanks talk to you soon."
Email from Allen to Jack Weisselberg on Oct. 19, 2011
"As discussed we are looking for a forward commitment in the amount of $65 mil., and a term of ten years to take effect in August 2012. Thanks talk to you soon."
Subject line for the email:
"TTCOML Oct 2011 RENT ROLL FIVE YEAR PROJECTION"
Jack Weisselberg says TTCOML is short for "Trump Tower commercial loan," one that was ultimately effectuated.
"TTCOML Oct 2011 RENT ROLL FIVE YEAR PROJECTION"
Jack Weisselberg says TTCOML is short for "Trump Tower commercial loan," one that was ultimately effectuated.
Just so the significance isn't lost on anyone:
This email appears to show the father (on the borrowing side) engaging directly with his son (on the lending side) on a 10-year, $65M loan.
This email appears to show the father (on the borrowing side) engaging directly with his son (on the lending side) on a 10-year, $65M loan.
Here's the body of another email from Allen to Jack Weisselberg from Oct. 20, 2011. 
Chris Kise raises a series of statute of limitations objections, overruled by the judge in that the state is allowed to show a pattern or practice.
Trump, visibly displeased even sitting behind him, crosses his arms tightly and shakes his head.
Trump, visibly displeased even sitting behind him, crosses his arms tightly and shakes his head.
After a mid-afternoon recess, court is back in session — for now, with no sign of Trump.
Email from Jeff McConney to Jack Weisselberg on 4/10/2015.
Allen Weisselberg is copied.
SUBJECT: "FW 40 Wall Street Ground Lease"
"Jack,
Attached is the 4th loan modification along with a summary which talk about how to compute the FMV rent a few years for now"
Allen Weisselberg is copied.
SUBJECT: "FW 40 Wall Street Ground Lease"
"Jack,
Attached is the 4th loan modification along with a summary which talk about how to compute the FMV rent a few years for now"
NYAG's counsel asks the witness to identify the signature of "Donald J. Trump," then alludes to the defendant at the table.
But he isn't there.
"He was there," Jack Weisselberg says, helpfully.
But he isn't there.
"He was there," Jack Weisselberg says, helpfully.
Testimony turns to 40 Wall Street
Trial ends for the day in the middle of Jack Weisselberg's direct examination.
Background: The father-and-son relationship was briefly noted in a footnote of the ruling holding Trump liable for fraud. #AlwaysReadTheFootnotes
Story on the testimony TK, @TheMessenger
Background: The father-and-son relationship was briefly noted in a footnote of the ruling holding Trump liable for fraud. #AlwaysReadTheFootnotes
Story on the testimony TK, @TheMessenger
!["An email exchange dated August 4, 2014, between Allen Weisselberg and his son, Jack Weisselberg, a Ladder Capital employee, discusses the 2015 $ 540 million Cushman & Wakefield appraisal. [...] Notwithstanding direct knowledge of it, the 2015 SFC valued 40 Wall Street at nearly $200 million more."](https://pbs.twimg.com/media/F8v83KjW0AARQCD.jpg)
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