Trump’s business empire could collapse ‘like falling dominoes’ after ruling

Whyayeman · Sep 27, 2023

Trump’s business empire could collapse ‘like falling dominoes’ after ruling

Trump is effectively ‘out of business’ in New York, Michael Cohen says, after judge rules business fortune built on rampant fraud

www.theguardian.com

The empire is crumbling. Once business confidence starts to slide all debts will be called in. It will start with the liquidator selling off assets at a loss thenthe banks will foreclose on their loans.

I think this could be the beginning of the end for Trump.

shadowhunter · Sep 27, 2023

If so, then they can do it to anyone for any reason.

comana · Sep 27, 2023

shadowhunter said:
If so, then they can do it to anyone for any reason.

Commit fraud, pay the price.

keith99 · Sep 27, 2023

shadowhunter said:
If so, then they can do it to anyone for any reason.

Only anyone engaged in massive fraud. Among other things the dominos would not fall if properties were worth even half of what Trump claimed. But they are in fact worth what they are worth, not what Trump claimed.

Handmaid for Jesus · Sep 27, 2023

shadowhunter said:
If so, then they can do it to anyone for

And rightly so if they get caught breaking the law in these fraudulent schemes.

Bradskii · Sep 27, 2023

shadowhunter said:
If so, then they can do it to anyone for any reason.

Do you know what the reason was why they can do it to Trump? Do you know that he admitted lying? He thought that He was allowed to. No, seriously. That's what he thought.

Petros2015 · Sep 27, 2023

shadowhunter said:
If so, then they can do it to anyone for any reason.

Like ENRON, for example.

Enron - Wikipedia

en.wikipedia.org

Pommer · Sep 27, 2023

Bradskii said:
Do you know what the reason was why they can do it to Trump? Do you know that he admitted lying? He thought that He was allowed to. No, seriously. That's what he thought.

This reminds me of Steve Martin’s routine where he says if he ever robbed a bank he’d just say that

I forgot

that is was a crime to rob a bank.

Trump’s got a post-grad degree from Wharton, he can’t plead ignorance, which isn’t allowed anyways!

NxNW · Sep 27, 2023

Petros2015 said:
Like ENRON, for example.

That's nitpicking.

USincognito · Sep 28, 2023

shadowhunter said:
If so, then they can do it to anyone for any reason.

Yes. Anyone else who commits tax fraud could be subject to civil or criminal action. And?

Whyayeman · Sep 28, 2023

This is from the Guardian article:

The lawyers have said they will appeal the rescinding of the licenses, the appointment of receivers, and Engoron’s assertion that Trump and executives lived in a “fantasy world” of routinely, repeatedly and illegally overvaluing property values and his personal net worth to gain favorable loan terms and reduced insurance premiums.

No surprise there, of course. The Trump tactic is always to oppose, appeal and generally kick the ball a but further down the road. I doubt if creditors will wait for the appeal before considering how much of a risk the organisation has become - or has always been.

Expect some repossessions followed by asset sales in the near future. How much is Trump Tower worth these days?

eleos1954 · Sep 28, 2023

Whyayeman said:
Trump’s business empire could collapse ‘like falling dominoes’ after ruling

Trump is effectively ‘out of business’ in New York, Michael Cohen says, after judge rules business fortune built on rampant fraud

www.theguardian.com

The empire is crumbling. Once business confidence starts to slide all debts will be called in. It will start with the liquidator selling off assets at a loss thenthe banks will foreclose on their loans.

I think this could be the beginning of the end for Trump.

It is up to lenders to do their due diligence (verify worth of collateral/assets/income) ... when real estate is used for collateral they should and usually do hire an appraiser .... if the loaning entities did not do this ... the loan companies are responsible for their actions. They have the means of verifying anything submitted to them ... if they didn't ... tuff toenails for them.

Handmaid for Jesus · Sep 28, 2023

Whyayeman said:
This is from the Guardian article:

The lawyers have said they will appeal the rescinding of the licenses, the appointment of receivers, and Engoron’s assertion that Trump and executives lived in a “fantasy world” of routinely, repeatedly and illegally overvaluing property values and his personal net worth to gain favorable loan terms and reduced insurance premiums.

No surprise there, of course. The Trump tactic is always to oppose, appeal and generally kick the ball a but further down the road. I doubt if creditors will wait for the appeal before considering how much of a risk the organisation has become - or has always been.

Expect some repossessions followed by asset sales in the near future. How much is Trump Tower worth these days?

Ummm hmmm. The creditors see that the emperor has no clothes.

Say it aint so · Sep 28, 2023

So much for, "That makes me smart." No, it makes you a fraud, a con, and a crook.

Whyayeman · Sep 28, 2023

eleos1954 said:
It is up to lenders to do their due diligence (verify worth of collateral/assets/income) ... when real estate is used for collateral they should and usually do hire an appraiser .... if the loaning entities did not do this ... the loan companies are responsible for their actions. They have the means of verifying anything submitted to them ... if they didn't ... tuff toenails for them.

They need not go to law. They simply call in any outstanding loans. That could start the fire-sale of Trump assets. Other creditors join in with a view to cut their losses.

It is business, as Trump famously remarked.

JustOneWay · Sep 28, 2023

shadowhunter said:
If so, then they can do it to anyone for any reason.

Correct. This can happen to any business which spends years and years committing fraud.

Let that be a lesson to fraudsters

Whyayeman · Sep 28, 2023

The trial starts on Monday.

A New York appeals court has rejected former President Donald Trump's bid to delay a civil fraud trial against him in a case that leaves his business empire in jeopardy.
The decision paves the way for a trial to begin next Monday.
Mr Trump and three of his adult children are expected to be called as witnesses in the case.

Trump loses bid to delay New York civil fraud trial

Mr Trump and three of his adult children are among witnesses who are expected to be called in the case.

www.bbc.co.uk

Bradskii · Sep 28, 2023

I think the fifth ammendment is going to get a good workout.

keith99 · Sep 28, 2023

Bradskii said:
I think the fifth ammendment is going to get a good workout.

Of course, since Trump is smart! But not half as smart as he thinks he is. In civil cases the judge or jury can draw inferences from a refusal to testify, unlike criminal cases.

Bradskii · Sep 28, 2023

keith99 said:
Of course, since Trump is smart! But not half as smart as he thinks he is. In civil cases the judge or jury can draw inferences from a refusal to testify, unlike criminal cases.

Damned if he does. And certainly damned if he doesn't.

Trump’s business empire could collapse ‘like falling dominoes’ after ruling

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