If this stands up it will be devastating for Trump and his family and businesses. Complete look from the NY Times and below that an interesting Daily Mail article. One interesting snippet from the Daily Mail - Trump bought his Mar-a-Lago estate for $10 million 38 years ago - the Judge valued it at $18 million (or accepted the valuation from the NY Attorney general) which seems pretty ridiculous.
Here's the NY Times -
The surprising decision by Justice Arthur F. Engoron is a major victory for Attorney General Letitia James in her lawsuit against Mr. Trump, effectively deciding that no trial was needed to determine that he had fraudulently secured favorable terms on loans and insurance deals.
Ms. James has argued that Mr. Trump inflated the value of his properties by as much as $2.2 billion and is seeking a penalty of about $250 million in a trial scheduled to begin as early as Monday.
Justice Engoron wrote that the annual financial statements that Mr. Trump submitted to banks and insurance companies “clearly contain fraudulent valuations that defendants used in business.”
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A lawyer for Mr. Trump, Christopher M. Kise, indicated that he would likely appeal the decision, which he called “outrageous” and “completely disconnected from the facts and governing law.” He said that the judge ignored an earlier appeals court ruling and “basic legal, accounting and business principles.”
Mr. Trump, for his part, noted that Justice Engoron was a Democrat and called him “deranged.”
While the trial will determine the size of the penalty, Justice Engoron’s ruling granted one of the biggest punishments Ms. James sought: the cancellation of business certificates that allow some of Mr. Trump’s New York properties to operate, a move that could have major repercussions for the Trump family business.
The decision could terminate his control over a flagship commercial property at 40 Wall Street in Lower Manhattan and a family estate in Westchester County. Mr. Trump might also lose control over his other New York properties, including Trump Tower in Midtown Manhattan and his golf club in Westchester.
The order will not dissolve Mr. Trump’s company itself, which is a collection of hundreds of entities, but the decision could nonetheless have a sweeping impact on the company’s New York operations. If Justice Engoron’s decision is not reversed by an appeals court, it could shut down an entity that employs hundreds of people working for him in New York, effectively crushing the company.
But wouldn't the "banks and insurance companies" have done their own due diligence? Not all banks and insurance companies are run by idiots - did the Trump Organization only deal with idiots? The AG Letitia James says more information will come out in court.
Here's the Daily Mail piece (thanks to JD for sending me this) -
Donald Trump's stunning Mar-a-Lago estate is worth $282million more than the $18million valuation it was given by a Manhattan judge who held the ex president liable for fraud, a Palm Beach realtor said.
Engoron used a Palm Beach Assessor valuation that ranged the 128-room property from $18 million to $28 million between 2011 and 2021. But it was valued at $160million by Forbes in 2018, and $350million in an assessment in March 2022.
And a relator from the area said it's likely worth more than $300million, while Trump himself has estimated the property could be worth up to $700million. He slammed the judge today and said it's worth '100 times more than he values it.'
The formal assessment does not take into consideration the fair market value - nor does it explain how Trump's estate has only increased in value by $8million since he bought it for $10million 38 years ago.
$18 million? really? Here's a NY Times 3-D image of Mar-a-Lago
Here's the history of Mar-a-Lago, a National Memorial Landmark
Here's a plain vanilla picture.

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