But back to yesterday's decision.
My guess is that the case will go to appeal immediately.
I think he's already sued the judge (Engoron) trying to try to invalidate the case or delay it. The appeals court hasn't ruled on the suit against Engoron. It's confusing whether Engoron's rulings are valid because of that pending appeal.
One thing that I haven't heard is how NY State handles appeals and how long and how far this will go before its settled.
The other unknown is whether this decision will be stayed by an appeal or whether the receivership goes into effect immediately along with the suspension of Trump's ability to do business in the State of NY while any appeals are in process.
Trump has been using LLCs to segregate different projects and different properties that he owns. Allegedly, there are hundreds of LLCs involved in the Trump syndicate. It may take years to unravel it all.
I did make one misstatement yesterday. The NY judgment applies to Donald, Don Jr and Eric. Ivanka was excluded from the suit in an earlier decision.
But I think that TrumpCo. is now done for good. It is now likely so untouchable by any legit banks and lenders and under so much scrutiny that even the rrrZZnz won't touch it.
In listening to the interviews with the New York Times reporters who have been doing the forensic accounting work on Trump's tax records, the thing that I noticed is that they were shocked by the severity and finality of the judge's decision. One reporter did say, in effect, "This isn't over. You'll be interviewing me about this case for a long time before it's settled".
Other legal expert pundits like George Conway and David Cay Johnston said "He's done. The Trump Organization is finished."
There has been a lot of attention paid to Trump's fundraising off his victimhood narrative since the 2020 election. It is true that Trump took in a lot of money in 2020 and 2021 on his claims of the election being "stolen" from him. But what hasn't been discussed is that his donations are declining since then. One his latest campaign reports revealed that his PACs have already spent $40 million on legal fees.
The former president far out-raised his opponents. But he’s burning cash too.
www.politico.com
I think he's going to run out of money. He's going to be in the same situation as Rudy where he's going to have to start selling properties in order to pay his bills.
Another thing that I heard yesterday was an aside from David Cay Johnston, who specializes in forensic financial reporting, about the extent of Trump's lies about the finances of the Trump Organization. When Trump bought Mar-A-Lago in 1985, he claimed that he paid cash. The truth is that he bought it with 100% financing and somehow convinced the lender not to publicly file the notice of lien, in violation of NY State law. Trump claims that Mar-A-Lago is worth $300 million now and it is the source of his claim of Florida residency (even though the covenant agreement says that Mar-A-Lago is not supposed to be used as a permanent residence). Trump has lied so much about his finances that it's hard to be sure the extent of his debt and his actual net worth. If the judge levies a penalty judgment against Trump that is hundreds of millions, along with the loss of the Trump businesses in New York, he may be forced into bankruptcy.
www.nytimes.com
