The SCREWING OVER of DJT in & by new york

 New York ruling deals Trump business a major blow   

by Natalie Fisher

 

 May 1, 2024

 

in Business

 

Reading Time: 6 mins read

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New York (AFP) – The sweeping punishment meted out Friday by a New York judge on Donald Trump and his family business deals a serious blow to the former president in his longtime home market.

The ruling includes some $355 million in fines, as well as a three-year ban on Trump’s service as a corporate officer and his ability to seek loans from New York banks.

The judgment maintains the independent monitor that has frustrated the Trump family, and adds an independent director of compliance. “The business in many respects is still owned by the family, but it is out of the family’s control,” said Will Thomas, a business law professor at the University of Michigan.

Although Trump is expected to appeal the ruling, legal experts do not see a viable path for avoiding the $355 million in penalties, which is essentially due immediately.

Rather than the paying the entire sum, Trump could obtain a bond. But garnering a bond requires an upfront payment of usually around 10 percent, or $35 million, which Trump would not get back even in a successful appeal, said Brian Quinn, a professor at Boston College Law School.

While Trump is known for pushing legal challenges to their limit — or past them — government authorities in New York state have leverage over the company. The company’s properties in the state include the Trump Tower, 40 Wall Street and the Trump Park Avenue hotel, which is known partly as the venue where Bob Dylan met the Beatles for the first time. Those assets could be seized if Trump doesn’t honor the agreement, Thomas said.

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