A judge has ordered the cancellation of business certificates for Trump-related entities in New York, following a fraud case against former US President Donald Trump and his businesses. The court found that Trump and his sons had engaged in persistent fraud by vastly overvaluing the true worth of various properties. This could potentially force Trump to sell prized properties, including Trump Tower in Manhattan. The ruling has raised questions about how Trump entities can comply with the judgment and the immediate consequences for Trump businesses.
The judge’s ruling has dealt a blow to Trump’s popular mythology of being a successful real estate developer. The ruling portrays Trump as fundamentally dishonest and challenges the notion that he built a highly valuable property portfolio through business savvy alone. The cancellation of business certificates could make it difficult for Trump to obtain bank loans and could trigger the cancellation of existing loans. The ruling may also affect Trump’s defense in the criminal indictments he faces, as it could harm his credibility if he were to take the stand. Prosecutors could use this finding to further prove that he is a liar.
Legal experts are uncertain about how the judgment will be enforced and how Trump entities can immediately stop doing business. Trump’s legal team is expected to seek a stay to delay the implementation of the ruling. A bench trial to decide on outstanding matters in the case is scheduled to begin next week, and it’s unclear if any enforcement of the judgment will occur before a final judgment is issued. Trump and his son Eric have expressed their disagreement with the ruling, with Eric stating that he has lost faith in the New York legal system. Overall, the ruling represents a significant setback for Trump and could have far-reaching consequences for his businesses and legal defense.