The Trump Organization is trying to determine the sweep of Tuesday’s ruling that Donald Trump is liable for fraud and what it means for the future of the former president’s namesake business, his attorneys say.
At a pre-trial hearing Wednesday, Trump attorneys said they didn’t know to which part of the company the ruling applied and were starting to work out what may need to be dissolved to comply with the judge’s surprise decision.
Officials from New York Attorney General Letitia James’ office also said they needed more time to go through the order.
The fraud case “changed significantly since yesterday,” New York Judge Arthur Engoron said in court Wednesday, referring to his stunning ruling where he found Trump and his adult sons liable for fraud and canceled the Trump Organization’s business certification.
This is the best summary I could come up with:
At a pre-trial hearing Wednesday, Trump attorneys said they didn’t know to which part of the company the ruling applied and were starting to work out what may need to be dissolved to comply with the judge’s surprise decision.
Trump attorney Christopher Kise stressed during Wednesday’s hearing that the judge’s ruling injected fresh uncertainty for his team about the fast-approaching trial and raised a host of questions for them, including over how far-reaching the decision is for the company.
“It’s the reason why I’m saying we would ask the court for a little more time with the monitor,” he said, referring to a retired federal judge who had been appointed several years ago to oversee the company’s financial statements.
Engoron said in his ruling that a receiver will be put in place to “manage the dissolution” of the corporate entities, a move that is rare outside of cases where a judge finds there to be a notable amount of business fraud, according to Simon Miller, a New York-based attorney with broad expertise on receiverships.
Engoron said in his ruling that the issues that will be determined at trial include how much Trump will be held liable for in the lawsuit and the amount of disgorgement, or ill-gotten funds, the company will need to pay to the attorney general’s office.
Kise said in a separate statement that the judge’s decision is “outrageous” and argued that it “seeks to nationalize one of the most successful corporate empires in the United States and seize control of private property.”
The original article contains 1,128 words, the summary contains 255 words. Saved 77%. I’m a bot and I’m open source!