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re: Someone explain the Trump fraud case to me?
Posted on 9/28/23 at 8:15 am to Meauxjeaux
Posted on 9/28/23 at 8:15 am to Meauxjeaux
The direct answer is yes. The item is brought under a specific NY law that allows for that remedy
Nevertheless, most if not all states would have non recognition laws based on action or lack of action. LLC s and corporations are creatures of state law. We all have a right to form them, then they live an artificial life of their own tgat is separate and apart from their owners
States can defease (or take away) that right in certain situations where the burden is on the state. A simple example is not filing sn annual report or paying excuse taxes, etc
One of the executive laws that allows nonn recognition is based on fraud, . ( The judge even refers to them as the cancelled LLCs)
What’s perhaps worse, this NY law allows a remedy for a permanent injunction that prohibits persons from having the right to form them in the future. Don snd Don Jr are named defendants so they face this peril, but I’m not sure how adamant Hames is pushing this remedy
Nevertheless, most if not all states would have non recognition laws based on action or lack of action. LLC s and corporations are creatures of state law. We all have a right to form them, then they live an artificial life of their own tgat is separate and apart from their owners
States can defease (or take away) that right in certain situations where the burden is on the state. A simple example is not filing sn annual report or paying excuse taxes, etc
One of the executive laws that allows nonn recognition is based on fraud, . ( The judge even refers to them as the cancelled LLCs)
What’s perhaps worse, this NY law allows a remedy for a permanent injunction that prohibits persons from having the right to form them in the future. Don snd Don Jr are named defendants so they face this peril, but I’m not sure how adamant Hames is pushing this remedy
This post was edited on 9/28/23 at 8:18 am
1
Posted on 9/28/23 at 8:22 am to dukkbill
Can they just move the business out of NY? How could a state judge make orders on a business not registered there?
Posted on 9/28/23 at 8:23 am to deltaland
quote:
The only way here to commit fraud is if you pay off the appraiser and he agreed to overvalue your assets so you can get financing. Even then the fraud would likely only be exposed if you default on the loan
How many times has Trump declared bankruptcy?
Posted on 9/28/23 at 8:28 am to TDTOM
quote:
Can they just move the business out of NY? How could a state judge make orders on a business not registered there?
That's akin to asking if you can flee a state after being convicted but not sentence.
The businesses will be placed in receivership, and then the monitor will decide what happens to them. If they have physical property in NY, I would expect they would sell those assets off. Stuff like the company that owns Mar-a-lago or the Scottish golf course, not sure how they will handle that.
Posted on 9/28/23 at 10:05 am to TDTOM
Yes, they can form businesses in other jurisdictions. They could use them to purchase assets etc. There are a couple of thorns though
First, some of the property they wish to hold may be located in NY. A corporation or LLC is only recognized in the state of creation. They must foreign qualify in any state that meets the criteria of doing business in that state to also have recognition. It might be tough to figure out how to get around that issue if the property and business is the leasing of real property in New York. They may not want to hold property as a sole p or partnership
Second, the state statutes govern on what happens in dissolution although there is typically some disgession on letting the owners determine procedures on dissolution and property division. The owners are unlikely to directly lose wealth, but there is wealth loss based on the transaction cost of the process, and often there isn’t enough cash to just buy the assets. Whomever handles the dissolution (if dissolving member pursuant to agreement or receiver in the event the court selects someone) has a fiduciary duty to get the best price
First, some of the property they wish to hold may be located in NY. A corporation or LLC is only recognized in the state of creation. They must foreign qualify in any state that meets the criteria of doing business in that state to also have recognition. It might be tough to figure out how to get around that issue if the property and business is the leasing of real property in New York. They may not want to hold property as a sole p or partnership
Second, the state statutes govern on what happens in dissolution although there is typically some disgession on letting the owners determine procedures on dissolution and property division. The owners are unlikely to directly lose wealth, but there is wealth loss based on the transaction cost of the process, and often there isn’t enough cash to just buy the assets. Whomever handles the dissolution (if dissolving member pursuant to agreement or receiver in the event the court selects someone) has a fiduciary duty to get the best price
This post was edited on 9/28/23 at 10:08 am
Posted on 9/28/23 at 10:05 am to tango029
The company and family has been getting funded by shadier and shadier foreign sources for years already and this will only make that worse. He'll be able to get credit as a major contender to the presidency, but he'll be in hock to some folks with serious leverage on US national policy and security with Trump as president.
Posted on 9/28/23 at 10:10 am to TigerDoc
clutch those pearls. Where did you get this nonsense?Posted on 9/28/23 at 10:14 am to BBONDS25
What do you think the fine will be at trial next week?
Posted on 9/28/23 at 10:34 am to TigerDoc
quote:
What do you think the fine will be at trial next week?
Likely something completely ridiculous. The lawfare campaign against trump will get him elected….but it will cost him millions.
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