In a recent decision by a New York appeals court, former President Donald Trump and his family have secured a temporary victory in their ongoing legal battle over their New York.
The Appellate Division’s decision, released Friday, effectively stayed a previous ruling by Judge Arthur Engoron, who had ordered the revocation of Trump’s license to do business in New York. Hence, the former president can keep his businesses in New York until the case is finalized.
🚨New York Appeals Court Overturns Judge Engoron’s Ruling. Lets Trump Keep Businesses — for Now https://t.co/UCo3O9tv4q
— DK🇺🇸🦅🇺🇸 (@1Nicdar) October 7, 2023
The ruling stems from New York Attorney General Letitia James’ $250 million civil fraud case against Trump, as well as his two adult sons, two employees, and the Trump Organization.
James’ lawsuit accuses Trump and his associates of “engaging in numerous acts of fraud and misrepresentation” by overvaluing up to 23 commercial properties over the course of a decade.
The trial, which began on Monday, took an unexpected turn when Engoron issued a rare summary judgment against Trump and his co-defendants, finding them liable for fraud. This judgment included the revocation of Trump’s business license in New York, citing “repeated and persistent fraud” in his financial statements.
However, the recent appeals court decision temporarily halted Engoron’s order, allowing Trump to maintain control of his businesses while the trial remains ongoing.
This case, which has garnered significant attention, holds potential implications for Trump’s vast business empire.
If the former president’s New York business license is ultimately revoked, a court-appointed receiver would take possession of Trump’s businesses within the state, and they would be sold to the highest bidder.
The potential repercussions are significant, as Trump could lose control of iconic properties like Trump Tower and Trump Park Avenue in Midtown, Manhattan, among others. The embattled presidential candidate could face even greater financial consequences if the court orders him to disgorge profits from real estate transactions upon property sales.
Trump’s attorney, Christopher Kise, has argued that Trump did not intentionally defraud anyone with the reported property values, emphasizing that differing opinions on property values are common in real estate transactions.
However, the legal battle is far from over as the trial is expected to continue for three months, and Trump has indicated his intention to testify in the case.
