Manhattan Supreme Court Justice Arthur Engoron has wielded the power of the gavel to bring down the hammer on Donald Trump’s vast business empire.
Justice Engoron’s verdict not only ordered the cancellation of certificates for key entities underpinning the Trump Organization but also set the stage for an accelerated timeline to dissolve the former president’s business empire.
This dramatic ruling by Justice Engoron found that Donald Trump and his top executives had ignored repeated warnings about their “propensity to engage in persistent fraud.” It’s a legal bombshell that has left many legal experts stunned, with some dubbing it the “corporate death penalty.”
The business empire
The ten corporate entities caught in the crosshairs of this high-stakes legal battle are the DJT Revocable Trust, the Trump Organization Inc., the Trump Organization LLC, DJT Holdings LLC, DJT Holdings Managing Member LLC, Trump Endeavor 12 LLC, 401 North Wabash Venture LLC, Trump Old Post Office LLC, 40 Wall Street LLC, and Seven Springs LLC. According to New York’s general business law, their certificates must be promptly “canceled.”
But the impact of this ruling doesn’t stop there. Justice Engoron’s decree extends its reach to any New York entity that is “controlled or beneficially owned by Donald J. Trump, Donald Trump, Jr., Eric Trump, Allen Weisselberg, and Jeffrey McConney.”
Flawed decision?
However, Trump’s legal team, led by attorney Alina Habba, isn’t backing down without a fight. Habba has vowed to appeal what she calls a “fundamentally flawed” decision on Trump’s business empire.
“We intend to immediately appeal this decision because President Trump and his family, like every American business owner, are entitled to their day in court,” Habba told The Messenger.
The financial implications for Trump are enormous. He may face civil damages of up to $250 million, along with other penalties, when the trial begins on October 2, 2023.
Unless an appellate court intervenes within the next ten days, the full scope of this decision is bound to be fiercely contested in court, potentially reshaping the future of Trump’s business empire.
For now, the fate of the Trump Organization hangs in the balance, with the only potential reprieve being an order from the appellate division to stay the proceedings pending an appeal.
The parties involved are set to wrangle over the ruling’s scope in a pre-trial hearing scheduled for Wednesday, marking a crucial chapter in this unprecedented legal saga.
Read More News
Qatar Airways to add 18 new airports to its network
The photo above is from Pexels
