I’m not too big or keen on political shit, but that Lawsuit against Trump filed by the NY Attorney General is fucked.
Case: Trump Organization, LLC et al. v. (Letitia) James. 451918/2020
In Short, The NY AG filed a civil suit on behalf of NY state against Trump and Co. for overvaluing their assets to secure bank loans at allegedly favorable rates and undervaluing such assets for tax purposes resulting in tax losses for the state of NY.
The case is one alleging Financial Fraud due to the nature of valuating assets.
The Judge issued a Summary Judgement (not a full trial) ruling in favor of NY fining Trump and Co. ~355 Million dollars and issued restrictions and sanctions on Trump and his Sons from owning businesses for three years among other things;
A Loss of liberty, to include prevention from operating businesses is, considered in my opinion, a Criminal Punishment. This is a Civil Case. This is fucked.
Essentially, NY filed civil suit on Trump and NY favored NY resulting in Criminal Sanctions and fines. Sounds pretty fucked to me.
Mind you, the Bank loans are paid and the Banks obviously did their own due diligence to ensure that the loans are in their favor. So the loans are paid off. If anyone is the damaged party, it would be the Banks. But the Banks are happy they got paid and are actually upset by this Case because it’s bad for business.
The Fines are payable to NY state, for the record, not the banks.
Why this is bad for business
In Real estate, taxes are assessed based on current and at the moment (market rate) values.
The Valuation is subjective, and often times in deal, negotiations, and procuring loans, one fluffs their property’s value based on operations(it’s balance sheet) and it’s potentiality.
Simply put; (as an example) a Hotel is assessed by it’s land and building for taxes.
-And A Hotel can be assessed by operating expenses and revenue as well as it’s future to develop into something like an Amusement theme park, an Airport, or some Mega-Apartment complex. This valuation is used to help procure loans. This valuation is obviously greater.
It’s speculatory valuation. That’s part of the deal. Part of independent due diligence and underwriting.
The State of NY issuing a verdict like such- is basically saying that they can tax unrealized gains and the potentiality of real estate.
That plot of farmland with a house that’s assessed at $130,000? Yea, well the State deems you could find that a real estate developer assessed your land’s potential value as an Apartment Complex or High way valued at $20 million dollars and now the State wants that taxed. This is of course, if the Real estate developer offered you some deal for, say, $5 million to buy out your land for development.
This summary verdict is obviously bad and sets a bad precedence for anyone with any assets or insurance.
Imagine all the Famous Musicians that insure their hands for millions of dollars now being liable for taxes based on their own fucking hands. This shit is bat shit insane. (The case also relates to the valuation of insurance fraud as well)
Additionally bad for business
The Verdict also prevents using Banks.
Obviously Banks don’t want that, they got paid, they want the business, they want the interest, everyone wants to profit and make money.
This Case sets a shitty fucking deal. It’s raw as fuck.
My Qualms with the $355 Million Dollars determination
There was no calculation exposed to the public to my information.
So how do we know if the calculation makes sense?
From Press sources;
Note that the above purple highlights are for properties in New York. The Other properties aren’t even in New York.
How the Fuck is NY state damaged for the taxes on properties that aren’t dealt with in the state of NY?
That’s fucking retarded.
Additionally, fining someone for selling the rights to management, is not the same as selling the property. The Fuck?
Additionally, the court wants to charge interest and RETROACTIVELY date it and issue out Accrued interest before the judgement.
Which adds up to around $90 Million in interest alone.
So they’re basically stealing the time doing battle in court and multiplying it with interest to then be paid after such a ‘speedy’ and ‘timely’ verdict, for money that wasn’t lost, with parties that weren’t damaged.
The Trial was a 2½-month trial for the record. -per ABC news and AP news
This is a 2 and a half month trial for nearly (and probably more than) half a Billion Dollars.
With regards to Politics,
It was mentioned that the NY AG (a Democrat) vowed to target Trump, resulting in litigation during his Campaign of 2020, and here we are, issuing a Summary Judgement on another Election year 2024. Quite Coincidental in time, and most definitely politically motivated.
Bruh
Bruh
It’s like we’re bringing back McCarthyism but for Bi-partisan parties. This is a shit deal for anyone that’s in any Political party. This is fucked. A State Government Official using Politics as a base to target political opponents and candidates.
In Germany, that’s called Fascism.
(Probably why the IRS isn’t doing shit about a case similar to this, it’s bad enough that a State Official is doing it, it’d be fucking worse if it was a Federal Official)
As a side note, Trump mentioned the Biased Non-partisan representation of the Court, OUTSIDE OF COURT, and was fined 10,000. How does that shit make sense. Freedom of speech means expressing your opinions. To include if you genuinely believe that your trial is fucked.
How is a Judge going to issue (in my opinion) superfluous fines for things mentioned OUTSIDE of court? The fuck is this?
Some mean tweets about the political affiliation and character of the people in the court room led to these fines.
I don’t practice law, but you ought to be able to talk shit about anyone, especially in NY. It’s like the point of being from NY, that and pizza.
Before I close,
The Judge and NY AG are probably honored and doing their job. Probably. They just came to the wrong conclusions.
It probably doesn’t help that the NY AG was hell bent on making this happen. Probably.
The conclusions and precedence being set is not good. Let’s hope it doesn’t get set.
In Closing,
I’m pro America, and that include pro individual wealth and defending the American Financial Deep State and our American Chaebols. The problem of this, is that this targets our chaebols. I say this because every State or Nation has their own rich-elite, and I’d rather have American Money buy up our land than some other Rich-elite from other countries financially targeting America.
So this is also a Foreign Financial Politics 5th Generational Warfare issue.
If they can go for an Ex-president that’s rich, for botched real estate reasons based on speculatory subjective valuation, then they can target other rich people and Real-estate people.
And if the Rich people aren’t safe, then you bet your poor ass isn’t.
This sets a precedence for Government overreach and we the people ought to not stand for this shit.
This is vastly a fucked deal and precedence for a CIVIL court case made in Summary Judgement.
People are already upset. Banks aren’t happy. People are leaving New York and are taking their business elsewhere. NY is turning into a bigger shithole, which is quite surprising.
Obviously, why would you want to stay in a state that can just make summary judgements against you and recoup unrealized taxes -even for properties not even in that state. Why would you build up great things for the state to take them away and ruin them?
Anyone with business sense can tell that this is fucking not good.
*Not Valid Financial, Legal, Life, or Any Advice