Court Orders Dissolution of Trump Org

[BigOrangeMojo]

Financial statements should be rock solid, if Trump were falsifying his books and using them for the basis of his loans I’d be in agreement with NY. But that doesn’t appear to be the case.

Actually...

For 2015 40 Wall Street refinance, he/Weisselberg double counted leases, created a false financial statements to show operating profit (instead of operating deficits) and lied about the size of building.

This refinanced mortgage, while still being paid, is currently under special servicing by Wells Fargo.

(This would have impacted Wells Fargo's income from 10K as they'd have to increase their potential uncollectable allowance)

 

[BigOrangeMojo]

And, unlike stocks. You can't get a daily price on real estate. What is the value of my house? Well, what time frame do I have to liquidate?

I've seen two different appraisals on the same property be 40% apart....and these are by professionals. The only thing a lender should feel is very accurately valued on a fin statement is cash and listed securities.

40% off is one thing. 350% off is another....

 

[Gandalf]

And who decided it was illegal? Borrower wants to borrow X. Lender reviews the loan package and agrees to loan X. Borrower pays back X plus interest.

New York judge who knows nothing decides the loan package wasn’t valued the way he thinks it should have been and attempts to destroy borrower using the power of the state.

You see, that’s a problem. You believe it is OK to use the power of the state to destroy your political enemies. You are so blinded by your hatred of Trump you literally cannot see the political machinations by the State of NY to get him.

i don’t like him. Wish he would go away. But I fear a government that does this and the people like you that think it is okay far more.

Exactly right!

 

[hog88]

Actually...

For 2015 40 Wall Street refinance, he/Weisselberg double counted leases, created a false financial statements to show operating profit (instead of operating deficits) and lied about the size of building.

This refinanced mortgage, while still being paid, is currently under special servicing by Wells Fargo.

(This would have impacted Wells Fargo's income from 10K as they'd have to increase their potential uncollectable allowance)

I stand corrected thanks. Still doesn’t justify the penalty.

 

[BigOrangeMojo]

I stand corrected thanks. Still doesn’t justify the penalty.

Absolutely agree. The penalty is beyond excessive...

 

[Gandalf]

Actually...

For 2015 40 Wall Street refinance, he/Weisselberg double counted leases, created a false financial statements to show operating profit (instead of operating deficits) and lied about the size of building.

This refinanced mortgage, while still being paid, is currently under special servicing by Wells Fargo.

(This would have impacted Wells Fargo's income from 10K as they'd have to increase their potential uncollectable allowance)

IIRC, there was no claim that Trump cooked the books with his leases. The primary dispute as in mar-a-lago was the amount of goodwill attached to the Trump brand that made the building more valuable above its income stream.

 

[BigOrangeMojo]

IIRC, there was no claim that Trump cooked the books with his leases. The primary dispute as in mar-a-lago was the amount of goodwill attached to the Trump brand that made the building more valuable above its income stream.

There was a claim (and substantiated by his CFO) that books were cooked with 40 Wall Street with 2015 refinance...

 

[GroverCleveland]

Actually...

For 2015 40 Wall Street refinance, he/Weisselberg double counted leases, created a false financial statements to show operating profit (instead of operating deficits) and lied about the size of building.

This refinanced mortgage, while still being paid, is currently under special servicing by Wells Fargo.

(This would have impacted Wells Fargo's income from 10K as they'd have to increase their potential uncollectable allowance)

Ah. Yes, you introduce actual potential harm. My hat is off to you. I have not read through the details, but do you know if this was part of the overall loan package or was this a single loan on this property?

Still agree with everyone, though this in no way justifies the penalty.

 

[Carl Pickens]

Obscene award against Trump is testing the New York legal system’s integrity

The one hope for New York businesses may be the U.S. Supreme Court.

thehill.com

Financial statements should be rock solid, if Trump were falsifying his books and using them for the basis of his loans I’d be in agreement with NY. But that doesn’t appear to be the case.

Obscene award against Trump is testing the New York legal system’s integrity

The one hope for New York businesses may be the U.S. Supreme Court.

thehill.com

from the article…
The forms submitted by the Trump organization cautioned the banks to do their own estimates and the loans were paid in full and on time.
Based on this alone, it should be plain to see for anyone with at least a sub-idiot level of intellect that the ruling is a liberal hack job.

 

[BigOrangeMojo]

Ah. Yes, you introduce actual potential harm. My hat is off to you. I have not read through the details, but do you know if this was part of the overall loan package or was this a single loan on this property?

Still agree with everyone, though this in no way justifies the penalty.

Read through ruling. Trump's legal team did him no favors but the penalties are absolute BS....

 

[VolTull]

Actually...

For 2015 40 Wall Street refinance, he/Weisselberg double counted leases, created a false financial statements to show operating profit (instead of operating deficits) and lied about the size of building.

This refinanced mortgage, while still being paid, is currently under special servicing by Wells Fargo.

(This would have impacted Wells Fargo's income from 10K as they'd have to increase their potential uncollectable allowance)

One reason banks may choose not to report felonious behaviors. They prefer getting repaid, convicts sitting in the can rotting aren't typically concerned about reparation.

 

[hog88]

One reason banks may choose not to report felonious behaviors. They prefer getting repaid, convicts sitting in the can rotting aren't typically concerned about reparation.

My goodness that’s dumb.

 

[BernardKingGOAT]

I saw this morning that to appeal in NY a person has to put up the money up front + 20%, also add in court costs lawyer fees etc) which goes into escrow. Anxious to see where that money comes from, I doubt he has that much cash on hand, especially with the other lawsuit he has to pay on.

One of these right wing echo chamber dwellers set him up a GoFundMe account for the 355

 

[BernardKingGOAT]

My goodness that’s dumb.

Explain

 

[hog88]

Explain

For the simple fact banks are highly regulated and have fiduciary responsibility to their stockholders.

 

[BernardKingGOAT]

For the simple fact banks are highly regulated and have fiduciary responsibility to their stockholders.

I know banks are highly regulated. Specifically, what regs are in place to prevent that sort of finagling from happening

 

[volfanhill]

I know banks are highly regulated. Specifically, what regs are in place to prevent that sort of finagling from happening

Admitting to a mistake, like making a loan to someone who wasn't qualified, will get a CEO's and his/her boards wrist slapped. Caught covering up fraud would result in their termination, no golden parachute, and potential jail time.

 

[W.TN.Orange Blood]

 

[BernardKingGOAT]

Admitting to a mistake, like making a loan to someone who wasn't qualified, will get a CEO's and his/her boards wrist slapped. Caught covering up fraud would result in their termination, no golden parachute, and potential jail time.

I understand. That's not this

How do you know there won't be consequences for the bank(s) after this case is finally judicated?

 

[volfanhill]

I understand. That's not this

That's not what? The accusation was banks would cover it up. I explained why they wouldn't. Certainly not at the C-suite level.

 

[BernardKingGOAT]

That's not what? The accusation was banks would cover it up. I explained why they wouldn't. Certainly not at the C-suite level.

I edited my post while your were responding

 

[volfanhill]

I edited my post while your were responding

I don't. But I'll bet you $ to donuts that no charges are filed. Which, in and of itself, brings up an interesting issue I hadn't considered. Why is Trump charged if no bank is a victim and no shareholder feels defrauded?

 

[BigOrangeMojo]

I don't. But I'll bet you $ to donuts that no charges are filed. Which, in and of itself, brings up an interesting issue I hadn't considered. Why is Trump charged if no bank is a victim and no shareholder feels defrauded?

Should someone who blows a .15 get charged even if they don't hurt anyone?

 

[volfanhill]

Should someone who blows a .15 get charged even if they don't hurt anyone?

what's the limit on projecting asset value?

 

[VolTull]

For the simple fact banks are highly regulated and have fiduciary responsibility to their stockholders.

IME, that means very little. YMMV