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this post was submitted on 28 Sep 2023
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The business still functions and makes money. Trump gets paid , but isn't allowed to run it. If parts get sold they will be sold for market prices. I woudn't be surprised if Trump gets paid for the sale of his assets and fund raises to buy them back under a business from another state. He could make out really well from this.
wrong. everything you said.
The government is revoking the business license, not stripping Trump of assets. Trump still owns the business, but the court is now in charge of winding them down. All of the money is still going to Trump and family while this happens. The businesses will get sold off and Trump will get the money for that as well.
People thinking like you will believe that the government is stealing Trumps properties, which it is not. He will be able to fund raise off of this.
When the pieces are sold off, other companies can buy the assets as long as they are in good standing. Trump has businesses in other states not covered by this ruling, which is specific to New York state.
The damages they owe to the state will be determined at the trial starting next week. It's likely to be a large number; the state is asking for $250 million.
Depending on what assets are covered under this ruling there would still be considerable finances even after the selloff. Each apartment in Trump towers alone go for the millions. Trump tower alone is likely worth more than even the asking damages, much less awarded.
The ruling is specific to NYS.
However, from what I understand, the Trump Organization itself is incorporated in NYS. So they'll be selling off everything it owns, in every state.
That includes Mar a Lago.
The proceeds of the sale go first to pay any debts and obligations - to stiffed contractors, to government fines, and to pay off the remainder of bank loans. The owners (i.e. Trump) gets the rest of the cash from the sales. There's literally no way Trump ends up poor from this, but he might find it difficult to repurchase things like Trump tower.