State of New York vs Trump, et al - the civil fraud case against the Trump Organization

[Maybenaut]

Also, the repeated use of Mr. Trump

Tfg must be

I would really, really love to see a legal pleading that says, “Donald J.Trump, one-time President, …”

[June bug]

Me too!

[noblepa]

Also, the repeated use of Mr. Trump

Tfg must be

I would really, really love to see a legal pleading that says, “Donald J.Trump, one-time President, …”

Better yet, "Donald J. Trump, twice impeached, one-time President, ..."

[p0rtia]

Another snippet from James representing the Eartwhile's biz practices.

Screenshot 2023-09-02 at 1.59.42 PM.png (145.88 KiB) Viewed 1125 times

[p0rtia]

In his depo, the State asked The Erstwhile why he prepared the SFCs every year if his understanding was that no one would or should or could believe that any of the financial valuations in the SFC was true. Erstwhile said that he had the SFCs prepared for himself, so that he could see a list of his properties (flash to Midas counting his coins).

Well. Here he is dealing with Deutchebank:

Screenshot 2023-09-02 at 2.18.03 PM.png (118.12 KiB) Viewed 1110 times

[Gregg]

With the bone device. Whoa, that's heavy, man.

P0rtia is da bomb.

And Trump is the greatest businessman of all time! Why does everyone hate him, he's such a wonderful guy?

It's a

Really funny how the greatest. negotiator. evah. can't actually negotiate with his political adversaries, innit? I mean, isn't the point of being able to negotiate being able to do so with people who don't actually want to be your friend but would have some kind of claim on something you want and vice versa? Ah, fuggedaboudit.

He only negotiates with people/companies who are lower than him by so much that he can get away with stiffing them and they can't afford to sue him for what he owes, so they accept a settlement for pennies on the dollar. If he still can't make bank on the project, he sells bonds to cover the "development" and uses the proceeds to take his money and a nice little profit out and then walks away, letting the bonds default and the shell of a company he left go bankrupt.

If you have no ethics and don't mind getting a reputation of a guy who doesn't pay his bills and can only get suckers to invest with you, it can even work for awhile. Provided daddy left you $480 million to get started.

[Ben-Prime]

With the bone device. Whoa, that's heavy, man.

P0rtia is da bomb.

And Trump is the greatest businessman of all time! Why does everyone hate him, he's such a wonderful guy?

It's a

Really funny how the greatest. negotiator. evah. can't actually negotiate with his political adversaries, innit? I mean, isn't the point of being able to negotiate being able to do so with people who don't actually want to be your friend but would have some kind of claim on something you want and vice versa? Ah, fuggedaboudit.

He only negotiates with people/companies who are lower than him by so much that he can get away with stiffing them and they can't afford to sue him for what he owes, so they accept a settlement for pennies on the dollar. If he still can't make bank on the project, he sells bonds to cover the "development" and uses the proceeds to take his money and a nice little profit out and then walks away, letting the bonds default and the shell of a company he left go bankrupt.

If you have no ethics and don't mind getting a reputation of a guy who doesn't pay his bills and can only get suckers to invest with you, it can even work for awhile. Provided daddy left you $480 million to get started.

I mean, in fairness "The Art of Being in The Right Place at the Right Time with Enough Seed Cash to Cover Your Dick Moves" isn't as catchy a title for a book, you know?

[jemcanada2]

Also, the repeated use of Mr. Trump

Tfg must be

I would really, really love to see a legal pleading that says, “Donald J.Trump, one-time President, …”

Better yet, "Donald J. Trump, twice impeached, one-time President, ..."

for all of the above

[RTH10260]

Banks barred from concealing Trump docs in $250M New York state lawsuit: report

Story by Gideon Rubin •
3d

A New York State Supreme Court judge on Tuesday ruled that banks and insurance companies can’t conceal documents in connection with a lawsuit that alleges the Trump Organization inflated assets, The Daily Beast reports.

Judge Arthur F. Engoron’s ruling follows efforts by several firms to hide documents that show how they “unwittingly” became part of the alleged scheme, the report said.

The records are central to New York State Attorney General Letitia James’ $250 million lawsuit against the Trumps that alleges that the “estate mogul and the family members he made executives got away with minimal scrutiny.”



https://www.msn.com/en-gb/news/world/ba ... r-AA1fXTkp

[somerset]

Another snippet from James representing the Eartwhile's biz practices.

Screenshot 2023-09-02 at 1.59.42 PM.png

Lil Donny looked at what the Big Boys were doing, and he saw these "Goodwill" and "Intangible Assets" entries on their balance sheets. Wanting to put on big boy pants like them, he added "tbd" to his own balance sheet, and inflated his net worth by 25%~50%. Then, to show how he is even smarter than the Big Boys, (or how smart his lawyers are, which is the same thing since he owns them), he put a "worthless clause" at the end of his statement so he could "pinkie swear" when he signed loan docs.

Of course, had he read the documents he was signing, he might have realized how worthless his "worthless clause" really is. But 'lil Donny doesn't read, and he's not really smart enough or rich enough to play in the tall grass with the Big Boys. So now he gets to play in another Big Boy sandbox called "Court." I don't think he'll like the rules or the penalties there

[RTH10260]

Adding magick words no one understands is so very sovcit

[bill_g]

You're right. He does act like a sovcit. The rules don't apply to him. The govt means nothing to him. The only difference between DJT and the typical conspiracy mongering low-rent-bent-truck-no-license-plate sovcit is how he spelled it: $ovcit.

[Kriselda Gray]

Maybe I missed something earlier, but what is this "worthless clause"?

[Estiveo]

Maybe I missed something earlier, but what is this "worthless clause"?

Trump said the Trump Organization financial statements had a “worthless clause” in them warning lenders and others that they shouldn’t be relied on and that he had “very little, if any” involvement in putting them together, according to the newly released deposition in the civil fraud lawsuit.

[bill_g]

Maybe I missed something earlier, but what is this "worthless clause"?

From CNN explanation:

Trump said the Trump Organization financial statements had a “worthless clause” in them warning lenders and others that they shouldn’t be relied on and that he had “very little, if any” involvement in putting them together, according to the newly released deposition in the civil fraud lawsuit.

https://www.cnn.com/2023/08/30/politics ... index.html

It's a phrase he made up. It's not a real legal term. He probably should have said disclaimer.

[Kriselda Gray]

So he puts out financial statements with a clause in them saying "Oh never mind, this is all bullshit" basically? Yeesh.

[bill_g]

In some respects it's boiler plate you add to fin statements, but it is not the get out jail free card he thinks it is. Honest people will state we may have made a math mistake, and if you point it out, we will correct it. He believes his disclaimers cover his practice of selective inflation or deflation where it suits him.

[Suranis]

And I, of course, totally believe that a deranged Narcissist had absolutely nothing to do with the financial statements that were put out there inflating his worth based on how he felt at the time and how much he insisted the property would be worth in 10 years time (albeit with a tiny "Crossing my fingers" clause buried somewhere.) [/do I really need to add the snark tag?]

[bill_g]

And there's that - he didn't write the statements, and he never carefully reviewed them before approving them as a true representation (cough). Not his fault. Somebody else did it. He's just a poor beset upon guy who is now being wrongfully accused and persecuted (sob).

One minute he's a genius, and the next he's a clueless idiot. Both jester and king. Folly and foil.

[p0rtia]

Maybe I missed something earlier, but what is this "worthless clause"?

A disclaimer.

[Mr brolin]

The ridiculous part around his "making value shit up as he goes along" is it could actually have been articulated in a reasonable manner.

As opposed to Tiny Members babbling on about his magical thinking doing all the work a "reasonable" statement could have been along the lines of...

"Over the last 30+ years the Trump organisation has spent time, effort and treasure to position the TRUMP brand and image for both real property and licensed trademarking to non owned properties, as a lifestyle and aspirational brand.

Mr Trump has used his portfolio and positioning to further this positioning, sucessfuly, and it leverages the real and virtual properties value by providing potential owners, renters, licencees and teneants with a proven, visible and marketable image that can be demonstrated to increase headline value over baseline "brick and mortar" value by a minimum of 15-20%, like on like.

In the same way that chains such as Hilton, Hyatt et-al postion themselves to differentiate in a crowded market, Trump has ensured that the brand is seen as one at a premium and as such inherently worth more due to its visibility and background"

All a steamy pile of Bovine Byproduct but easier to believe than "I thunk it so it be reelz dude !!!!!"

[MN-Skeptic]

Now use all those values when assessing property taxes!

[Tiredretiredlawyer]

Now use all those values when assessing property taxes!

No fair mixing reality taxes with fantasyland values!!!!

[Mr brolin]

Now use all those values when assessing property taxes!

A rational (non Tiny Member) person could use the values paid by idiots who buy into the Trump branded and licenced ( but not owned by the TrumpaNostra) properties to assign a potential uptick figure.

[W. Kevin Vicklund]

Here's a federal law regarding what the OSG calls the "worthless clause" (I don't know that this is the specific law he is charged under):

15 U.S. Code § 78u–5 - Application of safe harbor for forward-looking statements

(c)Safe harbor
(1)In general
Except as provided in subsection (b), in any private action arising under this chapter that is based on an untrue statement of a material fact or omission of a material fact necessary to make the statement not misleading, a person referred to in subsection (a) shall not be liable with respect to any forward-looking statement, whether written or oral, if and to the extent that—
(A)the forward-looking statement is—
(i)identified as a forward-looking statement, and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statement; or
(ii)immaterial; or
(B)the plaintiff fails to prove that the forward-looking statement—
(i)if made by a natural person, was made with actual knowledge by that person that the statement was false or misleading; or
(ii)if made by a business entity; [1] was—
(I)made by or with the approval of an executive officer of that entity; and
(II)made or approved by such officer with actual knowledge by that officer that the statement was false or misleading.

https://www.law.cornell.edu/uscode/text/15/78u-5

Donny boy admitted under oath that the statement was false or misleading, and is no longer protected by the safe harbor provision.