Basically, this is a common practice in real estate, to set up each and every building you own as its own separate business (in the form of an LLC), for both tax and liability purposes. They're not "dissolving the Trump Group", and they can't even touch the non NYC buildings he owns.
The only thing they CAN do is force him to create new LLCs outside of NYC and NY to now own and operate the properties, which is basically what they're doing. Essentially, the only thing they've successfully done is lose business tax revenue, since there's a 99% chance that Trump will just set up a few LLCs that are owned by independent Trusts in Florida (of more smartly, South Dakota, Delaware, or Nevada), and then everything is settled.
100% false, they can't legally force him to sell his properties, as that would violate the 4th amendment since it would be unconstitutional seizure of his personal property.
He's not being charged with anything that can legally result in the forfeiture of his property, the only thing they've done is cancel his NYC business licenses. By simply transferring the businesses to out of state entities, this circumvents their ridiculous attempts at trying to bankrupt Trump.
Not trying to be mean here, but Trump's lawyers are full of crap quite often. They put up weird facades whenever the next attack comes, but there's always a simple solution 99% of the time.
For example, they also mentioned Mar-a-lago in all of this. Both the "judge" and Trump's Lawyers.
There is 0% chance Mar-a-lago will be effected. It's in Florida, held in a Florida LLC. Not a single Judge in NYC has authority in Florida, not even the Federal Judges, as Florida is in a completely different Judicial District.
The whole "Trump may lose control of X property" thing is nothing more than fear mongering. If nothing else, all he has to do is create a series of Trusts for his kids, listing himself as the co-beneficiary and the Trustee. Thereby retaining control, retaining his income, and simplifying the inheritance process for his kids.
Not exactly, they just ordered the dissolution of the LLCs in NY.
https://abc7ny.com/donald-trump-news-today-president/13831659/#:~:text=The%20judge%20immediately%20canceled%20all%20of%20the%20defendants%27%20business%20certificates%20in%20New%20York%2C%20and%20ordered%20that%20they%20must%20recommend%20no%20more%20than%20three%20potential%20independent%20receivers%20to%20manage%20the%20dissolution%20of%20the%20canceled%20LLCs%20within%2010%20days.
Basically, this is a common practice in real estate, to set up each and every building you own as its own separate business (in the form of an LLC), for both tax and liability purposes. They're not "dissolving the Trump Group", and they can't even touch the non NYC buildings he owns.
The only thing they CAN do is force him to create new LLCs outside of NYC and NY to now own and operate the properties, which is basically what they're doing. Essentially, the only thing they've successfully done is lose business tax revenue, since there's a 99% chance that Trump will just set up a few LLCs that are owned by independent Trusts in Florida (of more smartly, South Dakota, Delaware, or Nevada), and then everything is settled.
100% false, they can't legally force him to sell his properties, as that would violate the 4th amendment since it would be unconstitutional seizure of his personal property.
He's not being charged with anything that can legally result in the forfeiture of his property, the only thing they've done is cancel his NYC business licenses. By simply transferring the businesses to out of state entities, this circumvents their ridiculous attempts at trying to bankrupt Trump.
Not trying to be mean here, but Trump's lawyers are full of crap quite often. They put up weird facades whenever the next attack comes, but there's always a simple solution 99% of the time.
For example, they also mentioned Mar-a-lago in all of this. Both the "judge" and Trump's Lawyers.
There is 0% chance Mar-a-lago will be effected. It's in Florida, held in a Florida LLC. Not a single Judge in NYC has authority in Florida, not even the Federal Judges, as Florida is in a completely different Judicial District.
The whole "Trump may lose control of X property" thing is nothing more than fear mongering. If nothing else, all he has to do is create a series of Trusts for his kids, listing himself as the co-beneficiary and the Trustee. Thereby retaining control, retaining his income, and simplifying the inheritance process for his kids.