A key selling point of Donald Trump’s 2016 presidential run was that he was a businessman, not a politician.
In a partial victory for James, Judge Arthur Engoron found there had been a systemic overvaluation of assets, such as Trump Tower and other properties, to better negotiate with banks. Engoron’s initial decision puts in jeopardy Trump’s control over not just the iconic Trump Tower, but other restaurants and boutiques, as well as high-end commercial property.While it wasn’t immediately clear whether Trump would have to sell his assets affected by the ruling, or they could be overseen by the yet-to-be-named receiver, the ruling was a serious blow for the Republican billionaire.
The ex-president’s lawyers immediately announced their appeal, with Trump’s camp accusing Engoron of trying to “nationalize one of the most successful corporate empires in the United States and seize control of private property.” “We’ve seen even before he was president, Donald Trump really cares about his net worth as a reflection of his talent,” Thomas told AFP.