NEW YORK — A Manhattan judge said Thursday he will appoint an independent monitor for former President Donald Trump’s real estate empire, restricting his company's ability to freely make deals, sell assets and change its corporate structure.
Engoron, in an 11-page order, barred the Trump Organization from selling or transferring any noncash assets without giving the court and James’ office 14 days notice. The to-be-named monitor will be charged with ensuring the company's compliance and will immediately report any violations to the court and lawyers for both sides.
“Our goal in doing this is not to impact the day-to-day operations of the Trump Organization," said James’ senior enforcement counsel, Kevin Wallace. He said the desired oversight would be “limited” and wouldn't involve intricacies, such as how many rounds of golf or hotel rooms they were booking in a given year.
Wallace said at Thursday's hearing that James' office is seeking to stop “fraudulent activities that are ongoing at the Trump Organization" and wants safeguards in place so that the company can't just sell off assets, such as Trump Tower and an office building at 40 Wall Street, that could eventually be used to pay a potential lawsuit judgment.
“There’s no problem. There’s no case here,” Kise said. “It’s mind-numbing that we’re going to have a receiver insert himself or herself into these complex transactions instead of the owner of this real estate.”
Sweet
Play with fire, you’re gonna get burned.