'A lot of pain': Ex-prosecutor says Trump will have to sell properties left and right
Former President Donald Trump is likely going to have to have a fire sale of Trump Organization properties in order to meet the obligations of his civil fraud judgment in New York, former federal prosecutor Andrew Weissmann said on MSNBC Friday.
Judge Arthur Engoron released his long-anticipated ruling that afternoon, finding Trump and his children liable for more than $350 million in fines and placing restrictions on their ability to operate in the state of New York.
"Can you talk to us about the business side of things, the operating side of things?" asked anchor Katy Tur.
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"Sure," said Weissmann. "A couple of things I've noted are in addition to, as you have been talking about the fact that to the extent there's an ongoing business, there's not only going to be the former federal judge who is an independent monitor, given enhanced authority, up to and including if she recommends, pulling the licenses, there will also be an independent compliance officer overseeing the company, and notably, for three years, Donald Trump and a whole variety of entities cannot seek to have a loan from any company that is chartered in New York. To be clear, that is license to do business here. That is many, many banks. They don't have to be physically located here, as long as they're licensed to do business here, and the judge has barred the obtaining of loans from them."
That, Weissman continued, is "a real damper on the way in which Donald Trump can seek to keep his companies afloat, because he cannot, for three years, seek that as a recourse. So I think ... one of the ways out is to have a sale of assets as a way to get this money, or to at least be able to put up the money so that he can take an appeal."
"So this is really a decision that will cause a lot of pain, not just because of the number, but because of the way in which the company is restricted going forward," Weissman added. "It's limited ability to act in New York and to basically have the lifeblood of a company, which is taking out loans since that is really necessary to so many buildings. A very severe decision from Judge Engoron."
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