- May 15, 2013
- Reaction score
The decision in a lawsuit that could go to trial next week is a major win for Attorney General Letitia James, who says former President Donald J. Trump overvalued his holdings by as much as $2.2 billion.
Justice Engoron’s ruling granted one of the biggest punishments Ms. James sought: the cancellation of business certificates that allow some of Mr. Trump’s New York properties to operate, a move that could have major repercussions for the Trump family business.
The decision could terminate his control over a flagship commercial property at 40 Wall Street in Lower Manhattan and a family estate in Westchester County. Mr. Trump might also lose control over his other New York properties, including Trump Tower in Midtown Manhattan and his golf club in Westchester.
The order will not dissolve Mr. Trump’s company itself, which is a collection of hundreds of entities, but the decision could nonetheless have a sweeping impact on the company’s New York operations. If Justice Engoron’s decision is not reversed by an appeals court, it could shut down an entity that employs hundreds of people working for him in New York, effectively crushing the company.