Taken together, these penalties “effectively spell the end for Mr. Trump from doing business in New York,” Bigones said.
Brian Quinn, a Boston University School of Law professor who studies corporate law, said James’ efforts to cut Trump off from the state’s banks are particularly problematic given New York City’s role as a global financial capital. He said it could have a big impact.
“This is a financial hub, and the problem for them is that they can’t get loans from banks that are registered in New York,” Quinn said.
The trial in Engoron’s courtroom is ostensibly a New York affair. But experts said a negative ruling in Manhattan could weigh on Trump far beyond state lines.
If Engoron’s fraud ruling survives appeal, it could make it even more difficult for Mr. Trump, whose name adorns buildings and golf courses in India, the Philippines, Scotland and Dubai, to do business overseas.
For overseas projects, “part of the licensing requirements is to ensure that the foreigners who come here are good people, not bad people, and that even if they are found to be bad people by a U.S. court, they cannot do business internationally. It doesn’t help your ability to do it,” Quinn said.
Quinn added that the incident could also negatively impact Trump’s ability to obtain favorable loans outside of New York, as loan agreements typically go through banks’ risk committees. If the committee were to say, “Oh, Donald Trump was found responsible for the fraud,” it would make it harder to get loans, or harder to get loans at good prices, he said. To tell.
Then there’s the question of how a court loss would affect Trump’s precious brand. That’s why President Trump’s attacks on James and Engoron on social media and even from the witness stand may be part of a broader strategy.
Gregory Lewis, a professor at the City University of New York School of Law who specializes in corporate law, said, “The greatness of this testimony has led President Trump to believe that Judge Engoron’s ruling is persuasive, In turn, this would undermine its effectiveness.”
Loss and cash shortage? “Everything he loves has to be sold.” Former President James and his two eldest sons, as well as former Trump executives and several corporate entities, are facing charges that James’s office estimates amount to $250 million in ill-gotten gains. there is a possibility.
“If he didn’t have the cash, he would have to sell assets and that would be a problem,” Quinn said. “Everything he loves must be sold.”
In his testimony in November, Mr. Trump had no doubt that Mr. Engoron had hit a sore spot. “He called me a fraud and he didn’t know anything about me!” Trump shouted.
And the trial is not over yet.
“Money and business acumen have been central to Donald Trump’s self-conception from the moment he became a public figure, falsely assuming he was already a real estate mogul,” D’Antonio said. “Courts now have real documents and knowledgeable witnesses, so no one should just take a former president’s word for it.”