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Judge agrees to appoint monitors for Trump Organization assets, prohibits transfer of assets without prior notice

A state judge gave on Thursday A request by New York’s attorney general for an order to appoint a monitor to oversee the Trump Organization’s finances, and prohibited any proposed transfer of substantial assets without prior notice to the court, AG, and monitor, while a state The lawsuit against the company proceeds.

New York Attorney General Letitia James’ office was seeking a preliminary injunction, in a court filing alleging that the company is “taking steps to restructure its business” from liability and payment of any damages. to protect. Massive suit filed by his office in September. The lawsuit alleges a widespread attempt by former President Donald Trump and his well-known company to manipulate property valuations. It seeks $250 million and the termination of the company’s operations in the state.

The day the lawsuit was filed, the company incorporated a new entity with the state, called the Trump Organization II LLC. The unit was registered a few days ago in Delaware. James’ office claimed This was possible evidence that the company had planned to transfer its assets.

“The defendants are ordered to provide, for two weeks after the monitor’s appointment, a complete and accurate description of the structure and liquid and illiquid holdings and assets of the Trump Organization, its subsidiaries and all other affiliates.” Arthur F. Angoron wrote in his decision.

James’ office called the decision “a huge victory”.

“From time to time, courts have ruled that Donald Trump cannot evade the law for personal gain,” James said in a statement. “Today’s decision will ensure that Donald Trump and his companies cannot continue the widespread fraud that we have uncovered and will require the appointment of an independent monitor to oversee compliance at the Trump Organization. Any lawsuit, delayed Tactics, or threats will not stop our quest for justice.”


How is the New York Attorney General’s trial against Trump different from the investigation?

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“Today’s ridiculous decision by a politically motivated, hand-elected judge makes it even more important for the courts in both New York and Florida to do the right thing and stop this investigation,” Trump posted a statement.

Chris Casey, an attorney for Trump Entities, said in a statement: “This unprecedented order effectively seizes control of the financial affairs of a highly successful private corporate empire, a gross exaggeration of the normal standard valuation gap in complex commercial real estate.” is nothing more than. Financing transactions. … The Attorney General of New York has increased the limits of his authority to set a very dangerous precedent.”

Trump filed a lawsuit against James and his office in Florida state court on Wednesday night. The suit claims that James, a Democrat, is pursuing Trump, a Republican, for political gain, and claims that his office does not have the authority to demand documents relating to Trump’s revocable trust, through which He is the owner of the company. They claim that James’s demand for trust documents infringes on his “rights to privacy and property” and his rights in the trust.

A similar federal lawsuit filed in December 2021 in the Northern District of New York was dismissed in May. The judge in the case said that there was little evidence that James’ office was motivated by political enmity, and that the attorney general’s investigation found “no evidence” of subpoenas” conducted in such a way as to constitute harassment. “

A spokeswoman for New York’s attorney general called Trump’s new lawsuit “baseless.”

The lawsuit by the New York attorney general is seeking $250 million and penalties, including revoking the Trump Organization’s certificate of business, effectively barring it from doing business in New York. It seeks to permanently ban Trump and his three children, Ivanka, Eric and Donald Trump Jr., from serving as officers or directors of any business in New York, including their family’s company.

Lawyers for Donald Trump Jr., Eric Trump and Ivanka Trump did not immediately respond to a request for comment.

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