Donald Trump avoids 'corporate death penalty', but his business will still get slammed
Donald Trump won't face the corporate death penalty after all. A New York judge on Friday spared the ex-president that worst case punishment as he ruled in a civil case alleging Trump fraudulently misrepresented financial figures to get cheaper loans and other benefits.
Still, Trump got slammed hard, facing big cash penalties, outside supervision of his companies and restrictions on his borrowing.
In a pretrial ruling last year, the same judge threatened to shut down much of the Republican presidential front-runner's business by calling for the «dissolution» of corporate entities that hold many of his marquee properties. That raised the specter of possible fire sales of Trump Tower, a Wall Street skyscraper and other properties.
But New York Supreme Court Judge Arthur Engoron called off the dissolution.
Instead, he said the court would appoint two monitors to oversee the Trump Organization to make sure it doesn't continue to submit false figures.
«It's a complete reversal,» said real estate lawyer Adam Leitman Bailey. «There's a big difference between having to sell your assets and a monitor who gets to look over your shoulders.»
In his ruling, Engoron banned Trump from serving as an officer or director in any New York corporation for three years, prohibited him from taking out loans with New York banks and said his company and other defendants have to pay hundreds of millions of dollars in fines.
Here is how the decision is likely to impact his
