NEW YORK – On Friday, a New York state appeals court temporarily stopped the dissolution of several of Donald Trump’s most significant assets while considering his appeal in a civil fraud lawsuit.
This decision by the New York Appellate Division suspends the execution of a previous order from September by Justice Arthur Engoron. Engoron had determined that Trump and his family business engaged in fraud, subsequently stripping them of control over some of the most iconic properties of his real estate portfolio, such as Trump Tower and 40 Wall Street in Manhattan.
The recent court intervention doesn’t hint at the ultimate decision regarding the appeal, which might take more than a year to conclude.
Simultaneously, the appeals court declined Trump’s request to delay a trial started last week. This trial seeks to ascertain the penalties Trump, ten of his businesses, and his two eldest sons have to pay. The allegations center around Trump allegedly exaggerating his net worth to get better loan conditions.
Denying any wrongdoing, Trump, who is currently a leading contender for the Republican presidential nomination in 2024, has labeled the lawsuit as a politically motivated attack.
Trump’s attorney, Christopher Kise, expressed satisfaction with the recent court decision, noting it halted attempts to address issues and assets beyond the lawsuit’s scope.
New York Attorney General Letitia James has accused Trump of inflating his asset values by billions, leading to illicit savings amounting to hundreds of millions on loan interest. She is pushing for a minimum of $250 million in fines, a permanent ban on Trump and his sons Donald Jr and Eric from managing New York businesses, and a five-year commercial real estate prohibition for Trump and the Trump Organization.
The ongoing trial is predicted to conclude by mid-December, with Trump having indicated his intention to testify.
Though this is a civil lawsuit, Trump is grappling with other substantial legal challenges. These issues have strained his finances and resulted in him being the first U.S. president, current or former, to face criminal charges. These charges span various allegations, including attempts to overturn the 2020 election results, mishandling classified documents after leaving the White House, and payments made to silence a porn star. In all instances, Trump has maintained his innocence and entered pleas of not guilty.