Trump Organization Assessing the Impact of Fraud Ruling as Future Hangs in the Balance
NEW YORK (CNN) — The Trump Organization is grappling with the implications of Tuesday’s ruling that held former US President Donald Trump accountable for fraud, as the company’s lawyers scramble to determine the extent of its impact on the business.
During a pretrial hearing on Wednesday, Trump’s legal team expressed uncertainty regarding which part of the company the court decision encompasses. They also highlighted their ongoing efforts to comprehend the ramifications of the surprise order and its implications for potential dissolution.
“The fraud case has changed significantly since yesterday,” noted Judge Arthur Engoron during the court proceedings, referencing his unexpected ruling that held both Trump and his eldest children responsible for fraud. Engoron also terminated the Trump Organization’s trade certification in his decision.
Uncertainty surrounding the timeline for the receiver to initiate the dissolution of corporate entities, prompted Engoron to extend the deadline for filing a bankruptcy plan from the initial 10 days to 30 days.
Despite the ruling that addressed certain charges, the trial will proceed as scheduled on Monday, according to the judge.
However, Trump’s lawyer Christopher Kise raised further questions during the hearing, seeking clarity on the court’s perception of the trial and the pertinent issues at hand. Kise emphasized that although his team had their own understanding, they had not yet consulted the attorney general.
“I just wonder what the point is,” Kise lamented.
Engoron informed the court that there are currently 188 witnesses scheduled to testify during the trial, without disclosing the division between the defense and prosecution sides.
Prosecutors confirmed that they had listed 130 individuals as witnesses, indicating the magnitude of the case.
As the Trump Organization grapples with the implications of this ruling, experts and legal analysts are closely watching the developments to understand the potential impact on the future of the former president’s business ventures.