A recent financial report reveals that Donald Trump has liquidated 106 of his companies following a court mandate placing his business holdings under the watch of an independent supervisor.
Trump’s Liquidated Empire
These companies, part of the extensive Trump Organization, were among 521 entities supervised by Barbara Jones, the appointed monitor. Despite challenges in acquiring details about these dissolved businesses, Jones has been persistent in her inquiry, a process that has spanned eight months.
A Blow to Trump’s Business
The move came after Judge Arthur Engoron’s ruling against Trump and his top executives for alleged fraud, based on accusations of grossly exaggerating asset values to secure more favorable deals from lenders and insurers.
Revoking Licenses
Judge Engoron revoked the business licenses of these companies, assigning Jones to oversee them. Trump, however, has consistently refuted these allegations, framing the lawsuit as politically motivated to thwart his potential 2024 GOP presidential nomination bid.
Awaiting the Verdict
Jones’ conclusive report to Engoron awaits his decision on penalties for Trump and his organization, including the possibility of a lifetime ban from the real estate sector as requested by New York Attorney General Letitia James.
An Investigative Report
Barbara Jones’ report, following an eight-month investigation, reveals her struggles in obtaining details about the dissolution of 106 Trump companies, information she received only months post-dissolution.
Major Downsizing
Her findings indicate that out of the 521 companies under her monitoring, the Trump Organization dissolved 51 in late 2022 and early 2023, and an additional 55 between September and October 2023.
Delayed Disclosures
“While I was informed of planned dissolutions in April 2023, the Trump Organization was not prepared to effectuate the dissolutions at that time. I requested that the Trump Organisation advise me immediately when the entities were dissolved. It was not until I inquired in December 2023 that I learned that many, but not all of the entities, had been dissolved in September and October 2023,” Jones wrote.
Business Post-Dissolution
Post-dissolution, the Trump Organization now comprises 415 entities, including 21 ‘Fred Trump entities’ established by Donald Trump’s father, and 70 operating entities that generate income through real estate ventures, notably including The Trump Building at 40 Wall Street, the Trump National Doral golf club in Miami, and the Trump Tower in Manhattan.
Diverse Business Ventures
In her thorough examination of the Trump Organization, Barbara Jones discovered that 71 companies manage licensing agreements for Trump-branded products, from apparel to golf accessories, while 11 companies oversee management contracts.
She found that 94 companies seem inactive or have ceased operations based on their original business objectives.
The Inner Workings
Jones noted that income from operating entities like commercial properties and golf clubs is funneled into central accounts for consolidated cash management, with distribution based on each entity’s ongoing cash requirements.
A Call for More Transparency
In her report, Jones, a retired federal judge, acknowledges some improvements under her supervision but emphasizes the need for further enhancements to prevent potential financial misstatements.
Her insights come as Engoron prepares to decide on penalties for Trump regarding fraudulent asset valuations predating her monitorship.
Trump Attorney Responds
Chris Kise, Donald Trump’s attorney, has vehemently disputed the conclusions reached by Barbara Jones. In a statement to Newsweek on January 29, Kise wrote, “Wandering beyond her mandate, it appears the Monitor has been paid $2.6 million to ‘uncover’ seven immaterial disclosure items, three irrelevant inconsistencies and five clerical errors.”
Questioning the ‘Joke’ Findings
Kise also challenged Jones’ portrayal of Trump’s $40 million tax payments, writing, “She even attempts to sensationalize President Trump’s $40 million in tax payments by disingenuously characterizing them as a failure of disclosure.
“This is truly a joke.”
Trump’s Alleged Financial Deceptions
Last year, New York Supreme Court Judge Arthur Engoron found that Donald Trump had engaged in fraudulent activities by sending overinflated estimates of his net worth to Deutsche Bank and others for 11 years.
Among the deceptive claims was the exaggeration of the size of Trump’s penthouse, purportedly three times its actual size.
‘Death Penalty’
Columbia University law professor Eric Talley commented on the severity of the potential consequences for Trump, likening it to a business ‘death penalty’ and questioning whether the punishment is a result of fraud or personal animosity.
Engoron’s decision to dissolve the business is currently being appealed.
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