Posted on 02/17/2024 12:39:31 PM PST by gitmo
Manhattan Supreme Court Justice Arthur Engoron and New York Attorney General Letitia James may have scored a major hit on former President Donald J. Trump with the unprecedented $354 million penalty but they may have inadvertently inflicted grave damage on the entire real estate industry.
On Friday, leftists were jubilant when Engoron announced the crushing financial blow on Trump, a ruling that in the opinion of one notable business expert, Kevin O’Leary of the popular television show “Shark Tank” is “un-American” and if not reversed on appeal, could potentially lead to other real estate developers facing similar charges from political activist prosecutors.
An entrepreneur and investor who is known as Mr. Wonderful on the long-running business reality show, O’Leary blasted the ruling as “unjust,” “appalling” and “un-American,” three terms that seem to perfectly describe the abomination in Engoron’s courtroom.
“That fact that he was found guilty, you might as well find guilty every real estate developer on Earth,” O’Leary told the New York Post in an interview after the ruling came down.
Engoron also barred the Republican frontrunner, a titan in the New York real estate development industry, from assuming any position as director or officer in the Empire State for three years, which O’Leary “sees as detrimental not just to Trump, but also to the broader business landscape,” according to the outlet.
“I don’t understand where someone got hurt … What developer doesn’t ask for the highest price valued for any building they built?” O’Leary asked.
“It’s not healthy for the country,” O’Leary added. “I want this reviewed and appealed and turned over because it’s wrong for everybody that participates.”
“If this judgment sticks, every developer must be jailed. They must be found guilty. They must be put out of business. You can’t do this to one another. It’s not about Trump,” he said, adding. “It’s appalling. It’s unjust. I would go as far to say it’s un-American.”
But it may turn out to be a Pyrrhic victory for James, Engoron and the Trump haters with the unintended consequences leading to an exodus from the deep blue city, its corrupted system of justice, and the kangaroo courts in which there should no longer be any expectation of getting a fair trial.
Calling New York “a loser state,” O’Leary said, “We’re just stunned. You have no idea. The shock wave sent through the real estate industry. Insane.”
“This ‘decision’ is a Complete and Total SHAM. There were No Victims, No Damages, No Complaints,” Trump wrote on Truth Social on Friday.
Trump also blasted the “corrupt” judge in a statement after the ruling which he will appeal.
“The Justice System in New York State, and America as a whole, is under assault by partisan, deluded, biased Judges and Prosecutors. Racist, Corrupt A.G. Tish James has been obsessed with ‘Getting Trump’ for years, and used Crooked New York State Judge Engoron to get an illegal, unAmerican judgment against me, my family, and my tremendous business. I helped New York City during its worst of times, and now, while it is overrun with Violent Biden Migrant Crime, the Radicals are doing all they can to kick me out…..,” Trump added in another of a series of scathing posts.
This ruling WILL GUT THE NYC REAL ESTATE MARKET.
They have no idea how bad it is going to get...................
This judge and the disgusting AG need to be disbarred and investigated. What they did is disgusting.
“I would go as far to say it’s un-American.”
No, I wouldn’t go that far. I would START with “un-American” and then proceed to full-blown commie.”
There are stories out today that truckers are going to refuse to deliver to NYC. That would be so sweet. Let them all STARVE to death in their fetid paradise.
What do you call one bankrupted NYC real estate mogul?
A good start.
My father sold his main NY business in 1977.
My mother moved to Florida in 1978.
“...could potentially lead to other real estate developers facing similar charges from political activist prosecutors...”
Only republican developers.
Thing swill just be delivered to Philly and Newark and surrounding environs and then small delivery companies will carry it into the city, but at a higher cost.
I suspect this persecution will be selective going forward. New York real estate people who contribute heavily to the Democrat Party will be left alone.
So folks will adjust, as they do in every corrupt society.
This was a civil case that ended in the favor of “the people of New York”.
Does anyone else foresee several high profile class actions against any large developers that applied for a loan with a bank in NY?
Let’s start here...
Simon Property Group
115 W. Washington St.
Indianapolis, IN 46204
The free market should determine the valuation of private property, whether it is during a sale transaction or whether it's during a loan transaction. Government, judges and legislators, have no business getting involved.
Their involvement means that we have no free market.
Watch those asking prices folks.
Yes. Liberals are exulting in their victory now, but they have created powerful enemies in the financial sector. Even if they hate Trump, they can see how the legal system can be turned on them next. Client 9 was taken out for the exact same reason.
As a Realtor, I regularly conspired with sellers and listed homes over the value of the tax assessment. Where do I turn myself in? /sarc
-PJ
As one guy stated, “it’s like being convicted of murder and no one is dead”...
Won’t that be sweet! Black marketeers making money screwing the NYS “Man” AND NYS people paying more for everything. Sounds like win-win all the way around.
What business is it of the judge in a free market. Trump could have valued MarALargo at 1.8 billion, so what?
The banks were free to walk away from the loan application or they could have come back with their own valuation.
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