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Posts tagged ‘ny’

Another Major Investor Done With N.Y. Over Trump Ruling


By Michael Katz    |   Wednesday, 21 February 2024 04:15 PM EST

Read more at https://www.newsmax.com/newsfront/grant-cardone-cardone-capital-ny/2024/02/21/id/1154459/

Anger over a $355 million civil judgment against former President Donald Trump has major investors reconsidering doing business with New York. Real estate mogul Grant Cardone said Wednesday his firm Cardone Capital will no longer underwrite New York real estate in the wake of Judge Arthur Engoron’s ruling Friday in a civil lawsuit brought by Democrat New York Attorney General Letitia James that also prevents Trump from doing business in the state for three years.

“Immediately discontinue ALL underwriting on New York City real estate,” Cardone posted Wednesday on X. “The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges.

“Focus on Texas & Florida.”

Cardone is the second high-profile investor this week to state they will no longer invest in the state. “Shark Tank” host Kevin O’Leary said Monday he was “shocked” by the ruling.

“This award, I mean, just leaving the whole Trump thing out of it and seeing what occurred here … and I’m no different than any other investor, I’m shocked at this,” O’Leary told Fox Business. “I can’t even understand or fathom the decision at all. There’s no rationale for it.”

In a post Monday on Truth Social, Trump wrote: “Kevin O’Leary is so great, and tells it like it is. Businesses will flee NYC & State after the Corrupt Judge’s ruling!”

Cardone told Fox News on Wednesday when Engoron issued his ruling, “it was like, ‘Pencils down. Don’t touch it. Don’t go there.’ “

“We invest for 14,000 investors at Cardone Capital that depend on cash flow,” Cardone said. “And if I can’t predict the cash flow because of some ruling, or because of the migrants, or because I can’t evict people, New York City just keeps doing every single thing they can to sell real estate in Florida, not sell real estate in New York.”

Michael Katz ✉

Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.

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Business

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Giuliani to Newsmax: Appeals Court Should Reverse $355M Trump Ruling


By Nicole Wells    |   Monday, 19 February 2024 01:12 PM EST

Read more at https://www.newsmax.com/newsmax-tv/rudy-giuliani-donald-trump-ny/2024/02/19/id/1154150/

Former New York City Mayor Rudy Giuliani told Newsmax on Monday that the New York Court of Appeals should “unanimously” reverse the $355 million judgment levied against former President Donald Trump on Friday in the New York civil fraud trial brought by Attorney General Letitia James.

“Oh, my goodness, I can’t imagine if the Court of Appeals is anywhere near a straight court — that’s the highest court in New York — that this wouldn’t be reversed unanimously,” Giuliani said during an appearance on “Wake Up America.” “We’ve seen some Democrat courts now turn on their distortion of the Constitution. … [Judge Arthur] Engoron, for example, went so far that, I think, to reclaim its honor, the New York court system is going to have to reverse that case. The man acted like a … I don’t know what he acted like. He didn’t act like a judge, let’s put it that way.”

“Also, the number bears no relationship to reality,” he continued. “When you put a judgment against someone, there’s got to be some reality to it, to be upheld on appeal.

“Where did the number come from? Nobody lost money. Nobody had any claims against him. In fact, you might argue he should get money because he made money for the banks. So, maybe they didn’t pay him the right amount. He made up that number, literally pulled it out of his … you know.”

Trump will reportedly appeal the $355 million fine imposed by Engoron in New York’s civil fraud trial by challenging his definition of fraud. He was ordered to pay the massive fine after Engoron, a Democrat, found the Republican former president, The Trump Organization, top executives, and his adult sons liable for fraud.

Giuliani also commented on the election interference case against Trump in Georgia and whether Fulton County District Attorney Fani Willis will remain on the case after it was discovered she hired a special prosecutor with whom she was having an improper relationship.

“Not if Georgia wants to have a slim hope of being thought of as a state that has a fair justice system,” he said. “I know Wade. I spent five hours with him in the grand jury and walked away long before this incident saying what the heck did she hire him for? He doesn’t know what he’s doing. And that was not particularly adversarial.”

“He couldn’t ask a question that made any sense; his people had to help him out,” he continued. “So, my lawyer, Bob Costello, and I kept wondering, What’s this guy doing here? We didn’t think about what happened, but we both thought this is weird. In this important case they’ve got a guy that’s kind of … He didn’t seem comfortable even in a grand jury.”

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Nicole Wells ✉

Nicole Wells, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.

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Law

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