The NY fraud lawsuit wasn't a SLAPP suit that is for sure. I have to wonder, how many people read the initial opinion and then the final opinion.
So let's start with the following claims regarding GAAP:
- Representing that Mr. Trump had cash on hand that he did not;
- Ignoring critical restrictions that would significantly lower property values when setting valuations;
- Changing the methodology used to value properties from year to year, without reason or notice;
- Using vastly different methods to value different properties even in the same year; and
- Including intangible items, such as brand premiums, when calculating an asset’s value, despite representing in the statements that such items were not included.
Trump did not dispute these allegations.
I only had time to double check on Trump Towers and compared the allegation with the testimony and the Court's opinions.
Trump Tower:
Trump valued this property as being 30,000 square feet when it was 10,996 square feet. In 2015 he valued the apartment at 327 mil--$29,738 per square foot. The evidence showed that only one apartment in NYC ever sold for a 100mil, and that was in a new ultra tower at a price of $10,000 per square foot. The record sale in 2015 for trump tower was 16.5 mil at a price of less than $4,500 per square foot.
My reaction to all of this is "why wouldn't the public be interested in fraud"?