QP!
Verified User
Actually, it does for any developer in NY. Since the state was not a party to any of Trump's business loans, or contracts, and suffered no loss along with none of the parties (eg., Trump and the banks) suffering any loss, what this ruling effectively does is say to any other developer If you do business in New York state, and secure loans with real estate or other property, you can be held libel by the state and penalized to the tune of potentially millions, many times over what you may have borrowed or invested, on the whim of a zealous prosecutor who has a hard on to get you.
New York, by this ruling, no longer needs show a loss or other issue with a contract between a developer and a loan source like a bank. All the state needs do now is disagree with the value a developer places on their own assets like real estate, or other real property where the value can only be estimated. This means any prosecutor in NY could potentially bring a case against any developer for almost any reason and have precedent in case law to get a judgement in their favor against said developer.
The best thing any developer in the state of NY could do following that ruling is run as fast as they can out of the state taking all their assets with them, and selling off any that they can't take along.
As always Terry nothing you say is relevant to the NY law i have posted many times.
The law is designed to protect the integrity of the various corporate interactions that could bring harm to the State and its citizens.
If you have a Mortgage Brokerage writing all NINJA fraudulent loans, and even if not one of those loans has defaulted yet, the State of NY, thru the AG can sue you and shut you down.
You DO NOT have a defense in saying 'but all the people are paying the mortgages thus i am guilty of no crime'.
Do you understand why Terry?