Manhattan | Business Upturn

Trump ordered to pay $454 million as fine in NY Business fraud case

Aishi Saha — Sat, 17 Feb 2024 16:04:21 +0000

In a significant legal blow to former U.S. President Donald Trump, a New York judge has ordered him to pay approximately $454 million in fines and interest as part of a civil business fraud trial. The ruling, delivered by Manhattan Supreme Court Judge Arthur Engoron, follows a lawsuit filed by New York Attorney General Letitia James, accusing Trump, his company, and top executives of fraudulently inflating Trump’s assets to enhance his net worth and gain various financial advantages.

The staggering sum ordered by the court includes around $355 million in disgorgement, which refers to returning ill-gotten gains, along with more than $98 million in prejudgment interest. Judge Engoron’s ruling also imposes a three-year ban on Trump from running a business in New York and applying for loans from state-registered financial institutions.

This legal saga stems from allegations that Trump and his associates misrepresented financial information to secure loans and other financial benefits. The judge’s decision is seen as a significant victory for the New York Attorney General’s office in its efforts to combat business fraud.

Trump’s legal team has indicated plans to appeal the ruling, expressing confidence that the Appellate Division will rectify what they perceive as errors made by the trial court. The appeals process is expected to extend over several years, prolonging Trump’s legal battles.

The ruling comes amidst a slew of legal challenges facing Trump, including a recent defamation case where he was ordered to pay $83.3 million for defaming writer E. Jean Carroll. Despite his legal setbacks, Trump remains a prominent figure in American politics and a frontrunner for the Republican presidential nomination, setting the stage for a potential rematch with President Joe Biden in the upcoming election.

Throughout the trial, Trump vehemently denied any wrongdoing, often characterizing the legal proceedings as politically motivated attacks aimed at undermining his reputation. However, Judge Engoron’s scathing ruling criticized Trump and his associates for their lack of contrition and remorse, describing their behaviour as bordering on pathological.

The outcome of this trial underscores the legal scrutiny surrounding Trump’s business dealings and the potential consequences for his future ventures. As the legal battle continues to unfold, it remains to be seen how Trump will navigate these challenges and their implications for his political aspirations and business interests.

New York crane fire video goes viral after it falls & collapses on streets of Manhattan

Dixita Hazarika — Wed, 26 Jul 2023 17:35:34 +0000

On Wednesday morning, in New York City, bystanders captured a video which showed a construction crane being on fire as it partially collapsed and plummeted to the street below.

The crane can be seen ablaze in multiple videos posted to Twitter. One video posted on Twitter shows the crane on fire before it breaks loose and crashes into a skyscraper across the street and onto the ground, sending pedestrians fleeing the area.

In another video shared on Twitter, black smoke could be seen into the sky after the top of the crane detached and fell.

No injuries from the crane fire and collapse were reported, which happened shortly before 8 a.m. in the Hudson Yards area of Manhattan.

The location on Manhattan’s west side is near the Port Authority Bus Terminal and an entrance to the Lincoln Tunnel, which carries auto traffic to and from New Jersey under the Hudson River.

The New York City Fire Department tweeted a warning of a five-alarm fire at 550 10th Ave. and said in another tweet that its units were on scene. Firefighters stationed on a roof deck of another building used hoses to battle the blaze.

The New York City Police Department on Twitter posted a warning for people to avoid the area of 10th Ave. and 11th Ave. between West 41st St. to West 42nd St. because of the crane collapse.

JPMorgan takes Tesla to court over unpaid warrants & Elon Musk’s tweets

News Desk — Tue, 16 Nov 2021 05:34:10 +0000

JPMorgan Chase & Co has sued Tesla, seeking payment of $162 million for warrants that expired above their strike price. The situation had been muddled by Tesla creator Elon Musk’s proposal to take the electric car firm private in a tweet in 2018.

JPMorgan contends that the Aug. 7, 2018 tweet amounted to a substantial corporate transaction that authorised it to alter the strike price, which it did in order to keep the strike price at the same fair market value as before the announcement. JPMorgan re-adjusted the strike price to reflect the increase in the share price after Tesla abandoned the going-private transaction on August 24 of that year.

“Even though JPMorgan’s changes were appropriate and contractually required,” the bank wrote in a complaint filed in federal court in Manhattan on Monday. “Tesla has refused to settle at the contractual strike price and pay in full what it owes to JPMorgan.” “Tesla has broken its contract in the most egregious way possible. As a result, Tesla owes JPMorgan more than US$162 million right away.”

The automaker complained in February 2019 that the bank’s revisions were “an opportunistic attempt to take advantage of swings in volatility in Tesla’s shares,” but JPMorgan maintained the manufacturer did not contest the underlying calculations. Musk and Tesla were each fined $20 million by the US Securities and Exchange Commission as a result of Musk’s comments.