The Trump Organization is controlled by the Donald J. Trump Revocable Trust, a Legal Entity to which Trump transferred his Hundreds of Companies, when he became President in 2017. The Trust, in turn is Controlled by Trustees. Previously, there were Two. But after his CFO Weisselberg Resigned, just One was left, Trump Jr., according to Papers the Company filed in New Jersey, in July.
In a practical sense, People familiar with the Company say, the Company’s Day-to-Day Leaders are Trump Jr., 43, and his Younger Brother Eric, 37.
Eric, who lives in New York, usually plays a more Active Role, since Trump Jr. has moved to Florida and become more involved in Politics.
Despite his rise to the Top of the Company’s formal Hierarchy, Trump Jr. has Not listed an Office Address at New York’s Trump Tower, instead asking for his Mail to be sent, care of a Trump Golf Course near his New Home in Florida.
In 2017, Trump’s Attorneys said Trump would put his Assets in a Trust so that he could “Relinquish Management” of his Businesses and avoid Conflicts-of-Interest as President.
After leaving the White House, he opted to Leave the Arrangement in Place.
Experts said that there was little reason for Trump to take his Companies Back from the Trust. That’s because he never really gave up Control of them in the First Place.
“Why should he leave it in there? Why not? It does no harm,” said T. Randolph Harris, a Partner Specializing in Trusts and Estates at the New York Law Firm, McLaughlin and Stern. “He has not in any way, shape or form given up control.”
Although Trump claimed the Trust would keep his Businesses at Arm’s Length while President. But, the kind of Trust he used, a Revocable Trust, still left Trump with all the Power. He could tell the Trustees, now Trump Jr., how to Run the Company.
He could Fire him, if he Disobeyed.
He could Shut-Down the Trust and take his Businesses Back whenever he wanted.
Legal Experts said that Revocable Trusts offer another Benefit, but one that will only matter after Trump’s Death. They allow Wealthy People greater Control over how their Assets are Distributed after they die.
“Anyone who’s the head of a large real estate operation is going to get advice to do exactly what” Trump has done, said William P. LaPiana, a Professor who Teaches Trust and Estates Law at New York Law School.
If Trump can Control his Company now, why doesn’t he? It’s Unclear, from the outside, why the former President has Not retaken his Role as the Company’s Daily Leader.
A Person close to Trump, said he appeared Informed about some of the Company’s Businesses, bragging to Associates about a Remodeling Project at One Golf Club and the Profits being made at others. But, the Person said, “Trump still appears more focused on politics than business — and focused on some lines of business more than others.You don’t hear him talk about the hotels, really. It’s the golf courses,” said this Person.
Ivanka Trump was a Top Executive, at the Trump Organization before, she joined her father in the White House. But she does Not appear to have Retaken any Formal Role at the Company since she Left, according to recent Filings. She has moved to Florida with her husband, Jared Kushner and Children, whose Family has its own Real Estate Empire.
Trump’s Company is still running 10 Hotels, 12 stand-alone Golf Courses, various Commercial and Residential Buildings, and a Website selling Trump-Branded T-Shirts and Candles.
While Trump was in the White House, his Sons said that they had placed Restraints on their Business, avoiding Signing New Deals to build Trump-Branded Buildings, to avoid the Appearance of Conflicts-of-Interest. Eventually, they said, the Trump Organization would Lift those Self-Imposed Restraints and Start to Grow again.
Since Trump left Office, however, there has been little sign of that Expansion. The Company has Not announced any New Trump-Branded Projects.
It allowed the Scion Trademarks to Lapse. It was to be a New Hotel Chain.
Instead of Growing, it appears that the Trump Organization is in Danger of Shrinking further: in New York, the City is in the process of Evicted Trump’s Company from a Publicly-Owned Golf Course, and in Washington, the Company has put its own D.C. Hotel up for Sale.
Then there is the New York Indictment(s) and Court Case(s).
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment