4/ Via Kyle Griffin:

🔥New York AG #LetitiaJames: "This morning, Mr. Trump will take the stand in our trial against him, the Trump org & other defendants. Mr. Trump has repeatedly & consistently misrepresented & inflated the value of his assets. & before he takes the stand, I am certain that he will engage in name calling & taunts & race baiting & call this a witch hunt. But at the end of the day, the only thing that matters are the facts and the numbers — & numbers, my friends, don't lie."👈🏼

6/ NOTE: Emojis are mine, and when I comment I […], or say Me: “…”

I’ll include Rubin’s posts later.

Klasfeld:

“All rise."

Court is now in session.

Justice Engoron alludes to the photographers, who are about to come in to photograph Trump and counsel at the defense table.

Adam Klasfeld
@KlasfeldReports
Note:

This will be the second time that Trump takes the stand in this trial.

The first time, Justice Engoron found him "not credible" — and in violation of his gag order.

7/ “Saunters.”🤢

Klasfeld:

Engoron remarked that they're often referred to as a "gaggle" of photojournalist, a word usually used to describe "geese," he notes.

NYAG's counsel Kevin Wallace:

"The People call Donald J. Trump."

The former president saunters to the witness stand.

8/ Buckle up.

Klasfeld:

Wallace's questioning begins with Trump's corporate structure and his personal beneficial ownership of it.

Asked whether he formed the Donald J. Trump Revocable Trust when he ran for president in 2016, Trump said: "Pretty much when I won, I formed the trust."

11/ And now my stupid iPad won’t let me “return” to space between posting. Gaaa! So forgive the format for now. Need to add this: 🤢 Klasfeld: Trump complains to the AG's counsel that "you" and other "Democrat" prosecutors "were all coming after me from 15 different sides."

Trump says all of the cases are "not good."

"Weaponization, they call it," Trump says.

12/ Rubin:

Trump confirms he is owner of all assets in the Trust & the beneficiary thereof; he says around the time he won, he moved the Trump Org into the trust to avoid conflicts of interest, although he maintains that he could have had two desks as Washington did. 3/

He made Weisselberg a trustee because he had been with the company for a long time; he did a good job; and we really liked him. As for Don Jr., he was named as a trustee because he is a “good boy, or man and an honorable one.”

14/ Cohen’s lawyer is there.

Klasfeld:
Note:

Justice Engoron rejected Trump's "worthless clause" defense in his pre-trial ruling.

Trump launches into a monologue.

"As this crazy trial goes along" Trump says the defense will call bankers and "they were explain what the process is."

The judge interjects, notes that AG's counsel has been "patient," and instructs Trump to answer only the questions presented to him.

14/ Orden:

⚡️Judge Engoron to Trump: "Please, just answer the questions, no speeches."

Judge added: "Some of your answers have not been responsive to the question."

15/ Klasfeld for next few posts:

I forgot this:

Trump is shown his statement of financial condition from June 30, 2011 — and downplays its significance.

Pointing to disclaimer, Trump said. "We would call it a worthless statement clause."

"They were not really documents that the banks paid much attention to”
………
Trump swipes at Engoron from witness stand, going off on a tangent about the statute of limitations:

“I’m sure the judge will rule against me because he always rules against me.”

16/ Engoron asks Chris Kise if that was necessary, before telling Trump:

"You can attack me, do whatever you want, but answer the question."

Trump insists that his marquee properties were "underestimated," like Mar-a-Lago, 40 Wall Street, Doral and others.

Trump falsely claims that the judge estimated Mar-a-Lago was worth $18 million. (Engoron didn't; he cited an appraisal of the property from 2011.)

18/ Klasfeld:

Trump caricatures the AG's case:

"Trump had no money. And he wrote up phony statements, and he defrauded banks," even though they were represented by the best lawyers.

Wallace: I move to strike that answer.
Granted.

👉🏼👉🏼Judge: "Mr. Kise, can you control your client? This is not a political rally."👈🏼

Kise eventually tells him: "You're in control of the courtroom, not me."😳

19/ Rubin:

Engoron: “Mr. Kise, can you control your client? This is not a political rally…Maybe you should have a talk w him right now.” Kise disagrees and says it would be far more economical to let the “former and future chief executive of the United States” to give his answers.

Trump says he does not recall discussing the valuation of Mar-a-Lago w McConney & Weisselberg; did not discuss 40 Wall St much w them; insists outside tax counsel Sherri Dillon drive valuation process for 7 Springs

20/ Rubin for next few:

But the statement overall, he maintains, was a “nice compilation of assets” and reflected that he had $342 million in cash. 👉🏼Engoron is angry and without any objection, shouts, “Stricken! Stricken!”👈🏼

Kise faults Wallace for his open-ended, wide questions, suggesting they are inappropriate for trial, as opposed to at a deposition. Wallace is frustrated, but moves on.

21/ We’re now looking at the description of Niketown’s value in the 2014 statements of financial condition, which is, according to the statement, based on an evaluation by Trump in conjunction with his associates and outside professionals.

Asked whether he agrees with the statement, Trump does not take issue with the description of his involvement; he disputes that the value was $348 million as of June 30, 2014, given the location of the asset (between Tiffany and IBM).

22/ Wallace tries to pin Trump down: Has there been a change of value since 2014? Trump says it’s a “holdup asset,” and its real value is for Tiffany or IBM to purchase.

(The statement says the value was derived from the cash flow derived from the net rental stream, not its sale value to the potential purchasers.)

24/ Lisa Rubin:

Trump testified that he told McConney and Weisselberg about the “holdup value” but did not do anything else. Asked whether the statement about Niketown was based on true and accurate information? Trump deflects, saying he would not sell it for $348 million.

26/ All from Rubin in next few:

Pressed again Trump: “I guess so; I really cannot answer that.”

Wallace moves on to stated value of 40 Wall St in 2014 statements of finan condition which is based again on capitalization rate applied to resultant cash flow to be derived from building’s operation. Is that statement accurate?-Wallace

Trump demurs says it doesnt reflect his negotiated right to bld condos at 40 Wall St, which is its highest/best use. The gist of Trump’s speech? It’s undervalued

27 🔥, after listening to another speech in response to a yes-or-no question: “I beseech you to control him. If you can’t, I will. I will excuse him and draw every negative inference.”🔥

Kise: “I’d urge the court to take in all information possible ….You have on the stand a candidate for president of the United States; the most efficient way to get through this is to listen to what he has to say … about what happened and why there’s no intent to mislead anyone.…🙄

28/Habba gets more aggressive. “The burden is on the AG to ask better questions.” Engoron: “We are not here to hear what he has to say. We are here to listen to him answer questions.”👈🏼

Habba pushes back, “Yes, you are here to listen to what he has to say.” 😳Engoron reiterates he is here to listen to Trump answer questions and then loses his temper, “SIT DOWN!” He instructs Wallace to continue, but not before Trump adds, “This is a very unfair trial.”🤦🏻‍♀️

29/ Wallace is showing Trump a 2015 email to which documentation concerning amendments to the ground lease at 40 Wall. That document extinguishes the condo development rights, Wallace says, no? Trump says no. He still held on to co-op rights.

Wallace asked Trump whether there 2014 statement of financial condition, which mentions no condo conversion rights, incorporates what he could do. Trump says, “I don’t know because I didn’t do it.”

31/ Klasfeld:

Questioning turns to 40 Wall Street's valuation at $550.1 million on the 2014 financial statement.

Before that exchange, Trump gave a speech about the statute of limitations, possibly converting it to condominiums, and this remark:

32/ Klasfeld:

"I got a lollipop in the lease. It’s a legal term, believe it or not."
Q: Did you approve the valuation?
A: I accepted it. [...] Other people did it, but I didn't say, make it higher or make it lower.

Wallace:

"I think we'll take our break now," adding that he'd appreciate it if Mr. Kise would talk with his client.
15 min break

33/ Damn. Rubin decided not to tweet, but to go liveblog on NBC site..harder to follow.

And my hair dryer just crashed. Having a day.

34/ Okay, got Rubin back:

We are back from the break, and Trump is now being asked about the value of his partnership with Vornado Realty over two buildings, in which Trump held 30% of both assets.

Trump just testified, “I was a limited partner; I did not put up any money; I had no liability for what I owned.” He can’t help himself and is boasting about the structure of the deal in ways that are belied by the statement itself.

35/ Blow dryer works again. Hair dry, at my computer. What a morning. Ugh.

Rubin:

The Vornado valuation in 2014 was $816 million. Asked whether that was based on accurate information, Trump testifies, “I think so; I hope so.” He pauses and then says, “I think it’s low.”

36/ Klasfeld:

Trump concedes, while disclaiming responsibility for it:

“The number was too high. They lowered it after that.”

Trump:

"I thought it was too high. I don't know what's too high any more."

He claims that the number wasn't "too far off" when you add rooftop access.

37/ REMINDER: I can't even start to read all your replies after this hectic morning. I'll read later, 100s of them to catch up on. Patience.

Moving on.

Klasfeld:
Trump:

"They took 10,000 feet per floor, and they went times three. But they didn't take out elevator shafts and different things."

38/ Klasfeld:

AG's counsel moves on to Mar-a-Lago:

He shows Trump language describing it as an "exclusive private club."

Asked if that was true, Trump responds: "Yes."

(Whether it's a club or a residence is a key issue in the case.)

The financial statements also notes that Mar-a-Lago is wholly owned by a limited liability company.

39/ Klasfeld:

Asked whether he now believes Mar-a-Lago is worth $1.5 billion, Trump responds: "I think between a billion and a billion-five."🙄

Back to Rubin:

State attorney Kevin Wallace asks Trump about his involvement in the 2021 statement of financial condition. Trump says his focus at that time was on China and Russia and "keeping our country safe," 👉🏼drawing some laughs from the courtroom.👈🏼

Wallace reminds him he wasn't president in 2021. (Trump left office on Jan. 20, 2021.)

40/ Klasfeld:

NYAG's counsel confronts Trump with the deed stating that "the Club and Trump intend to forever extinguish their right to develop or use the Property for any purpose other than club use."

Trump parses: "'Intend' doesn’t mean we will do it."

(That remark may rank up there in the annals of presidential testimony with Clinton's: "It depends on what the definition of what 'is' is.)

41/ [Me: Trump "believes".... He "believes" people have a right to do lots of things... that are illegal/unethical. Nice try.]

Klasfeld:

Trump:

"I don't think so. It says 'intends.'"

If someone wanted to change it later, Trump says, "I believe they would have the right to do it."

42/ Rubin:

Wallace, state atty, handed Trump “deed of development rights” that bound Trump to leave MAL as private club. Trump said he intended to “forever extinguish” his rts to develop or use property for anything other than club use, but that doesn’t mean he couldn’t change his mind.

I would bet good $ that the counterparty to this deed of conservation & preservation easement, the Natl Trust for Historic Preservation, has a very diff position about the legally binding nature of this doc

43 Rubin:

As Wallace is recounting now, the deed prohibits the construction of new buildings as well as the renovation of the interior of the mansion in a way that would make it inhabitable as a single-family home.

44/ [Me: Trump uses that "bravado" excuse a lot, doesn't he? Psst. Doesn't work]

Klasfeld:

Trump is shown an interview of him saying that "the Mar-a-Lago Club is a great success. It will forever be a club."

He says he said it as "bravado," not "legal intent."

Asked if he got tax benefits from it being a club, Trump answers yes.