#mcconney — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #mcconney, aggregated by home.social.
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#Trump #NYC #CriminalTrial #day12 #JudgeMerchan #StormyDaniels #KarenMcDougal #McConney #Weisselberg #MichaelCohen
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👇🏻 ❗
RT @KlasfeldReports Just-released exhibits:
These handwritten notations by jailed ex-Trump Org CFO Allen Weisselberg could be described as a visualization of the prosecution's theory of the case.
Let's break it down. 🧵
https://threadreaderapp.com/thread/1787544520202362948?refresh=1715020144
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Trump ARRIVES at Trial PANICKING about WITNESSES
https://www.youtube.com/watch?v=ehaNJNR3Z_A
#Trump #McConney #Testimony #NYC #criminaltrial #JudgeMerchan
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#Trump #NYC #CriminalTrial #day12 #JudgeMerchan #StormyDaniels #KarenMcDougal #McConney
Follow this🧵 by @innercitypress here.
(updates via 'force a refresh' at the bottom)👇🏻
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Today's witness will be JEFFREY MCCONNEY.
(perhaps there will be more tears ...)
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I mean… FFS, if you, or I….↑
But, back to today’s #TrumpTrial & #EricTrump’s testimony.
NYAG: “Did you ever tell Mr. #McConney about the Cushman valuation?"
Eric: "I would have never have thought to.”
(Hold the phone, I thought Eric claimed he didn’t even know the Cushman appraiser)
NYAG then showed a notation on a spreadsheet of data supporting a #SFC:
"11/17/2015- Per telephone conversation w/Eric Trump - leave value as is"
Eric says he has no reason to doubt the conversation occurred.
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#NYAG next played the section from the #EricTrump video deposition when the interviewer asked, “Do you have any reason to believe Mr. #McConney would reference a conversation w/you if it didn't happen?”
To which Eric (in the video) replied: "I know nothing about the statement of financial of condition. I don't know anything about the backup (of the SFC). It's just not what I did.… I was responsible for building properties & pouring concrete.”
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#EricTrump replied to #McConney:
"All of Doral will be about 200 million - do you want the blue monster specifically?" (Eric is referring to the Blue Monster golf course at the #Trump National #Doral resort in Miami, FL)Eric says that he would have been providing info on different Trump properties - he clarified “descriptions” implying he was just describing various projects.
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#TrumpTrial Nov 2, 2023, PM
#NYAG cont’d direct of #EricTrump re #SFC, #appraisals, his claimed ignorance of #financial stmnts, & his involvement w/inflating #Trump’s #NetWorth.
NYAG started w/an email exchange between Eric & #TrumpOrganization’s #JeffMcConney:
Email from #McConney to Eric, Aug 23, 2013 ends:
"With all of the renovations that were done since the last statement in June 2015 I wanted to ask you if there is anything you wanted to add to or expand in the footnotes?"
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It’s #Day9 of the #TrumpTrial parties went immediately to sidebar at the start.
#TrumpOrganization Asst VP #PatrickBirney returned to the stand. #Birney testified yesterday that he largely relied on #Weisselberg & controller Jeff #McConney to assemble #Trump's annual #financial stmnts.
#NYAG #Wallace highlighted Birney's statements during his opening as evidence of an alleged #conspiracy w/in the #TrumpOrg to #inflate Trump's #NetWorth.
"He likes to see it go up," Birney said.
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#McConney testified that he continued to engage in illegal conduct because #Weisselberg was his boss & if he refused, he would probably get fired.
(Just following orders excuse has never gone over well.)
Court adjourned; the trial resumes Tuesday.
Defense does not want to cross-examine McConney (can’t imagine why), therefore expect Weisselberg on the stand Tues.
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#NYAG #Amer asks McConney if #AllenWeisselberg asked for his help in committing #TaxFraud, more than once.
#McConney said yes.
McConney also admitted he was directed by #Weisselberg to process a payroll check to Weisselberg’s wife (not an employee) so she could get SS benefits.
McConney he didn’t know it was illegal, prompting Amer to show McConney his testimony from the Weisselberg / #TrumpOrg #criminal #trial last yr, in which he acknowledged he knew it was not lawful.
(*see ↑ article)
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Valuations of the #MarALago property as a private residence were for $426.5M in 2011 & $531.9M in 2012.
“You knew about this appraisal & had a copy of it in 2011?” #Amer asked. #McConney responded affirmatively.
The value included in the 2007 appraisal was not shown in court, but the AG alleged the #TrumpOrganization inflated its value by as much as $714M dollars between 2011 & 2021.
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#McConney testified that he valued #MarALago from 2011 - 2021.
Each year he valued the property as if it could be sold as a private residence.
However, #Trump had signed a 2002 deed w/National Trust for Historic Preservation that required it only be used as a club.#NYAG #Amer introduced a 2007 #appraisal of MAL that McConney had reviewed.
The appraisal included the above mentioned deed, showing McConney knew about it , despite the fact that he valued the prop as if it were a private residence. -
#McConney #TrumpTrial #testimony cont.
The statements of #financial conditions included, at a min thru 2016 & 2017, the “goodwill attached to the #Trump name has significant value.”
McConney, however, conceded that the golf course valuations routinely included a “brand premium” of 30% & later 50%, beginning in 2013.
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NYAG's introduced an #appraisal done by Cushman & Wakefield in 2014 that assessed #Trump’s #BriarcliffManor property value of an "easement donation" related to the 71 units on the property at $43.3M
Despite the appraisal, #McConney valued the property the same ($101M) in 2015 - 2018 after a Nov 17, 2015 phone call w/ #EricTrump.
"Leave value as is," Eric Trump told him in the call, McConney said.
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Now #JeffMcConney is testifying about the #valuation of #Trump’s #BriarcliffManor golf course.
McConney's valuation of the property changed from $25.1M in 2012 to >$100M in 2013.
#McConney said the jump was due to a Sept 25, 2013 phone call had w/ #EricTrump.
Eric told him the sale of 71 "midrise units" were approved on the property but put on hold.
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🚨🚨 Instead, #McConney treated the profit of $23M per home as if it were immediately realizable in 2012.
In 2013 & 2014, the #valuation for the 7 homes was done exactly the same way. He also wrote in his spreadsheets that the valuations were based on telephone calls in each of 2013 & 2014 w/ #EricTrump, who confirmed he should continue to #value the planned homes at #SevenSprings in the same way.
(Yikes)
The homes were NEVER BUILT.
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🚨🚨#McConney testifies that he understood the concept of #TimeValue (the value of a dollar today is worth more than the value of a dollar in the future) & that discounts should be applied to arrive at a present #value if money is going to be paid in the future.
The $161M for the 7 planned homes, which was baked into the #SevenSprings #valuation, was never discounted for the yrs it would take to build them, the cost of marketing/building/etc.
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Back to #McConney #witness / #defendant #testimony:
#NYAG #Amer delves into a flagrant instance of #fraudulent #valuations.
#Trump’s #SevenSprings estate planned to build 7 mansions on the property valued at $23M each.
McConney confirmed that in 2012, #EricTrump was involved w/the development of the #Westchester, NY, property & that he (McConney) assumed all necessary approvals were obtained prior to build.
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#Trump lawyer #AlinaHabba objects to the questioning, which she says is leading.
#AndrewAmer, lawyer for the NYAG, calls #McConney a hostile witness. #Habba says he is not a hostile witness & #Engoron wryly says, "he is the defendant." The objection is overruled.
FYI McConney was deemed a #HostileWitness in the #criminal #TaxFraud case last November as well.
#TrumpTrial #law
https://www.bloomberg.com/news/articles/2022-11-14/trump-controller-mcconney-is-declared-a-hostile-witness-by-judge -
#McConney is first on the stand today; followed by #AllenWeisselberg on Tues; after that, #NickHaigh, a risk manager w/ #DeutscheBank; then #PatrickBirney of #TrumpOrganization, & depending on time, #MichaelCohen by the end of next week.
Justice #Engoron called the trial to order, & McConney is on the stand. McConney is also a #defendant in the case. Today he’s to be questioned about the Trump Org’s relationship w/another #RealEstate company, #Vornado.
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Adding this from the NYAG to help clear the weeds of #McConney’s #Day4 testimony in the #Trump #Fraud #trial:
Trump claimed on mult #financial statements that the #TrumpTower #triplex, assessed at $127M, was valued at $327M, "based on the apt having 30k sq ft of space multiplied by a certain price per sq ft. However, the actual size of Mr. Trump's triplex apt was 10,996 sq ft, &
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#McConney said he never used Cushman & Wakefield’s #appraisal of 40 Wall St but also never asked #DougLarsen if the cap rates he (McConney) was using for valuation were appropriate or what cap rates Larsen used.
But in his worksheets, he wrote the cap rate he used was “per a telephone conversation w/ Doug Larsen.”
#NewYorkvTrump ended for the day.
McConney's testimony resumes Fri (likely to go thru all day)
#AllenWeisselberg will be the next witness on Tues.
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#NYAG #Amer asked #McConney about his use of capitalization or #CapRates, which he used to #value #Trump #commercial assets. (The lower the cap rate, the higher the property value.)
Amer grilled McConney about his communications w/ #DougLarsen, an #appraiser retained by #CapitolOneBank & #LadderCapital, in their capacity as #lenders concerning 40 Wall Street.
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#NYAG #Amer displayed the emails in question throughout as well as the Trump financial statements.
#Amer asked to have the attached 2018 NYT article entered into evidence, defense objected (hearsay), Amer moved on.
Amer asked if #McConney believes StreetEasy (apt listing site) is reliable. He said yes.
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#AndrewAmer of the AG’s office insisted they’re entitled to 24hr notice & the notice they provided — which doesn’t reveal the #scope — is defective. “It is not a question of satisfying me, but satisfying the rule.”
#McConney returned to the stand.
#Amer asked McConney about the price of #Trump's triplex —at one point valued at $180M.
Amer showed McConney a 2012 email he sent to a Trump International Realty employee asking about square footage & the price of another apt to inform his assessment.