The Times on the importance of the ruling that Trump committed fraud:

While the trial will determine the size of the penalty, Justice Engoron’s ruling granted one of the biggest punishments Ms. James sought: the cancellation of business certificates that allow some of Mr. Trump’s New York properties to operate, a move that could have major repercussions for the Trump family business.

LET’S HOPE SO.

The decision could terminate his control over a flagship commercial property at 40 Wall Street in Lower Manhattan and a family estate in Westchester County. Mr. Trump might also lose control over his other New York properties, including Trump Tower in Midtown Manhattan and his golf club in Westchester.

See above.

In his order, Justice Engoron wrote scathingly about Mr. Trump’s defenses, saying that the former president and the other defendants, including his two adult sons and his company, ignored reality when it suited their business needs. “In defendants’ world,” he wrote, “rent-regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air.”

“That is a fantasy world, not the real world,” he added.

And you can’t run a business from fantasy world because that amounts to cheating people.

Comedy interlude:

The judge also levied sanctions on Mr. Trump’s lawyers for making arguments that he had previously rejected. He ordered each to pay $7,500, noting that he had previously warned them that the arguments in question bordered on being frivolous.

Repeating them was “indefensible,” Justice Engoron wrote.

But it’s so Trump. Repeating lies is basically his life.

In a footnote, [the judge] added a line from the movie “Duck Soup” uttered by Chico Marx: “Well, who ya gonna believe, me or your own eyes?”