Why a fraud finding is like 'corporate death penalty' for Trump

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A New York judge's finding that former President Donald Trump, his adult sons, his business associates and his eponymous company for years committed fraud could spell the end of Trump's business career in his former home state.

"The equivalent of the corporate death penalty for the Trump Organization in New York state," is how the Trump critic and attorney George Conway described the ruling during an appearance Tuesday on CNN. It was a much-repeated phrase after the surprise ruling.

New York Judge Arthur Engoron canceled the Trump Organization's business certification and ordered that a receiver be appointed to dissolve Trump's properties. A trial is supposed to get under way next week at which Engoron could decide to "disgorge" Trump of profits amassed by inflating his wealth.

Whether Trump will actually lose control over iconic properties like Trump Tower or pay hundreds of millions - New York Attorney General Letitia James, who brought the case, wants $250 million - remains to be seen.

That the decisive "summary judgment" came before the trial portion of the lawsuit even gets under way was an unexpected development that caught attorneys off guard at a pretrial hearing Wednesday.

"Don't take this the wrong way, but what in the court's mind does this trial now look like? Like what are the issues?" Trump attorney Christopher Kise asked during the hearing Wednesday.