…no bearing on the fraud case, as the lenders weren’t defrauded. The deed restrictions are public knowledge, and the PFS was loaded with disclaimers, so the bank was free to factor them in however they liked, and they unquestionably did so in their decision-making.

The lenders were not lending to Trump based on the value of MAL or any other property. The loans in question were relatively small potatoes, and they lent based on their view of him being a known quantity and good credit. He then proved them right, and they made a nice profit.

The only fraud here is the case brought by James and decided by Engoron.