As someone who has written for decades about corporate crime, I was reading the Trump O/Weisselberg indictment going "Yeah okay..hm..yah..ok..Wait..HOLY SHIT!" The Trump Org is in deep, deep trouble. And not because of the criminal charges. Because of its bank loan covenants. In fact, if even the smallest bit of this case is true, I think the Trump Org could be dead. It's complicated but it primarily pertains to the 12th count of the indictment.
Taking this a step at a time: Like most real estate companies, the Trump Org is horribly illiquid. This means it cannot readily convert its assets into cash when needed. Worse, because of the incredible incompetence and business idiocy of Trump, cash on hand (and access rapid loans through what is known as the commercial paper market) is small. So, the company survives on loans against assets. Trump originally depended on bank loans, then jumped into high-yield (junk) bond market, which is why so many of his businesses went bankrupt. Junk bonds gave him lots of cash to spend, but he was too stupid to apply an analysis beyond "I'm great" to figure out how we was going to generate enough cash to pay interest on the bonds. He couldn't. With his dad, he tried laundering the money through Trump Castle to get past a requirement with his bank loans brought on by his junk debt, but got caught. Everything crashed down. So the bottom line... Trump knows how to borrow money, he doesn't know how to manage it.
Then came The Apprentice which gave him lots of cash. Of course, he spent it all, then used the assets he purchased as security to borrow from banks on the assumption that "I'm great" would fix any cash flow problems. He now has huge amounts of debt against assets that are plummeting in value because of January 6 and his toxic brand name. He *needed* the presidency to survive financially. I have always believed that is why he was so desperate to keep it, because if he was President he could hit up the Russians, Saudis, etc. to bail him out. Now with him toxic and a threat to the country, those nations know that any secret payments they make to him run a huge risk of being discovered.
Which brings us to today's charges. All bank loans come with a business come with "lending covenants" - these are basically a series of requirements, some of which include "you'll behave" in minor character. But *the most important part* of any loan covenant is the "books and records" portion. It is included in every covenant for a bank loan to a business. The terms are simple: you maintain truthful books and records, you attest to us that they are truthful, and we are allowed to review them at any time. There is no "You can lie *just a little bit* on your books and records" it's all or nothing, like pregnancy: you either are or you aren't. The books and records either are truthful, or they aren't. Which brings us to count 12.
Forget Weisselberg. That is every corporate defendant, every entity that could have a loan covenant in its name. Every Trump Org bank lender in the world, right now, is looking at this indictment, looking at their covenants, and calling the Trump Org demanding they turn over every relevant book and record pertaining to these issues. If they refuse... BOOM. Loans pulled. If they do and the banks don't like what they see... BOOM. Loans pulled. If the loans come due (which 100s of millions do next year) no way they get refinanced.
There may be something I'm missing here, but I do not see how the Trump Org survives this without some sort of corrupt deal overseas. But even that seems farfetched. Instead, it may be the biggest real estate corp bankruptcy in history.