George Conway's take on MazarsMakes some points I hadn't considered ...
First, what we sort of understand already.
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Translated from legal-accountingese, the [Mazars] letter was an unmitigated disaster for Trump, far beyond his possibly having to file late returns. By saying the statements “should no longer be relied upon,” the accountants effectively announced, You misled us. By “totality of the circumstances,” they likely meant, The prosecutors investigating you, and the case they’re making, are serious.
By pronouncing “a non-waivable conflict of interest,” they were all but saying, We’re on team A.G. — or we might have to join someday soon. And by saying no “new work product” and quitting, they essentially declared, We don’t trust you — and we’re certainly not going to jail for you.
How on earth will Trump refinance hundreds of millions in loans with no accountants and no serious legal representation ...
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Now the man who long has had trouble finding decent legal representation might find it all but impossible to find new auditors and tax preparers. It’s hard to imagine that any reputable accounting firm will touch his tax returns, let alone fix and bless his financials for a decade or more.
Even if lenders don’t exercise any rights they might have to call in their loans, Trump apparently still needs to refinance hundreds of millions’ worth of them soon. As Trump biographer Timothy L. O’Brien of Bloomberg Opinion puts it, “Good luck refinancing your debt when the accountants” — who have just declared a decade of your financials utterly worthless — have “just walked out the door.”