Former President Trump may not have a say in the fate of his New York properties, which served as the basis of his rise to fame and political power.

The big picture: Like so many things with Trump, the prospect of forcibly dismantling his real estate empire is so unusual that no one is quite certain how it would play out.

• Assets in play include Trump Tower, Trump Park Avenue, 40 Wall Street, and Trump National Golf Course Hudson Valley.

What to know: Trump already has been found liable for inflating the value of his New York assets, via a partial summary judgment in his New York civil fraud trial. The case now is in its penalty phase, including yesterday's testimony from Trump himself.

• The initial ruling granted the prosecution's request for a cancellation of state business certificates that effectively allow many of Trump's properties to operate.
• Much like Trump needed construction permits to build his skyscrapers, he needs these business certificates to run them.
• Trump successfully appealed that part of the ruling, and New York AG Letitia James has said she won't object at least through final judgment in the civil fraud trial. After that, though, all bets are off.

What happens next: If the business certificates were canceled, the relevant assets would be put under the control of a court-appointed receiver, who operates much like an executor of an estate.

• The receiver would continue to manage the properties, but also could be allowed by the court to sell some — particularly if cash was needed to pay off legal penalties or creditors.
• Trump, who views himself as a consummate dealmaker, wouldn't be at the negotiating table.

The intrigue: Judicial dissolutions in New York are extremely unusual, let alone at this scale.

• We also don't know who the receiver will be, except that it will likely be an independent attorney. One possibility is retired federal Judge Barbara Jones, who has been the court-appointed monitor of Trump Organization finances since late 2022.
• Both sides were asked by Judge Arthur Engoron to submit a list of amenable names.

Look ahead: Even if he's able to keep his business certificates, he still might be stymied from doing business in New York. Prosecutors have asked for:

• A five-year ban on Trump or the Trump Organization from entering into commercial real estate transactions in New York.
• A five-year ban on Trump or the Trump Organization from applying for loans from any financial institutions chartered by or registered in New York.
• Permanent prohibition for Trump and his three oldest children from serving as an officer or director in a business headquartered, registered and/or licensed in New York.

The bottom line: Trump's trial in New York may not have much impact on his presidential campaign, but it could permanently alter his business legacy and create acquisition opportunities for his former peers.

WeWork (NYSE: WE) last night filed for Chapter 11 bankruptcy protection, and announced a restructuring plan that includes a $3 billion debt-for-equity swap.

Why it's the BFD: The company's pledge to reduce its real estate footprint could cause troubles for commercial landlords in major metro markets like New York, where WeWork remains a top tenant.

Details: WeWork said it's reached agreements with around 92% of creditors holding secured debt, and that WeWork locations outside of the U.S. and Canada are not part of this process.

The bottom line: WeWork once was valued at $47 billion by private market investors like SoftBank, which kept faith in the company long after most others had realized its core was property arbitrage instead of tech.

• Shares were halted all day yesterday, in anticipation of the bankruptcy filing, but WeWork's market cap had plummeted to just $44 million as of final trades on Friday.

• Enable, an SF-based B2B rebate management platform, raised $120m in Series D funding at a $1.12b pre-money valuation. Lightspeed Venture Partners led, and was joined by insiders Menlo Ventures, Norwest Venture Partners, Insight Partners and Sierra Ventures. https://axios.link/49hMZts

• May Mobility, an Ann Arbor, Mich.-based autonomous microtransit company, raised $105m in Series D funding. NTT Group led, and was joined by Toyota Ventures, Aioi Nissay Dowa Insurance Co., State Farm Ventures, BMW i Ventures, Cyrus Capital and Trucks VC. https://axios.link/40so1Ug

• Xpressbees, an Indian e-commerce logistics firm, raised $80m from Ontario Teachers' Pension Plan. https://axios.link/3Qr25UP

• Volante Technologies, a Jersey City, N.J.-based cloud payments company, raised $66m in equity and debt funding. Sixth Street Growth led, and was joined by Wavecrest Growth Partners and Wells Fargo Strategic Capital. https://axios.link/3sqt76X

• Refurbed, a Vienna-based marketplace for refurbished electronics, raised $57m in Series C funding. Evli Growth Partners and C4 Group co-led, and were joined by All Iron Venture and Speedinvest. https://axios.link/471w110

🚑 L-Nutra, an LA-based maker of longevity nutrition products, raised $47m in Series D funding co-led by Moderna CEO Stephane Bancel and Brentwood Associates. www.l-nutra.com

• Cast AI, a Miami-based cloud spend optimization platform, raised $35m in Series B funding. Vintage Investment Partners led, and was joined by Creandum and Uncorrelated Ventures. https://axios.link/472CjNZ

• Qomodo, an Italian provider of BNPL and other digital payment solutions to physical retailers, raised €34.5m in seed funding led by Fasanara Capital. https://axios.link/3QNlq49

• Finkargo, a Colombian international trade platform for SMBs, raised $20m in Series A funding. QED Investors led, and was joined by Nazca, Quona, Flybridge, Maya and ONEVC. https://axios.link/47mkGZj

🚑 Needed, an LA-based maker of perinatal supplements, raised $14m. The Craftory led, and was joined by insiders Seae Ventures and Crescent Ridge Partners. https://axios.link/3Myn7Qx

• Frenetic, a Madrid-based custom magnetics startup, raised $12m in Series A funding. Kibo Ventures led, and was joined by insiders 42Cap, Join Capital, Bankinter, Bonsai and Big Sur. www.frenetic.ai

• Fibmold, a Mumbai-based sustainable packaging developer, raised $10m from Omnivore and Accel. https://axios.link/464mBjQ

🌎 Redex, a Singapore-based renewable energy certificates provider, raised a $10m Series A led by Aramco Ventures. https://axios.link/3sdmC7v

• Sift, a telemetrystack startup, raised $7.5m from Riot Ventures, Fika Ventures, First Resonance, Datum and Duro. https://axios.link/3FKFuxM

🌎 Tvarit, a German startup working to reduce metal industry scrap and energy losses, raised €6.5m in Series A funding from Momenta, Futury Capital, 4impact Capital and Matterwave Ventures. https://axios.link/3SprSzx

🌎 Bioomix, a Danish microbe developer for greener farming, raised €6.3m. West Hill Capital led, and was joined by PreSeed Ventures, Planetary Impact Ventures and HBL Invest. https://axios.link/3soCJPG

• Risk Ledger, a British cybersecurity startup focused on third-party security breaches, raised £6.25m in Series A funding, Mercia Ventures led, and was joined by Seedcamp, Firstminute Capital, Episode 1, Village Global and Lifeline Ventures. www.riskledger.com

• Polimorphic, an SF-based provider of paperwork digitization tools for local governments, raised $5.6m. M13 led, and was joined by Shine Capital and Pear VC. www.polimorphic.com

• ReturnGO, an Israeli returns management platform, raised $4.8m led by Trestle Partners. https://axios.link/49ryKCA

🚑 BioPhy, a Philadelphia-based startup focused on improving clinical trial outcomes, raised $4.5m in pre-seed funding, per Axios Pro. Metodora Ventures led, and was joined by Audere Capital and TRCM. https://axios.link/465aYcH

⚡ Coperniq, an SF-based provider of workflow solutions for solar energy companies, raised $4m led by Initialized Capital. www.coperniq.io

• Sock, an SF-based self-custodial investment app, raised $2.8m in seed funding. Haven Ventures led, and was joined by Designer Fund, Expansion, Spacecadet Ventures, Sunflower Fund and Olive Capital. www.sock.app

• Ardurra Group, a Miami-based portfolio company of Littlejohn & Co., acquired AZ&B, a Dallas-based consulting and engineering firm focused on transportation, aviation, and water. www.ardurra.com

• Ascendant Capital Partners offered to acquire Hollysys Automation Technologies (Nasdaq: HOLI), a Chinese maker of automation and control products, for $1.6b. https://axios.link/45YxrI9

• CapVest Partners agreed to buy Recochem, a Montreal-based maker of aftermarket transportation and household fluids that generates more than $1b in annual revenue, from H.I.G. Capital. https://axios.link/3Qtaxmr

🚑 Cathay Capital acquired a majority stake in Parkview Dental Partners, a Sarasota, Fla.-based DSO. www.parkviewdp.com

⚡ EQT Infrastructure agreed to acquire London-based battery project developer Statera for £500m from InfraRed Capital Partners. https://axios.link/3u5vigM

• Everest Clinical Research, a Toronto-based portfolio company of Arlington Capital Partners, acquired August Research, a European provider of clinical trial and pharmacovigilance services. www.ecrscorp.com

• Excel Sports Management, backed by Shamrock Capital, acquired rival sports agency REP 1 Football. https://axios.link/467CW7n

• HCI Equity Partners acquired Tri-State Enterprises, a Fort Smith, Ark.-based warehouse distributor of automotive aftermarket parts. www.etristate.com

• HighGround, a Dallas-based portfolio company of Trivest Partners, acquired Superior Restoration, a Lake Elsinore, Calif.-based provider of water damage restoration and related services. www.highgroundnow.com

🚑 Main Capital Partners acquired a majority stake in Lux Scientiae, a Boston-based provider of health care communications and hosting tools. www.luxsci.com

• MidOcean Partners acquired Smith System, an Arlington, Texas-based provider of driver safety training, from Levine Leichtman Capital Partners. www.drivedifferent.com

⚡ Partners Group is in talks to buy Rosen Group, a Swiss engineering firm focused on oil and gas asset testing, per Bloomberg. https://axios.link/3tXslP4

⚡ Platinum Equity agreed to buy a majority stake in Kohler's generators unit. https://axios.link/3u4TgIY

• Saudi Arabia's Public Investment Fund is in talks to invest at least $250m into Chinese EV maker Human Horizons Group, per Bloomberg. https://axios.link/3QOIj7p

• Sunny Sky, a Houston-based portfolio company of TJC, acquired Bevolution, a maker of smoothie bases, juices and other related beverage products, from Highlander Partners. www.sunnyskyproducts.com

• Vivify Specialty Ingredients, a Glendale Heights, Ill.-based portfolio company of Gryphon Investors, acquired Access Ingredients, a South Pasadena, Calif.-based distributor of specialty ingredients for the personal care industry. www.vivifycompany.com

• Mamaearth, an Indian DTC beauty and personal care retailer, went public in India at a $1.3b market cap. Backers include Peak XV Partners, Fireside Ventures, Stellaris Venture Partners, and Sofina. https://axios.link/49rTycS

• Shein, the Singapore-based fast-fashion giant, is hoping to secure a valuation of up to $90b in a U.S. IPO, per Bloomberg. https://axios.link/40pBzQv

🚑 Bristol Myers Squibb (NYSE: BMY) acquired an experimental blood cancer treatment from South Korea's Orum Therapeutics for upwards of $180m ($100m upfront). Orum has raised over $100m in VC funding from firms like IMM Investment, Premier Partners, Starset Investment, STIC Ventures and CrystalBioSciences. https://axios.link/3QpSmOz

⚡ CPP Investments agreed to sell its 24.5% stake in two German offshore wind farms for C$374m to Enbridge (TSX: ENB). https://axios.link/3FLRj6C

• Fenway Partners hired UBS and Robert W. Baird to find a buyer for Riddell, an Illinois-based football helmets and gear maker that could fetch around $800m, per Reuters. https://axios.link/461bdWc

🚑 Abcam (Nasdaq: ABCM) shareholders approved a $5.7b all-cash takeover offer from Danaher (NYSE: DHR). https://axios.link/3tZjjkB

🚑 Cigna Group (NYSE: CI) is considering a sale of its Medicare Advantage business, per Reuters. https://axios.link/46W0u0m

⚡ Crescent Point Energy (TSX: CPG) agreed to buy Hammerhead Energy (TSX: HHRS), a Canadian oil and gas E&P, for C$2.55b in cash and stock. https://axios.link/3Qsdvrt

⚡ Kinder Morgan (NYSE: KMI) agreed to buy the South Texas gas pipelines of NextEra Energy Partners(NYSE: NEP) for $1.82b. https://axios.link/4719otA

• LVMH is paying around $80m to buy Barton Perreira, an LA-based luxury eyewear maker. https://axios.link/47ltmyV

• Newmont (NYSE: NEM), a Denver-based gold miner, completed its US$17.5b all-stock acquisition of Australian rival Newcrest (ASX: NCM). https://axios.link/3u1l3do

• Zelus Analytics, an Austin, Texas-based sports data firm, acquired Reno, Nev.-based golf analytics firm TourIQ. Zelus recently raised $3.6m from RedBird Capital Partners, Gametime Capital, Teamworthy Ventures, 35V and Billy Beane. https://axios.link/461lAJv

• Ardian agreed to buy a $2.1b portfolio of LP interests in 20 private equity funds from CPP Investments. www.ardian.com

• Bison Ventures raised $135m for its debut fund focused on climate and biotech startups. The Seattle-based firm was founded by former investors for the Bill and Melinda Gates Foundation and the Gates family. https://axios.link/4664ZUV

• Dyal Capital Partners, a unit of Bue Owl Capital, plans to raise $2b for a fund to buy stakes in midsized alt asset managers, per Bloomberg. https://axios.link/3SpOv6U

• Harvest Partners, a New York-based PE firm, raised $5.34b for its ninth fund. www.harvestpartners.com

• IBM (NYSE: IBM) launched a $500m VC fund focused on generative AI startups. https://axios.link/4665AG9

• PSG Equity raised more than €2.6b for its second European tech private equity fund. https://axios.link/4618v2M

⚡ David Altshuler joined Quantum Capital Group as a partner and co-head of client solutions. He previously was with IFM Investors. www.quantumcap.com

• GTCR promoted Jeff Wright to managing director, Cameron Rouzer to principal and Travis Krueger and Joseph Rubino to co-heads of the firm's portfolio resources group. www.gtcr.com

• Vlad Loktev, a former exec with Airbnb, joined Index Ventures as a partner. https://axios.link/3spRJwI

🚑 LRVHealth, a Boston-based VC firm, promoted Ellen Herlacher to partner. www.lrvhealth.com

• StepStone Group named David Park as CFO, effective a year-end when Johnny Randel retires. Park has been serving as the firm's chief accounting officer. www.stepstonegroup.com

Three top private equity firms reported Q3 earnings within the past day.

• Each firm beat analyst expectations and has seen shares rise at this morning's open.

Carlyle Group reported 87 cents per share in after-tax distributable earnings, despite a private equity exit slump that saw distributable earnings fall by 43%.

KKR reported 88 cents per share in after-tax distributable earnings, on just a 6.6% distributable earnings decrease.

TPG reported 56 cents per share in after-tax distributable earnings, crushing expectations of just 35 cents per share.