Valuations may be an art and a science, but in the end it is stil an opinion.
Only the free market, at the time of the deal can determine the real valuation. For example you can value your house high when you want to sell it, but it's only the final agreement between the buyer and the seller, or in this case, the borrower and the lender, that gives you a real valuation, at that point in time.
Free markets determine real valuations, not judges and not laws.
One thing they pointed to was that Trump had different square footage...
That's something that could potentially be fraudulent since it's a factual misrepresentation. But still you would need to prove a person's intentions.
I agree with you on all points. The judge has no business coming up with a value for any asset or liability. That said, the case is not about the value per se. It’s about Trump lying on the loan application which is a felony in NY.