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Notes -
The idea here is because Cohen made the payoff to Daniels, that when Trump re-imburses Cohen he has to take into account Cohen's subjective belief made at the time Cohen paid off Daniels; if Cohen thought it was personal, Trump has to pay from personal funds. If Cohen thought it was campaign, Trump has to pay from campaign funds.
Of course this is ridiculous, as is the idea that writing "legal expenses" on a check for money paid to a lawyer who served as an intermediary in a deal is "falsification of business records". It's very imprecise, of course. However, these conclusions have now been laundered through a jury and can no longer be further examined by higher courts.
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