Now by the numbers:

1. In substance, Cohen's payment to Daniels was made as agent for Trump. Cohen'a wiring money to Daniels's lawyer does not create a contribution by Cohen any more than it creates a receipt of money by the lawyer. So, no, we don't stop there.

2. I don't see any evidence of Trump's payment being mischaracterized "on Trump Organization" books. In a typical email chain (People's 37A - for some reason I can't embed the link), Jeff McConney instructs Deb Tarisoff to "pay it from the trust" and call it legal expense. However the payment was characterized, it was paid by the trust, which means it was paid by the candidate and not by a corporation he owned. The record is false, but, if it is subject to the NY business records law, the lie is only a misdemeanor on which the statute of limitations has run.

3. There is no such thing as a "'personal account' for the business." A revocable Trust is the settlor's asset. The payments to Cohen were made from those assets, and not by one of the entities owned by the trust. The trust managers paid Cohen and then recorded the payment as legal expense to hide the sex from the world. I'll look at today's transcript to see how the corporate books are involved.

4. The public record proves only that Cohen pleaded guilty and was convicted. Those are facts, and no one denies them. But the allocution pursuant to the plea deal is an extra-judicial utterance that cannot be introduced as proof of the matter stated therein. Cohen can testify that the allocution is true, but he is subject to cross-examination on that score. Indeed, Cohen has already testified that he lied in his allocution. (What's a guy to do when an over-zealous Federal prosecutor says "confess or we'll indict your wife"?) Nor would I regard the allocution as a statement against penal interest, given that it was made to get a deal and, therefore, lacks the inherent credibility assigned to such statements.

In short Cohen's conviction is a nothingburger. Subject to something in the May 6 transcript, I see a payment by a candidate from his own funds, albeit through a conduit, to silence a blackmailer and some cooked books intended to hide that legal payment from the public.

I have not been able to find the Information on which Cohen was charged or a transcript of his allocution. If you have links to either, that would be useful in understanding what Cohen said he did (even if he now denies having done it).