Trump lawyer defends $175 million bond in New York civil fraud case
Source: reuters
April 22, 20249:51 AM CDTUpdated a min ago
NEW YORK, April 22 (Reuters) - A lawyer for Donald Trump tried to convince a judge on Monday that the insurer that provided the former U.S. president with a $175 million bond in his New York civil fraud case was empowered and strong enough to issue the guarantee.
The bond issued by Knight Specialty Insurance is meant to secure Trump's compliance with a $454.2 million judgment won by state Attorney General Letitia James if he does not succeed in an appeal.
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Knight is owned by billionaire Trump supporter Don Hankey.
At a hearing, Trump's lawyer Christopher Kise assured Engoron that Trump couldn't move money out of the account without Knight's approval, and Schwab would not allow it. "We have to put the money somewhere," Kise said.
Engoron, however, questioned the security of the collateral.
"You keep using the word agreement, what if they break the agreement?" he asked. "It all seems like a house of cards."
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James said in court papers that a Trump-owned trust still controls the account, and Knight's own financial arrangements appear insufficient to cover the amount of the bond.............................
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Read more: https://www.reuters.com/world/us/trumps-175-million-bond-goes-before-judge-new-york-ags-concerns-2024-04-22/
I do not see in the article if the Judge resolved this issue--unless I missed it.
https://x.com/moonbreeze2/status/1782429928295633022
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