New York AG says $175 million Trump fraud bond isn't properly backed, should be voided

[LetMyPeopleVote]

Next week will be fun

Link to tweet

https://www.cnbc.com/2024/04/19/new-york-ag-says-175-million-trump-fraud-bond-isnt-properly-backed-should-be-voided.html

The New York Attorney General’s office on Friday asked a judge to effectively void a $175 million bond posted by former President Donald Trump to secure a much larger monetary damage award in his civil business fraud case.

The AG’s office in a filing said that Trump and other defendants in the case had failed to show there is enough identifiable collateral to back the bond for the judgment in Manhattan Supreme Court.

The filing notes that the surety Trump used to obtain the bond, Knight Specialty Insurance Company, is “a small insurer that is not authorized to write business in New York and thus not regulated by the state’s insurance department, had never before written a surety bond in New York or in the prior two years in any other jurisdiction, and has a total policyholder surplus of just $138 million.”

The filing opposes a joint motion by Trump and KSIC to justify the insure as the surety company holding the bond.

Lawyers for AG Letitia James asked Judge Arthur Engoron to require Trump and other defendants to put up a replacement bond within seven days of ruling on the issue.

[LetMyPeopleVote]

1. New York AG asks for the judge in Trump's civil fraud case to REJECT the Knight surety

New York AG asks for the judge in Trump's civil fraud case to REJECT the Knight surety and declare the bond to be "without effect."

Link to tweet

Here is a link to the filing
https://www.documentcloud.org/documents/24558931-452564_2022_people_of_the_state_of_v_people_of_the_state_of_memorandum_of_law_i_1738

[MOMFUDSKI]

2. Yard Sale time!

Quarter on the dollar.

[Cha]

3. KICK.. TY!

[malaise]

4. Oh My!

I’m shocked I tell you…Not!
Rec

[lindysalsagal]

5. All-Season's Bail Bonds to the rescue!

[Igel]

6. It's a claim.

No more. No less.

Bragg's less than infallible. As are we all.

[NanaCat]

11. Yes, we are

Especially when we assign the wrong lawyer to a case. This bond issue is from the civil fraud trial that Letitia James oversaw. Alvin Bragg is the NY DA who is prosecuting the business fraud case against TSF in criminal court.

[LetMyPeopleVote]

7. Letitia James says company that put up Trump's $175 million bond may not have enough funds

New York's attorney general said Knight Specialty Insurance Company has not shown that it has enough collateral to back the bond.

Link to tweet

https://www.msnbc.com/top-stories/latest/letitia-james-trump-fraud-bond-judgment-void-rcna148664

New York Attorney General Letitia James has asked Judge Arthur Engoron to void the $175 million bond in Donald Trump's civil fraud judgment, citing concerns that the bond company doesn't have the funds.

In a filing on Friday, James said Knight Specialty Insurance Company, which underwrote Trump's bond, has not been able to show that it has enough collateral to back it. She described KSIC as "a small insurer that is not authorized to write business in New York and thus not regulated by the state’s insurance department," and said the company had never written a surety bond in New York or in the past two years in any other jurisdiction.

James’ office is seeking to have Trump put up a replacement bond within seven days of a ruling. A hearing is set for Monday.

KSIC is part of the Los Angeles-based Hankey Group of Companies, owned by billionaire Don Hankey. Several of his companies have run into trouble with federal regulators in the past. Hankey is also a major stockholder in a San Diego financial company that had refinanced some of Trump's loans when other banks refused to do so, NBC News reported.

Trump's struggle to secure a bond for his civil fraud judgment was well documented, despite his protests that he had cash in hand. A week before the deadline to post his bond, his lawyers pleaded for a stay in the $454 million judgment, telling Engoron that they’d been rejected by 30 surety companies that would not accept real estate as collateral.

[LetMyPeopleVote]

8. Judge Engoron 'dubious' of Trump's $175M bond agreement at revocation hearing

This bond should be rejected.

Link to tweet

https://www.rawstory.com/trump-bond-hearing/

New York Supreme Court Justice Arthur Engoron reportedly appeared "dubious" Monday about a scheme to raise a $175 million bond so that Donald Trump could appeal a fraud ruling against him.

Engoron ordered the hearing after New York Attorney General Letitia James asked to revoke the bond because she had doubts that insurance company Knight Specialty Insurance could legitimately put it up. Engoron indicated that Knight Specialty Insurance Company would have to prove it could assure bond payment.

"Engoron seems dubious of relying on Charles Schwab to maintain $175M of collateral," Law360 reporter Rachel Scharf noted on X, referring to Trump using a Charles Schwab account as collateral and James' concerns that Trump still had access to the account.

"What if they break the agreement?” Merchan asked.

"Your hypothetical is calling into question the veracity of one of the largest financial institutions in the world," Trump attorney Chris Kise pleaded.

[NanaCat]

12. You actually used a raw story link?

Why?

They are the Daily Mail of the left.

[LetMyPeopleVote]

9. Judge Engoron 'dubious' of Trump's $175M bond agreement at revocation hearing

This bond should be rejected.

Link to tweet

https://www.rawstory.com/trump-bond-hearing/

New York Supreme Court Justice Arthur Engoron reportedly appeared "dubious" Monday about a scheme to raise a $175 million bond so that Donald Trump could appeal a fraud ruling against him.

Engoron ordered the hearing after New York Attorney General Letitia James asked to revoke the bond because she had doubts that insurance company Knight Specialty Insurance could legitimately put it up. Engoron indicated that Knight Specialty Insurance Company would have to prove it could assure bond payment.

"Engoron seems dubious of relying on Charles Schwab to maintain $175M of collateral," Law360 reporter Rachel Scharf noted on X, referring to Trump using a Charles Schwab account as collateral and James' concerns that Trump still had access to the account.

"What if they break the agreement?” Merchan asked.

"Your hypothetical is calling into question the veracity of one of the largest financial institutions in the world," Trump attorney Chris Kise pleaded.

[lame54]

10. It has so much value...

Delay delay delay
It worked as intended