Trump posts corrected fraud bond after New York court rejected documents: Live

[BumRushDaShow]

Source: Yahoo! News/Independent

Thu, 4 April 2024 at 1:40 pm GMT-4


Donald Trump has now filed new paperwork related to the $175m bond he posted on Monday to appeal the $464m New York fraud judgement against him after it was rejected and “returned for correction”, according to the New York County Supreme Court. The documentation failed to include a current financial statement for Knight Specialty Insurance (which is underwriting the bond) or list an attorney-in-fact. These have now been added.

On Tuesday, Mr Trump suffered a further legal setback when his efforts to have his upcoming Manhattan hush money trial delayed on presidential immunity grounds were rejected.

Judge Juan Merchan ruled that “the defendant had myriad opportunities to raise the claim of presidential immunity” long before he ever did and that, because the justice was denying the motion on that basis, he need not address whether immunity “precludes the introduction of evidence of purported official presidential acts in a criminal proceeding”.

Meanwhile, Special Counsel Jack Smith has slammed Judge Aileen Cannon, overseeing the classified documents case in Florida, to reject the ex-president’s contention that he had any claim to personal ownership over the boxes of top secret files reclaimed by the FBI from Mar-a-Lago in August 2022.

No link yet.

---

Link to corrected filing (PDF) - https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=exguJEXpWSu8fdl09aJOjw==

[muriel_volestrangler]

1. New York AG Questions if $175 Million Bond Insurer Can Save Trump

The New York attorney general on Thursday called into question whether the company that swooped to post a $175 million bond for former President Donald Trump is actually good for the money—or is even allowed to operate in the state.

The aggressive move by AG Letitia James came after Knight Specialty Insurance Company—a relatively unknown entity with tangential political connections to the former president—was forced to reveal its finances.

Lawyers for the law enforcement office made a court filing that “hereby takes exception to the sufficiency of the surety,” noting that KSIC is trying to operate “without a certificate of qualification.” Under New York law, state regulators have certain standards to ensure that an insurer is “solvent, responsible and otherwise qualified to make policies or contracts of the kind required.”

The AG has given Trump and his rescuers 10 days to, as government lawyers put it, “justify the surety.”

https://www.thedailybeast.com/new-york-ag-questions-if-dollar175-million-bond-insurer-can-save-trump

I think this happened after the OP's events.

Link to tweet

"BREAKING: NY Attorney General filing seeks to ensure the financial strength of the company that posted Donald Trump's $175 million bond in civil fraud case."

[BumRushDaShow]

2. The whole "no NY licensing" issue was appearing in the news yesterday after the rejection

while waiting for the deadline to submit the corrected paperwork. So I think that is overlapping (once they had found out who fronted the bond) with what just got filed and any robustness of it (and they can go dig through that with a fine-tooth comb)!

[Deminpenn]

3. No, this happened after because KSIC

financial statement showed the entire company has 500M in total assets. That's barely enough to cover the judgement should Trump's appeal fail.

[BumRushDaShow]

4. There are several issues going on though

where concerns were happening the past couple days, and especially once the bond holder was revealed. And then today, there were the few media outlets that had the nerve to publish a story with the corrected filing with the finances (this OP). I don't know what the exact timing was for when AG James suspected big issues vs when the corrected paperwork came in, what that shows, and how it compares to the suspicions.

[muriel_volestrangler]

7. I think the AG James filing came after that in the OP

This, I guess, is the Yahoo/Independent link for the OP:

https://ca.finance.yahoo.com/news/trump-branded-putin-buddy-vileness-161017426.html

which has been updated to:

Trump fraud bond questioned by prosecutors as judge denies classified docs dismissal attempt: Live

Oliver O'Connell,Joe Sommerlad and Mike Bedigan
Thu, April 4, 2024 at 8:48 p.m. GMT+1·49 min readed: I get the GMT+1 timestamp, so that's 3:48pm GMT-4

Donald Trump has refiled paperwork for the bond to appeal his New York civil fraud trial ruling, but Attorney General Letitia James says she needs more information about the company underwriting the $175m.

Her office filed notice on Thursday asking for evidence that Knight Specialty Insurance Company (KSIC) can pay up if needed. The former president would remain on the hook for the remainder of the total $464m judgment against him should his appeal fail.

That's also what The Independent itself currently has, at the top of https://www.independent.co.uk/news/world/americas/us-politics/trump-immunity-judge-jack-smith-truth-social-b2523085.html . But it has detail lower down at https://www.independent.co.uk/news/world/americas/us-politics/trump-immunity-judge-jack-smith-truth-social-b2523085.html#post-1585493

NYAG files notice questioning Trump surety firm’s ability to pay up on his bond if needed
New York Attorney General Letitia James’s office has filed a notice asking for evidence that Knight Specialty Insurance Company (KSIC) has the ability to pay up if needed having underwritten Donald Trump’s $175m civil fraud trial bond.

The notice states: “Defendants or KSIC shall file a motion to justify the surety within ten days of the service of this notice, failing which the Bond shall be without effect, except that the surety shall remain liable on the Bond until a new undertaking is given and allowed.”

The upshot is that the NYAG is ensuring the money is there and they are able to collect it should they need to. Were an appeal to fail the remainder of the $464m would come from the Trump Organization or the seizure of assets.

Oliver O'Connell 4 April 2024 18:53

and earlier https://www.independent.co.uk/news/world/americas/us-politics/trump-immunity-judge-jack-smith-truth-social-b2523085.html?page=2#post-1585453 :

NY civil fraud trial: Trump posts corrected bond documents
Donald Trump has now posted a corrected bond in for his New York civil fraud trial ruling in the case brought against him by New York Attorney General Letitia James and presided over by Arthur Engoron.

Aligning with what MSNBC contributor Lisa Rubin noted earlier on X, the additional information added to it to meet the court’s requirements concerns Knight Speciality Insurance Co, which is underwriting the bond, and not documentation relating to the Trump Organization.

Rubin now notes: “Specifically, it shows Amit Shah, the president of his insurance company, had Don Hankey's permission to sign the deal, and also reflects that both Knight Specialty Insurance & its parent company, Knight Insurance Co, have sufficient assets to cover the bond.”

Oliver O'Connell 4 April 2024 17:30

[BumRushDaShow]

8. That would make sense

I may be trying to say the same thing... Especially if you look at what was in that "corrected" filing..

I have the Independent's article but since it was a "live" (continually updating) thing (that is a no-go for LBN) and the Yahoo version was a more "static" snapshot. At the time of the OP, the only other one that had the info was UPI. All the other news sites still had their "rejected" articles up.

But before today, there were some rumors/issues being brought up. I had OPs on this including this one - https://www.democraticunderground.com/10143215886

[Igel]

9. Liquid assets.

I'm near retirement. Most of my savings are in long-term and real investments. Not demand-deposits.

Let's not confuse 0.0425 with 1.0. It's an easy mistake, granted, but still ...

[LiberalFighter]

5. Why should there be an additional days be given?

If they considered themselves qualified to post the bond they should have included the necessary docs.

[BumRushDaShow]

6. I think the deadline for that revised bond was today or tomorrow