New York Attorney General Letitia James is questioning whether the surety company guaranteeing former President Donald Trump’s $175 million bond is capable of meeting its obligations.
On April 1, President Trump announced that James’ He posted $175 million bail to prevent asset seizure.
The appeals court’s ruling ensured that Trump could appeal the ruling.
The company that underwrote the bond was Knight Specialty Insurance Company. The company essentially promised to cover Trump’s $175 million bond if he loses his appeal and doesn’t pay it. Mr. Trump paid a fee to Knight Specialty Insurance Company and pledged cash as collateral to receive coverage from Knight Specialty Insurance Company.
.@RealDonaldTrump: “I highly respect the Appellate Division’s decision and intend to promptly post $175 million in cash or bond, if necessary, within 10 days.” https://t.co/8zB02YeFuc
— Breitbart News (@BreitbartNews) March 25, 2024
According to Thursday’s court filing, Mr. James has doubts about the company’s ability to cover the total debt. Judge Arthur Engoron, who handed down Trump’s civil judgment, tentatively scheduled a hearing to discuss James’ dissenting opinion for April 22. new york times report:
In a court filing Thursday, James noted that Knight is not registered to issue appeal bonds in New York and asked the company or Trump’s lawyers to provide documents to “justify” the bonds. requested that it be submitted within 10 days. James said Knight, which had never posted a similar court bond before backing Trump, is financially able to meet its obligation to pay $175 million if Trump defaults. I’m trying to find out if.
Even if Knight itself lacks cash, the company should be able to use the collateral promised by Trump.
Trump’s lawyer, Christopher M. Kise, called James’ lawsuit a “baseless and vindictive political campaign” in a statement Thursday, calling her opposition to the bonds “an equally baseless and vindictive political campaign.” “This is an effort to do something,” he said, criticizing James. They bicker in a desperate effort to regain relevance. ”
In February, Judge Engoron fined President Trump and the Trump Organization more than $350 million and banned them from serving as officers or directors of New York companies for three years.
Mr. James effectively tried to bankrupt Mr. Trump by imposing a $464 million fine and a lifetime ban from the New York real estate industry.
Wendell Husebo is a political reporter for Breitbart News and a former Republican war room analyst.he is the author of politics of slave morality.Follow Wendell “X” @WendellHusebø or society of truth @WendellHusebo.
