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LANGUAGE

Trump says bond in civil fraud case is financially sound

Lawyers for former President Trump said in a filing Monday night that his $175 million bail in his New York civil fraud case is financially sound and dismissed the attorney general’s recent challenge to a judge. I asked him to dismiss it.

President Trump said the bond is collateralized by Knight Specialty Insurance Company (KSIC) and backed by a Charles Schwab account with more than $175 million in collateral. For each submitted document. It also said the insurance company has access to “over $2 billion in assets and over $1 billion in equity” and is backed by its parent company.

The notice from Trump’s lawyers came after New York Attorney General Letitia James (D) questioned the company’s qualifications. Days after Trump posted the bond, state attorneys said in a brief that they would allow a “satisfaction exception” for bonds backed by insurance companies.

Lawyers have asked Trump to prove that the company has the financial ability to pay the huge bond if the former president loses his appeal.

Monday’s filing said that because the bonds are secured by cash and the company has a contract with parent company Knight Insurance Company to cover “100% of KSIC’s risks,” “a shortfall is unlikely.” No,” he replied.

After Judge Arthur Engoron ruled that they conspired to alter the former president’s net worth in order to receive better tax and insurance benefits, Trump and his companies and executives made $460,000,000. He was ordered to pay $4 million plus interest.

He was later ordered to post a $175 million bond in the case after his lawyers said it was impossible to find a bond that would cover the full amount.

Thanks to the bail money from the insurance company, Mr. Trump essentially spared Mr. James from collecting the judgment, and other penalties in the case were also suspended.

Engoron has scheduled a hearing to discuss the issue on April 22nd, but Trump’s lawyers say, “The documentary evidence supporting the legitimacy is overwhelming, and there is no way to set aside exceptions or cancel KSIC.” There will be no need for a public hearing to legitimize the surety.”

The attorney general’s request “was received unnecessarily and should be set aside with costs,” the filing states.

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