General Discussion

Nevilledog

(51,186 posts) Fri Apr 19, 2024, 03:37 PM Apr 19

NY AG asks Court to REJECT the Knight surety and declare it to be "without effect."

Link to tweet

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

It doesn't meet the "requirements of trustworthiness and competence," the AG says.
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12:31 PM · Apr 19, 2024

15 replies

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NY AG asks Court to REJECT the Knight surety and declare it to be "without effect." (Original Post) Nevilledog Apr 19 OP

New York AG asks for the judge in Trump's civil fraud case to REJECT the Knight surety and declare the bond to be "witho LetMyPeopleVote Apr 19 #1

More POPCORN maybe? bluestarone Apr 19 #2

Seven more days..... getagrip_already Apr 19 #3

WTF! Another 7 days? Why? machoneman Apr 19 #12

I dont play on the field .... getagrip_already Apr 19 #13

Skip Xitter, go right to the document: Ocelot II Apr 19 #4

He hadn't posted the link before I shared it here. Nevilledog Apr 19 #8

Thank you for posting this link LetMyPeopleVote Apr 19 #5

Could there may be some actionable fraud or other meaningful misrepresentation on the part of Knight or Team Trump? dutch777 Apr 19 #6

So guy convicted of fraud frauds again. Voltaire2 Apr 19 #7

New York AG says $175 million Trump fraud bond isn't properly backed, should be voided LetMyPeopleVote Apr 19 #9

As I've said before moniss Apr 19 #10

Start with taking down tsf's name off the remainder of his nyc properties lindysalsagal Apr 19 #11

This message was self-deleted by its author AllaN01Bear Apr 19 #14

Can't help wondering soldierant Apr 19 #15

LetMyPeopleVote

(145,496 posts)

1. New York AG asks for the judge in Trump's civil fraud case to REJECT the Knight surety and declare the bond to be "witho

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 03:39 PM

Apr 19

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

bluestarone

(17,025 posts)

2. More POPCORN maybe?

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 03:39 PM

Apr 19

getagrip_already

(14,825 posts)

3. Seven more days.....

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 03:39 PM

Apr 19

Strike 2.

machoneman

(4,010 posts)

12. WTF! Another 7 days? Why?

Reply to getagrip_already (Reply #3)

Fri Apr 19, 2024, 05:45 PM

Apr 19

getagrip_already

(14,825 posts)

13. I dont play on the field ....

Reply to machoneman (Reply #12)

Fri Apr 19, 2024, 05:52 PM

Apr 19

I just sit in the cheap seats and kibbitz on the game.......

7 days is what the ag requested in her motion. I assume she thought the judge wouldn't let her collect immediately.

Ocelot II

(115,829 posts)

4. Skip Xitter, go right to the document:

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 03:40 PM

Apr 19

https://www.documentcloud.org/documents/24558931-452564_2022_people_of_the_state_of_v_people_of_the_state_of_memorandum_of_law_i_1738

Nevilledog

(51,186 posts)

8. He hadn't posted the link before I shared it here.

Reply to Ocelot II (Reply #4)

Fri Apr 19, 2024, 04:05 PM

Apr 19

Thank you for providing it!

LetMyPeopleVote

(145,496 posts)

5. Thank you for posting this link

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 03:51 PM

Apr 19

dutch777

(3,035 posts)

6. Could there may be some actionable fraud or other meaningful misrepresentation on the part of Knight or Team Trump?

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 03:58 PM

Apr 19

Onw shyster trying to cover for another shyster and make a dime off of it. Ain't unfettered capitalism great?!?!?

Voltaire2

(13,125 posts)

7. So guy convicted of fraud frauds again.

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 04:04 PM

Apr 19

I'm just shocked.

LetMyPeopleVote

(145,496 posts)

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

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 04:13 PM

Apr 19

This will be fun to watch
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.

moniss

(4,274 posts)

10. As I've said before

Reply to Nevilledog (Original post)

Fri Apr 19, 2024, 05:12 PM

Apr 19

the bond is merely a paper promise as well as the supposed "account" at Schwab. The terms of which appear to be that if all the money disappears then the Orange Ruski has made a paper promise to pay it all back. The supposed reinsurance possibilities behind Knight are more paper promises with unknown terms and conditions that could make that promise useless as well. The re-insurer for example could say "We committed to the policy contingent on Knight doing x, y and z. They only did x and therefore the policy is void."

The idea that anybody would take any paper promise from the Orange Ruski after his history is laughable. So if you accept the current situation with the bond you are accepting paper promise from an untrustworthy person, paper promises from a company who filed false and misleading information (despite issuing corrections), a surety company that has apparently shifting numbers regarding it's own financial position and a potential paper promise with unknown terms and conditions.

Hardly a replacement for a trust or escrow account fully funded with cash or acceptable cash equivalents that is fully under the sole control of the surety company alone.

The lawyers and the Orange Ruski have tried to erect another scheme and an illusion of security of payment. It's a scam.