Latest Breaking News

LetMyPeopleVote

(145,496 posts) Fri Apr 19, 2024, 04:09 PM Apr 19

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

Source: CNBC

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.

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

32 replies

= new reply since forum marked as read

Highlight:

New York AG says $175 million Trump fraud bond isn't properly backed, should be voided [View all] LetMyPeopleVote Apr 19 OP

Trump produces a fake bond. Irish_Dem Apr 19 #1

Smoke and mirrors backing. pandr32 Apr 19 #2

This will be fun to watch LetMyPeopleVote Apr 19 #3

Isn't that forgery or lying to court? onetexan Apr 19 #4

Could be just stupid lawyers who thought they could get away with it. riversedge Apr 19 #13

Sounds like purposely defrauding the court to me onetexan Apr 19 #19

Neither. Its just relying on an argument that the court may, or may not, reject. onenote Apr 19 #23

Reject "it" --- being the bond or the James request? intrepidity Apr 20 #24

Sorry. The bond. He'll give them 7 days to come up with a different bond. onenote Apr 20 #25

Ty. nt intrepidity Apr 20 #29

Gonna have to start a can koozie fundraiser soon... nt EarthFirst Apr 19 #5

Another 7-days delay... (if granted by the Court) Justice matters. Apr 19 #6

Might I suggest... returnee Apr 19 #7

BREAKING: New York Attorney General Letitia James drops a Friday bombshell on Donald Trump and formally asks the judge riversedge Apr 19 #8

Thank God for HER, but bluestarone Apr 19 #18

Oh, The Donald is going to have a nice, relaxing weekend... catbyte Apr 19 #9

It is also important to note moniss Apr 19 #10

There's nothing left. Chubb has it all tied up. twodogsbarking Apr 19 #11

Indict him on anouther count of fraud and reinstate the FULL amount of the judgment Novara Apr 19 #12

Heh, I called this Diraven Apr 19 #14

Another question comes to mind jmowreader Apr 19 #15

I read that in New York the bond can only be 10% of their assets. Phoenix61 Apr 19 #16

The parent company is claimed to have $1 billion in assets jmowreader Apr 19 #22

Delay achieved. Hermit-The-Prog Apr 19 #17

You are correct. republianmushroom Apr 19 #21

Delay in having assets seized? Or delay of the appeal? onenote Apr 20 #26

Huh, who would have though it. republianmushroom Apr 19 #20

I'd suggest adding charge for filing false documents also.... Think. Again. Apr 20 #27

I am so shocked. If you can't trust DJT financially who can you trust? captain queeg Apr 20 #28

Take the yellow haired thief Maxheader Apr 20 #30

Letitia James says company that put up Trump's $175 million bond may not have enough funds LetMyPeopleVote Apr 21 #31

Letitia James says company that put up Trump's $175 million bond may not have enough funds LetMyPeopleVote Apr 21 #32