When the New York State appellate court threw the corrupt Malignant Loser a lifeline by lowering the surety bond amount for his $454 million business fraud judgement to $175 million, there were questions whether the bond provider, subprime auto loan company Knight Specialty Insurance Company, was good for surety. New York's amazing Attorney General Letitia James was skeptical, too, that the company -- headed by a billionaire supporter of the Malignant Loser -- was able to ultimately back the bond with assets. She had good cause to probe. From Newsweek:
"Trump was hit with a penalty that came to around $454 million after interest and would have had to pay a bond slightly higher than that amount to stave off the state from seizing assets, such as his many real estate holdings, to cover the penalty. An appeals court later ruled that he could instead pay a lower bond of $175 million.
The bond was then rejected by the court's filing system shortly after it was posted due to missing paperwork, including a "current financial statement." James, whose office led the fraud case against Trump, later raised questions about the "sufficiency" of the bond and noted that the surety backing it, Knight Specialty Insurance Company (KSIC), is not admitted in New York, meaning it's ineligible to obtain a certificate of qualification from the Department of Financial Services. KSIC has refiled its paperwork as a result in an effort to get the process moving again."
That's the world of shady financial institutions the Malignant Loser is used to operating in: missing financial statements, lack of appropriate certifications, bottom feeders, etc. The State statute that Attorney General James is following requires KSIC to provide a "justification" of the surety within 10 days (this coming Monday) or risk having the surety bond deemed "without effect." That would allow James to begin seizing the Malignant Loser's assets, barring an expected last minute appeal. We'll see what develops, but are hopeful that this latest diversion by the Malignant Loser will fail.
(photo: Good times / Bad times)
