AG James: Trump's $175 Million Bond Won't Fly

New York's amazing Attorney General Letitia James is asking New York Judge Arthur Engoron to reject the $175 million bond posted by the Malignant Loser / Don Snoreleone / Rip van Stinkle against the judgement of business fraud over many years. The company backing the bond, the predatory California-based auto insurance company Knight Specialty Insurance Company, is not authorized to back businesses in New York and apparently lacks the resources to actually back the bond. From ABC News:

"The attorney general's filing stated that Trump and the company failed to demonstrate the collateral of the bond beyond $175 million in cash in a Charles Schwab brokerage account. In the motion, James also raised concerns that KSIC uses affiliates in the Cayman Islands to reduce the liabilities shown on their books and allegedly violates federal laws.

"(KSIC 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," James said in the filing.

Judge Engoron is scheduled to hold a hearing on this issue on Monday."  (our emphasis)

The Malignant Loser failed to obtain a $464 million bond originally set by Judge Engoron, and the New York appellate court lowered the amount to $175 million as a result. Since the Malignant Loser has seemingly run out of surety bond companies willing to take a risk on him, the actual seizure of his assets by Attorney General James to cover the judgement is getting closer. Maybe that'll keep him awake in his election interference / hush money trial.

(photo: Beauty and the beast)

 

Deadline Nears For Trump Bond

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)