Documents for Donald Trump's $175 million bond in his New York civil fraud case were rejected by a court because a current financial statement was not included.
"current financial statement was not included"
Hahahahaha.
70 million people voted for this swindle.
Another view...
Is Trump's $175 million civil fraud bond valid in New York?
www.cbsnews.com
... But the surety bond was missing vital information typically included in those filings, experts say. These standard elements include documents related to power of attorney for the bond provider, Knight Specialty Insurance Company, a financial statement from the company and a certificate of qualification from the Department of Financial Services.
New York Attorney General Letitia James indicated in a filing Thursday, after the original publication of this story, that she, too, has concerns about the bond.
James took "exception to the sufficiency of the surety" given by Trump and the other defendants. She objected to the fact that the bond was issued by a company that is not an admitted carrier in New York, and lacks the certificate of qualification required by New York Insurance Law Section 1111. ...
Trump attorney Christopher Kise on Thursday alleged James' filing was "another witch hunt" and accused her office of "hiding out in silence" after an appellate court reduced the defendants' bond from more than $464 million to $175 million.
"The Attorney General now seeks to stir up some equally baseless public quarrel in a desperate effort to regain relevance," Kise said
Within 10 days, Trump or the company must file a motion to "justify" the bond, meaning Knight must prove that it is financially capable of paying the bond.
"There seem to be serious issues," said Bruce H. Lederman, an attorney who has filed many bonds in New York, including for a real estate developer challenging a judgment. Lederman said he was struck by "glaring errors" in the bond..
"In all the years I've been doing this, you always have to have a certificate from the Department of Financial Services saying that you're licensed to issue a surety bond," he said, referring to the missing certificate of qualification.
Lederman also noticed that Knight Specialty is not listed on New York's Department of Financial Services website. ...
An interesting view...
Donald Trump's $175m Bond Rejection Raises Questions
www.newsweek.com
... onald Trump's problematic $175 million bond to cover his New York civil fraud appeal has raised questions about what exactly led to the rejection of his insurer's paperwork, says a legal analyst.
The Trump Organization's court-appointed monitor, Barbara Jones, likely has all the answers, MSNBC legal analyst, Lisa Rubin, wrote on X, formerly Twitter.
"I can think of a courtroom full of journalists, as well as a bunch of lawyers in the New York Attorney General's office, who would love to know what Barbara Jones presumably knows right now," Rubin said.
On Wednesday, a message on the New York State Supreme Court's electronic filing system showed Trump's "Bond/Undertaking" had been "returned for correction." ...
I had forgotten about Ms Jones.
How public of a part will she wind up playing here?
That Guy Who Backed Trump's Bond? He May Not Have the Money
In a court filing on Thursday, Knight Speciality Insurance Company revealed that its liquid assets don't meet the needs of Trump's already minimized bond. According to a financial assessment, the company, owned by billionaire Don Hankey, has just $138 million in "surplus." Knight would therefore need to spend 127 percent of its reserves in order to cover Trump's bond"far more than the 10 percent of a state-regulated suretor's surplus that's allowed by New York law.
Shah also claimed that his company had more than $1 billion in equity, despite financial statements"which were only obtained after New York court clerks rejected the company's original bond posting and ordered it to refile"indicating the firm only held $26 million in "cash and bank deposits," with $483 million in stocks and bonds.
James's office has given Trump and his new financial bedfellows 10 days to "justify the surety."
Trump's being afforded a looooooooooong leash.
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