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struggle4progress

(118,701 posts)
Sun Apr 7, 2024, 11:45 AM Apr 2024

$175M bond might implode

By Thomas Kika
Weekend Staff Writer

The bond payment that ... Trump attempted to post ... may be headed for an implosion, according to ... Glenn Kirschner ...

... New York Attorney General ... James ... 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 ... KSIC has refiled ....

"With Judge Engoron setting a hearing on April 22 to pull back the curtain on this 'bond' that Don Hankey gave to Donald Trump, $175 million bond, I'm quite sure that Attorney General Tish James and Judge Engoron will get to the bottom of what this bond really involves," Kirschner said. "And they'll figure out whether this bond involves any financial, you know...'hankey-pankey."

https://www.newsweek.com/donald-trumps-175m-bond-may-about-implode-legal-analyst-suggests-1887712

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struggle4progress

(118,701 posts)
1. NY AG questions if insurance group is good for the money
Sun Apr 7, 2024, 11:48 AM
Apr 2024

Aysha Bagchi
USA TODAY

... James questioned in a Thursday court filing if the bond from Knight Specialty Insurance Company met New York's legal requirements. She said the company hadn't provided a certificate showing it was qualified to provide the bond. The bonding company is headed by California billionaire Don Hankey, a self-proclaimed Trump supporter who made a fortune through high-interest loans to car buyers with bad credit.

James demanded the bonding company or the defendants — which include Trump and his two oldest sons — demonstrate to New York trial judge Arthur Engoron that the company is capable of paying the money. Engoron scheduled a hearing on the issue for April 22 ...

Before the New York appeals court gave Trump a reprieve by reducing the bond requirement, Trump pleaded that the $464 bond was a "practical impossibility," stating that 30 bonding companies refused to accept real estate as collateral in exchange for a bond of that size ...

https://www.usatoday.com/story/news/politics/elections/2024/04/05/possible-trump-bond-rejection/73216105007/

3Hotdogs

(12,791 posts)
8. What? It is the biggliest, most bestest bond that was ever posted by nobody before I did it.
Sun Apr 7, 2024, 02:44 PM
Apr 2024

Nobody would loan Crooked Sleepy Joe a dime if he needed it, but look at what people --- good people --- patriots --- maggots ---- my people, did to support me.

struggle4progress

(118,701 posts)
2. Collateral for Bond May Have Come From Supporters
Sun Apr 7, 2024, 11:50 AM
Apr 2024

ALLY SAMMARCO
11 HOURS AGO

... Hankey told Reuters that the ex-president offered "collateral for the $175 million in cash," which is held at a brokerage firm and pledged to Knight Specialty Insurance.

"I don't know if it came from Donald Trump or from Donald Trump and supporters," Hankey said when asked about the source of the cash.

Hankey revealed that he had initiated discussions with Trump's representatives to explore options for the $454 million bond before the former president was able to get it reduced on appeal to $175 million.

According to Hankey, Trump would have had to "come up with a lot of collateral or somebody else would” ...

https://lamag.com/news-and-politics/trump-collateral-for-bond-may-have-come-from-supporters

RandomNumbers

(17,882 posts)
3. One more point for TFG/TSF to complain about being "persecuted".
Sun Apr 7, 2024, 11:51 AM
Apr 2024

The people who support him won't look into the details, or likely have the capacity to understand if they do.

(Not that I disagree with the AG investigating it.)

Ocelot II

(117,327 posts)
4. Newsweek incorrectly reports that the bond was sought "to begin appealing his civil fraud ruling"
Sun Apr 7, 2024, 11:59 AM
Apr 2024

which is also the lie Trump keeps repeating. It is not necessary to obtain an appeal bond in order to begin the appeal process, which he actually did over a month ago:
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=BPdOLJea5KnZZg2lxmA58Q==

moniss

(4,397 posts)
6. I had a long post yesterday with more info
Sun Apr 7, 2024, 02:16 PM
Apr 2024

about how a company can issue a bond even without being authorized to do normal business in NY. There are lots of hoops and requirements to meet but it can be done. But I point out some of the additional red flags such as questions about what the true surplus is at Knight Specialty because there are conflicting numbers going around there is a question about whether the NY requirements for due diligence were done. But anyway here is the link.

https://democraticunderground.com/100218841571

twodogsbarking

(10,556 posts)
7. They are legit. Their office is in a trailer near the Newark Airport. There is a chainlink fence for security.
Sun Apr 7, 2024, 02:40 PM
Apr 2024

Everyone goes by their first names. Don't ask questions and you should be fine.

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