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Tom of Temecula

(1,356 posts)
Fri Apr 5, 2024, 09:35 AM Apr 5

Trump's Bond Insurer Doesn't Seem To Have The $175M It's Guaranteeing [View all]

According to The Daily Beast, New York Attorney General Letitia James has very good reason to question “the surety” of Knight Specialty Insurance Company, the company that rescued Trump from his $175 million bond requirement to appeal the $464 million judgment against him in the New York fraud case. For one thing, its free cash does not meet New York State requirements for a bond. For another, the company does not seem to have authorization to do business in New York.

It looks like Trump’s lawyers tried to cover up his savior’s financial insufficiency. From TDB: On Thursday, Trump’s lawyers posted paperwork listing the finances behind two companies—Knight Specialty Insurance Company and another entity named Knight Insurance Company LTD—which together claim to have assets totaling $2.7 billion. However, only the first of those two is actually listed in the court documents as agreeing to front the money if Trump loses the case.

Knight Specialty Insurance Company alone doesn’t have the “surplus” listed in financial statements to meet the capital requirements for posting the bond. New York law limits how much money state-regulated surety companies can post on a single bond to 10 percent of what’s referred to as the firm’s total “capital and surplus.”

In a midday court filing, the Knight Speciality Insurance Company revealed that it currently only has $138 million in “surplus.” That means the bond it has decided to post for Trump smashes through the 10 percent barrier, topping a whopping 127 percent of the company’s dedicated reserves.


Daily Beast original - https://www.thedailybeast.com/new-york-ag-questions-if-dollar175-million-bond-insurer-can-save-trump?ref=home?ref=home

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The plan was to screw over the state of New York. Irish_Dem Apr 5 #1
The plan was to delay things again. Mr.Bill Apr 5 #47
Yes of course it was a delay tactic. Irish_Dem Apr 5 #49
Can't. There is a procedure that must be followed... Happy Hoosier Apr 6 #91
Of course, Trump's bond insurer's reserves were inflated and they can't do business in NY. sop Apr 5 #2
OT -- congrats on your 10,000th post! nt Wednesdays Apr 5 #22
Thanks. sop Apr 5 #48
Still buying time lame54 Apr 5 #3
Yep now wait for another hearing 617Blue Apr 5 #4
That's always been the case AZSkiffyGeek Apr 5 #9
86.4% of polls gab13by13 Apr 5 #11
That's an oddly specific number without any attribution AZSkiffyGeek Apr 5 #17
90% of statistics are made up on the spot. TwilightZone Apr 5 #30
And 73% of people believe them JoseBalow Apr 5 #55
That's true ornotna Apr 5 #64
72.854% reACTIONary Apr 5 #80
Judge Engoron scheduled a hearing for April 22nd. iluvtennis Apr 5 #29
Why so late? Hearing should be scheduled sooner. LiberalFighter Apr 5 #58
Just guessing MorbidButterflyTat Apr 5 #63
Because the rules of procedure and the court's calendar Ocelot II Apr 6 #94
We already did that in 2020. That fuck will run again and again until it dies. onecaliberal Apr 5 #53
Well, let's hope the hamberders do their job. COL Mustard Apr 5 #77
One can definitely hope. onecaliberal Apr 5 #78
because the legal system is full of chickens NJCher Apr 5 #73
Another case of Trump attorneys needing attorneys? exboyfil Apr 5 #5
I'm wondering if Knights should be liable for fraud too? LiberalFighter Apr 5 #59
I must not understand how this works Takket Apr 5 #6
Silly Rabbit maxrandb Apr 5 #7
That's not how it works Jersey Devil Apr 5 #14
Not exactly - clarifying Justice Apr 5 #16
Well THAT money's gone. dchill Apr 5 #24
They don't have to put up the money up front but they have to guarantee it. Ocelot II Apr 5 #18
If they are not certified to do business in NY wouldn't there be a problem? LiberalFighter Apr 5 #61
Clarification SlimJimmy Apr 6 #82
The reason actually was that those 30 insurers wouldn't take real estate as collateral, Ocelot II Apr 6 #83
Not really. They refused due to the size of the loan and that RE was not acceptable SlimJimmy Apr 6 #86
No, I was talking about the original $450M. Ocelot II Apr 6 #87
Okay. SlimJimmy Apr 9 #96
Sorry, but I smell a conspiracy, gab13by13 Apr 5 #8
". . . foreign money . . ." AverageOldGuy Apr 5 #21
I believe someone once said "with tRump, all roads lead to Putin". FoxNewsSucks Apr 5 #35
So this bond attempt is rejected according to NYS rules... Think. Again. Apr 5 #10
I think they gave him 10 days. gab13by13 Apr 5 #12
Okay, no one else would get that grace period but... Think. Again. Apr 5 #13
The ten day period to respond applies to everyone. It's part of the NY Civil Procedure Rules onenote Apr 5 #25
James would *want* an appeal bond. Ocelot II Apr 5 #32
+1 onenote Apr 5 #40
I've started keeping my mouth shut about this part because I know nothing about it. Orrex Apr 5 #75
Appeal Bond. James' Appeal Bond. Orrex Apr 5 #74
Tick, tick, tick. twodogsbarking Apr 5 #15
Naughty! Naughty! It's not good to try and fool cousin Latitia! Wonder Why Apr 5 #19
Just another scam. Will only stop when he is in prison. Fla Dem Apr 5 #20
Confiscate his jet first. Emile Apr 5 #23
Trump engages in finacial fraud edhopper Apr 5 #26
Its parent group has $23 billion in assets TwilightZone Apr 5 #27
But the company that underwrites the bond is on the hook, not the parent. Ocelot II Apr 5 #33
Either way, that's a big number on their bottom line..... wolfie001 Apr 5 #44
There is a difference under insurance/surety moniss Apr 5 #51
Just so (not) shocking Jean Genie Apr 5 #28
So will the court now reduce it to the 13 million the company CAN cover? Scrivener7 Apr 5 #31
NY AG questions insurer struggle4progress Apr 5 #34
Why bond documents were rejected struggle4progress Apr 5 #36
Levine is the "expert" lawyer that mistakenly claimed that what was missing were Trump's financial records onenote Apr 5 #41
Thanks for the details... FormerOstrich Apr 5 #72
The IRS needs to review this shaky company Blue Idaho Apr 5 #37
DOJ needs to investigate this company, gab13by13 Apr 5 #39
But edhopper Apr 5 #50
Looks like the same type of financial shenanigans Trump was found guilty of at trial dlk Apr 5 #38
Sounds like Hankey Pankey Raven123 Apr 5 #42
This may well be much ado about nothing. onenote Apr 5 #43
Not if they're not licensed to do business in moniss Apr 5 #45
Who is surprised that a TFG donor is shady LetMyPeopleVote Apr 5 #46
Also, not licensed in the state of New York... kentuck Apr 5 #52
How does this delay anything to Trump's benefit? onenote Apr 5 #54
Hard telling what underhanded moniss Apr 5 #56
How about the delay since it was supposed to be posted, plus the 10 days for the challenge? Hermit-The-Prog Apr 5 #70
So how much time does the asshole have to come up with the dough? spanone Apr 5 #57
Trump Tower is going down - my prediction. nt BootinUp Apr 5 #60
How shocking MorbidButterflyTat Apr 5 #62
Smelvis does not have the money malaise Apr 5 #65
Is the NY courts going to follow their own laws or not ? republianmushroom Apr 5 #66
Are you an expert in NY Civil Procedure? onenote Apr 5 #67
True, they lowered the amount by 49%. But by reading this, the company bonding trump is not lic. in NY republianmushroom Apr 5 #68
I assume this whole dodgy deal will be considered by the court. Ocelot II Apr 6 #88
More delays ?? republianmushroom Apr 6 #89
It won't delay anything. The rules of civil procedure in New York Ocelot II Apr 6 #90
Delays do benefit trump, and you admit there are delays. republianmushroom Apr 6 #92
There's no delay here. The appeal will occur as scheduled Ocelot II Apr 6 #93
I hope you are correct, we shall see in time. republianmushroom Apr 6 #95
Invalid bond stunt republianmushroom Apr 5 #71
Unbelievable. Actually no, it is believable ecstatic Apr 5 #69
Dump's house of cards Blue Owl Apr 5 #76
Probably just a rounding error. Permanut Apr 5 #79
I'm smelling serial fraud Kennah Apr 5 #81
Would that be the "Fly by Knight Specialty Insurance Company"? area51 Apr 6 #84
Of course they do everything crooked SouthernDem4ever Apr 6 #85
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