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Showing Original Post only (View all)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 Trumps lawyers tried to cover up his saviors financial insufficiency. From TDB: On Thursday, Trumps lawyers posted paperwork listing the finances behind two companiesKnight Specialty Insurance Company and another entity named Knight Insurance Company LTDwhich 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 doesnt 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 whats referred to as the firms 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 companys dedicated reserves.
https://crooksandliars.com/2024/04/trump-s-bond-insurer-doesn-t-seem-have
Daily Beast original - https://www.thedailybeast.com/new-york-ag-questions-if-dollar175-million-bond-insurer-can-save-trump?ref=home?ref=home
