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Letitia James to Begin Claiming Donald Trump's Properties (www.newsweek.com)

submitted 7 months ago by givesomefucks@lemmy.world to c/politics@lemmy.world

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"But the Trumpian part is that even though, or perhaps because, it may be part of a Trump scam, Knight now too may be on the hook for $175 million as it won't automatically get out from underneath its own proffered surety."

Hankey, a billionaire, has already said that his company will be able to post the money for Trump.

He was reacting to a comment on X by lawyer Dave Kingman, who wrote that Knight will not be able to post the $175 million.

"Understand that Knight Specialty has a problem. This bond cannot be approved. Under the CPLR [Civil Practice Laws and Rules] the surety will remain obligated under the bond until a replacement bond is filed. Trump is unlikely to get a replacement bond. Knight Spec will be liable AND Trump won't have a stay [on enforcement]," he wrote.

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[-] autotldr@lemmings.world 7 points 7 months ago

This is the best summary I could come up with:

Eric Lisann was reacting to a separate comment by another lawyer, Dave Kingman, who wrote that Knight Specialty Insurance will not be able to post the bond for Trump.

Writing on X, formerly Twitter, one-time federal prosecutor Lisann wrote that Knight Speciality might not be able to post the bond for Trump and will be liable for the full amount because it had given a guarantee to the court.

"Looks like there is a real possibility that this Don Hankey-owned Knight Specialty Insurance does not itself have liquidity, and did not get from Trump collateral, sufficient to provide legally cognizable assurance that it can pay $175 million on demand in the event of a judgment-affirming appeal," he said.

Trump posted a $175 million bond on April 1 in order to prevent the seizure of his assets by New York while he attempts to appeal the civil fraud ruling against him.

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.

The original article contains 712 words, the summary contains 225 words. Saved 68%. I'm a bot and I'm open source!

this post was submitted on 08 Apr 2024

343 points (86.4% liked)

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