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submitted 6 months ago by MicroWave@lemmy.world to c/news@lemmy.world

Letitia James contended the bond company may not have enough resources to pay.

Lawyers for the New York Attorney General asked Judge Arthur Engoron on Friday to reject former President Donald Trump's $175 million bond for his civil judgment and require him to post a new one within seven days.

Letitia James contended that the former president failed to demonstrate that Knight Specialty Insurance Company, the company behind his bond, had the resources to pay the bond if Trump's appeal failed.

In February, Engoron determined that Trump and his co-defendants engaged in a decade-long scheme to inflate the former president's net worth to get better business deals and interest rates on loans.

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[-] FlyingSquid@lemmy.world 20 points 6 months ago

It is part of the issue.

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.

https://www.cbsnews.com/news/donald-trump-175-million-civil-fraud-bond-valid-new-york/

[-] Corkyskog@sh.itjust.works 7 points 6 months ago

That doesn't say they have to be a NY company, they just lack the correct licensing to issue in NY. Which seems problematic

[-] bradorsomething@ttrpg.network 3 points 6 months ago

The surety question is the main issue. The language seems to say that if trump loses, he has to pay and they don’t. Which isn’t a bond.

this post was submitted on 20 Apr 2024
296 points (99.3% liked)

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