President Trump says $175 million bond is financially safe, asks judge to dismiss New York attorney general’s challenge

CNN
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Lawyers for former President Donald Trump say the $175 million bail he posted to satisfy his New York civil fraud judgment is financially sound, pending an attorney general challenge to the bond. and asked the judge to award costs and fees.

In a court filing Monday night, President Trump said the bonds backed by Knight Specialty Insurance Company were backed by more than $175 million in cash in Trump’s Charles Schwab account. He said there was. One of Trump’s filings states that Knight Specialty can manage the Schwab account and is fully supported by its parent company to assume any risks.

According to commitments filed in support of the notes, “DJT Trust grants KSIC a security interest in the Schwab brokerage account and DJT Trust is obligated to maintain at least $175 million in cash or cash equivalents at all times. “There is.” Gregory Serio is a former New York State Insurance Commissioner and a partner at Park Strategies, a government consulting firm.

“KSIC also has a standing agreement with its parent company, Knight Insurance Company, Ltd. (“KIC”), under which KIC reinsures 100% of KSIC’s risks,” the affirmation states. There is. “The $175 million in bonds outstanding is fully secured.”

Earlier this month, the attorney general’s office challenged the underwriter’s financial ability to stand in for the bonds. Judge Arthur Engoron scheduled a hearing for next week.

Mr. Trump’s lawyers argued that a hearing was not necessary.

Trump’s lawyers said in a court filing that “the documentary evidence supporting legitimacy is overwhelming and eliminates the need for an exception or a hearing to justify KSIC as surety. “I will.”

The attorney general’s office questioned whether Knight Specialty was authorized to underwrite surety bonds in New York state and whether the company lacked certification from state regulators that it was eligible.

Trump’s lawyers said the certificate is not the only proof of financial health.