Letitia James filed a ānotice of exception to the sufficiency of the suretyā seeking more information about Knight Specialty Insurance Company
Donald TrumpāsĀ $175m bondĀ in hisĀ New YorkĀ civil fraud case has been thrown into doubt by New York Attorney GeneralĀ Letitia JamesĀ after she filed a notice asking for evidence that the out-of-state firm that underwrote it really has the money to pay up.
Ms Jamesās office submitted a ānotice of exception to the sufficiency of the suretyā on Thursday asking for further proof that California-basedĀ Knight Specialty Insurance CompanyĀ (KSIC) has the capital to proceed on theĀ former presidentās behalf.
KSIC is not regulated by New York state, which means that it is not authorised to issue surety bonds in the Empire State and therefore cannot obtain a certificate from the New York Department of Financial Services, which is customarily part of any bond package.
Just assume everything he says is a lie and everything he does is a crime.
You would be right more often than not.
Saves time.
The funny thing is, even if this shady company is found not to be able to post the bond, per new york state law theyāre still legally on the hook for the money, unless an actual elgibile bond is found. So Letitia James may get to go after both this shady company and Trump, with the shady company forced to then go after Trump directly to get back the portion they promised to the state.
The whole point of all of this is specifically so they wonāt have to hunt people down for the money. If they allow this bond to stand, all it will do is give Trump some cannon fodder to throw in front of the AG when he inevitably loses the appeal. They will attempt to collect the bond, KSIC will disappear (and probably flee the country), and the AG will have to spend years going after them for the money while Trump walks away.
What should happen is that the AG seize personal properties at their actual appraised value and have them locked in escrow until the appeals play out. If he wins, he gets his properties back, untouched. If he loses, he can either pay up the cash in exchange for the properties or lose them.
Oh what I mean is, if new york doesnāt accept this bond as valid, the company that promised the invalid bond is still on hook for the 175 million, but right now, even though it doesnāt count as a bond for Trump. The bond company could sue Trump to recover that though, and Leititia James can immediately start going after Trump and the shady company both. It wonāt work as a bond if itās not valid, but theyāve still made themselves liable by submitting these filings, unless Trump gives the state the money or a valid bond is submitted.
https://law.justia.com/codes/new-york/2022/cvp/article-25/2507/
Unless Iām misreading this.
This. Once I started assuming everything he says is a lie (until proven right) life became so much easier.
THAT!