Letitia James Issues 10-Day Ultimatum to Company That Guaranteed Trump’s $175M Bond

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signalmankenneth

Verified User
Former President Donald Trump narrowly avoided having his assets seized by New York Attorney General Letitia James last month after posting a $175 million bond at the last minute. But now, James is demanding clarity from the company that guaranteed it.

Axios reported Thursday that James' office recently filed a motion to compel either Trump's lawyers or the Knight Specialty Insurance Company (KSIC) to prove that it is financially able to comply with the conditions of the bond. Her motion gives both entities a 10-day deadline to "justify the surety" of the bond, or prove it can actually pay the bond amount. It remains unclear what actions James would take after the 10-day deadline. Presumably she could demand the court revoke the previous agreement and demand the full $464 million bond.

According to CBS News, KSIC is not registered with the state's Department of Financial Services, and the bond paperwork notably did not include a power of attorney authorization for the bond provider, nor did it include a financial statement from KSIC showing it was capable of shouldering the $175 million burden.

"In all the years I've been doing this, you always have to have a certificate from the Department of Financial Services saying that you're licensed to issue a surety bond," attorney Bruce Lederman, who has experience filing bonds in the Empire State, told CBS.

The chairman of KSIC is Don Hankey, who is a billionaire Trump supporter involved in the subprime auto loan industry. the New Republic reported this week that Hankey "carved out his $7.4 billion fortune" through "predatory practices, targeting low-income customers with high-interest auto loans." And the New York bond is not the first time Hankey has used his wealth on the former president's behalf.

"Hankey is also believed to be the largest shareholder in Axos Financial, according to MSNBC’s Lisa Rubin — a financial institution that, in 2022, refinanced more than $50 million of Trump's loans on Trump Tower and Trump National Doral Miami, according to documents filed with the Office of Government Ethics," the New Republic's Ellie Quinlan Houghtaling wrote.

http://www.smirkingchimp.com/thread...-to-company-that-guaranteed-trump-s-175m-bond

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signalmankenneth said:
Former President Donald Trump narrowly avoided having his assets seized by New York Attorney General Letitia James last month after posting a $175 million bond at the last minute. But now, James is demanding clarity from the company that guaranteed it.

Axios reported Thursday that James' office recently filed a motion to compel either Trump's lawyers or the Knight Specialty Insurance Company (KSIC) to prove that it is financially able to comply with the conditions of the bond. Her motion gives both entities a 10-day deadline to "justify the surety" of the bond, or prove it can actually pay the bond amount. It remains unclear what actions James would take after the 10-day deadline. Presumably she could demand the court revoke the previous agreement and demand the full $464 million bond.

According to CBS News, KSIC is not registered with the state's Department of Financial Services, and the bond paperwork notably did not include a power of attorney authorization for the bond provider, nor did it include a financial statement from KSIC showing it was capable of shouldering the $175 million burden.

"In all the years I've been doing this, you always have to have a certificate from the Department of Financial Services saying that you're licensed to issue a surety bond," attorney Bruce Lederman, who has experience filing bonds in the Empire State, told CBS.

The chairman of KSIC is Don Hankey, who is a billionaire Trump supporter involved in the subprime auto loan industry. the New Republic reported this week that Hankey "carved out his $7.4 billion fortune" through "predatory practices, targeting low-income customers with high-interest auto loans." And the New York bond is not the first time Hankey has used his wealth on the former president's behalf.

"Hankey is also believed to be the largest shareholder in Axos Financial, according to MSNBC’s Lisa Rubin — a financial institution that, in 2022, refinanced more than $50 million of Trump's loans on Trump Tower and Trump National Doral Miami, according to documents filed with the Office of Government Ethics," the New Republic's Ellie Quinlan Houghtaling wrote.

http://www.smirkingchimp.com/thread...-to-company-that-guaranteed-trump-s-175m-bond

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so she's just going after everyone now.

This is the french revolution, an exercize in psychotic mass murder and delusions of infinite power.

it will end somewhere.

how many must die?

:nolovejesus:
 
this seems like it's just more of a vendetta from james. The bond demand was from the judge, so the judge/court would have had to confirm all legal requirements.
 
The company is in the business of providing loans to weak credit customers. Who would guess they made billions off of it? It is reasonable to question whether they qualify to produce the crook Trump's bail.
 
Nordberg said:
The company is in the business of providing loans to weak credit customers. Who would guess they made billions off of it? It is reasonable to question whether they qualify to produce the crook Trump's bail.
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My favorite part is that they made their fortune on "sub-prime auto loans," and did re-financing on some of Trump's properties in 2022. Bet they soaked him on interest rates for those loans. Trump's about as subprime as you can get. Hahahaha!
 
Blackwater Lunchbreak said:
so she's just going after everyone now.

This is the french revolution, an exercize in psychotic mass murder and delusions of infinite power.

it will end somewhere.

how many must die?
Click to expand...

No, she's only going after Trump's nest of rats trying to help him evade the law by running scams.
 
Totally understandable to request that the bonding agent can actually cover the costs they are committing themselves to cover, although, it does seem confusing why that wasn’t done before now.

She is just playing Trump’s game
 
That Shvartza broad James impresses the hell out of me.

Way to go, Baby Girl.
Let's put this pigfucking orangutan DOWN!!!
 
SmarterthanYou said:
this seems like it's just more of a vendetta from james. The bond demand was from the judge, so the judge/court would have had to confirm all legal requirements.
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They have to do the paperwork and show they can deliver the bond money. That is not asking too much.
 
Nordberg said:
The company is in the business of providing loans to weak credit customers. Who would guess they made billions off of it? It is reasonable to question whether they qualify to produce the crook Trump's bail.
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and all the banks got bailed out to the tune of billions just a few years ago.

what;s your point?

the credit business is crooked?
 
Blackwater Lunchbreak said:
so she's just going after everyone now.

This is the french revolution, an exercize in psychotic mass murder and delusions of infinite power.

it will end somewhere.

how many must die?

:nolovejesus:
Click to expand...

SmarterthanYou said:
this seems like it's just more of a vendetta from james. The bond demand was from the judge, so the judge/court would have had to confirm all legal requirements.
Click to expand...
Click to expand...

NO.

Every bonding company in NYS (any State) MUST provide certain documents PROVING they are sufficient liquid, to provide a Bond, so that any loss in Appellate Court where the bond is to paid is not met with a bankruptcy claim by the Bond company.

This company put up the Bond, which is solely a piece of paper (promissory note) that they can and will pay, but DID NOT provide ANY of the required documentation substantiating it.

This is why E Jean's lawyer got to review and approve the Bond provided by Chubb Insurance, as the WINNER in the case always gets the burden put on them to review and dispute the bond,m if insufficient, to protect their winnings.

Of course with a giant Insurance company like Chubb, who is in the business of doing Bonds in NYS regularly, your diligence need is small. With a derp firm, like the one backing Trump here, who does NOT have a history of doing bonds in NYS, Letisha has to push them to provide all diligence, or if they do not and declare bankruptcy when it is time to pay, that is on her.
 
QP! said:
NO.

Every bonding company in NYS (any State) MUST provide certain documents PROVING they are sufficient liquid, to provide a Bond, so that any loss in Appellate Court where the bond is to paid is not met with a bankruptcy claim by the Bond company.

This company put up the Bond, which is solely a piece of paper (promissory note) that they can and will pay, but DID NOT provide ANY of the required documentation substantiating it.

This is why E Jean's lawyer got to review and approve the Bond provided by Chubb Insurance, as the WINNER in the case always gets the burden put on them to review and dispute the bond,m if insufficient, to protect their winnings.

Of course with a giant Insurance company like Chubb, who is in the business of doing Bonds in NYS regularly, your diligence need is small. With a derp firm, like the one backing Trump here, who does NOT have a history of doing bonds in NYS, Letisha has to push them to provide all diligence, or if they do not and declare bankruptcy when it is time to pay, that is on her.
Click to expand...

when is it actually time to pay?

the future is leveraged.

our world is set up to fuck the children, is it not?
 
NiftyNiblick said:
That Shvartza broad James impresses the hell out of me.

Way to go, Baby Girl.
Let's put this pigfucking orangutan DOWN!!!
Click to expand...

Nice...;) She's in a race for most impressive professional performance against Fauni... This is quite the competition... But one.
Less now that Lizzo has dropped out...;)
 
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