Letitia James asked the firm to show it’s capable of paying the bond if needed.
New York Attorney General Letitia James questioned Thursday whether the California company that underwrote former President Donald Trump’s $175 million bond in his New York civil fraud case is financially qualified to handle a bond of that size.
In a court filing, James requested that Knight Specialty Insurance Company submit papers demonstrating it is financially capable of paying the bond should Trump lose his appeal in the case.
The California company is not registered with the New York Department of Financial Services.
I’m sure there’s no problem here for the company.
Step one: Overinflate the assets of the bail bond company.
Step two: Claim the assets of the company and get loans based on those inflated values.
Step three: If found to be fraudulent in said valuation, take it to court.
Step four: Go back to step one.
One last thing: forget to mention said company isn’t even licensed to issue bonds in NY 😬
I also read that they only have 138 million in cash to cover the 175 mil bond, even despite being outside of the jurisdiction of NY.
lol, that, too. I think it WSJ or Forbes that reported that.
So slimy
I heard companies cannot put more than 10% of their capital at risk for a bond in NYC also lol. https://www.cbsnews.com/amp/news/donald-trump-175-million-civil-fraud-bond-valid-new-york/
Lol, fun