New York AG asks court to reject Trump's $175M bond for civil judgment
abcnews.go.com
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.
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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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As far as in aware, not being a NY company isn't the issue, it's the fact that they have no evidence they can actually pay the full amount in the event that Trump doesn't follow through with his obligations for the bond.
It is part of the issue.
https://www.cbsnews.com/news/donald-trump-175-million-civil-fraud-bond-valid-new-york/
That doesn't say they have to be a NY company, they just lack the correct licensing to issue in NY. Which seems problematic
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.
Also, he still has access to the funds in the bond! So it's not actually guaranteed.