In Short
- Trump’s legal team is challenging the attorney general’s objection to a bond request, arguing that financial well-being goes beyond certificates.
- The $175 million bond in question is supported by trump’s charles schwab account, which holds over $175 million in cash.
- Knight specialty insurance company issued the bond, backed by its parent company, for trump’s civil fraud case in new york.
- A hearing is scheduled next week to address these legal challenges.
TFD – Delve into the legal battle as Trump’s legal team contests the attorney general’s objection to a bond request, emphasizing the broader concept of financial well-being in this compelling narrative. Explore the intricacies of surety bonds and the complexities of legal proceedings in this insightful discussion.
Attorneys for former President Donald Trump have requested the judge to toss down the attorney general’s objection to the bond and award him costs and expenses, arguing that the $175 million bond he posted to fulfill the judgment in the New York civil fraud case is a good financial investment.
Trump asserted in court documents on Monday night that his Charles Schwab account, which has over $175 million in cash in it, is the security for the bond issued by Knight Specialty Insurance Company. According to one of Trump’s filings, Knight Specialty is fully supported by its parent business to take on any risk, including taking ownership of the Schwab account.
“The DJT Trust awarded KSIC a security interest in a Schwab brokerage account, whereby the DJT Trust is required to uphold a minimum of $175 million in cash or cash equivalents consistently,” states an affirmation submitted in favor of the bond by Gregory Serio, a partner at Park Strategies, a government consulting firm, and a former New York state superintendent of insurance.
The affirmation stated that Knight Insurance business, Ltd. (‘KIC’), KSIC’s parent business, and KSIC have a standing agreement under which KIC reinsures all of KSIC’s risk. “The $175 million bond in question has sufficient security.”
The attorney general’s office questioned the underwriter’s capacity to cover the bond’s cost earlier this month. A hearing has been scheduled for next week by Judge Arthur Engoron.
Trump’s attorneys claimed there was no need for a hearing.
“The documentary evidence in support of justification is overwhelming and obviates any need for a hearing to set aside the exception or to justify KSIC as surety,” Trump’s attorneys wrote in a court filing.
The attorney general’s office questioned whether Knight Specialty was authorized to underwrite a surety bond in New York state and whether it lacked a certificate from the state regulator saying it is qualified.
A certificate is not the only indicator of financial well-being, according to Trump’s legal team.
Conclusion
Trump’s legal team’s argument about financial well-being beyond certificates sheds light on the complexities of legal disputes and surety bonds. This case underscores the importance of understanding the broader context of financial security in legal proceedings, highlighting the intricacies of legal battles in contemporary contexts.
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