Letitia James filed a ‘notice of exception to the sufficiency of the surety’ seeking more information about Knight Specialty Insurance Company
Donald Trump’s $175m bond in his New York civil fraud case has been thrown into doubt by New York Attorney General Letitia James 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 James’s office submitted a “notice of exception to the sufficiency of the surety” on Thursday asking for further proof that California-based Knight Specialty Insurance Company (KSIC) has the capital to proceed on the former president’s 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.
Geez. Imagine New York state has to sue Knight to get them to pay up on behalf of Trump after he looses this boneheaded appeal and owes the now 1 billion (plus or minus, whatever) that will have accumulated on top of his judgement.
That’s another 5m in legal expenses for NY and probably 3 years out the door.
That’s enough time for Trump to age out of this planet and for his family to have somehow moved most or all of the income producing assets to a new business.