TRUMP BOND: Questions linger as insurer files new documents
The original deadline for Donald Trump to pay his bond in his business fraud case was March 25th. More than 3 weeks later, it’s still not clear whether he’s met the obligation.
The judicial system has been more than understanding of the difficulties suffered by a self-proclaimed multi-billionaire paying a half-billion-dollar bond. They’ve reduced the amount, given him extra time, and set a hearing date for April 22nd, almost a full month after the bond was originally due, for a discussion on whether the bond he’s filed meets the requirements.
Knight Insurance, the company covering the bond for Trump, has filed new documents to explain away apparent deficiencies, including the concern that the company might not have the money to cover the cost if (or when) Trump loses on appeal.
The latest filings still leave unanswered questions, though. Reuters reported:
“In a Monday night filing in a state court in Manhattan, Knight said the bond was fully backed by cash in a Charles Schwab account, and that it could access nearly $2.2 billion of assets at its parent company if something went wrong.”
The company further asserted that an inability to pay would be “inconceivable,” in response to demands by Attorney General Letitia James for more information, and her concerns about allowing Trump to use a company that isn’t licensed in New York, according to Bloomberg.
There are still oddities, however. The documents suggest that it would take two business days for the company to be permitted to access the funds, according to MSNBC‘s Lisa Rubin.
The documents also describe the account balance as of April 5th, though the filing was made ten days later, and appear to describe the account as containing only cash at one point, and as containing “cash and cash equivalents” at another.
The hearing to settle the issue is scheduled for next Monday, but A.G. James was prepared to start seizing properties weeks ago, so while she’ll surely adhere to the directives of the court, it’s clear that she’s ready for the judgment to be either carried out or ensured — perhaps before other civil cases, criminal cases, legal fees, and other costs leave Trump too broke to cover it.
You can see part of the filing below.
Knight Specialty Insurance Co. also signed an agreement with Trump’s trust and Schwab that allows Knight to control the account within two business days of Schwab’s receiving notice that Knight intends to exert that control. 3/
— Lisa Rubin (@lawofruby) April 16, 2024
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