Marxist New York Attorney General Letitia James asked a judge to void Trump’s $175 million bail he posted to appeal the civil fraud case
Letitia James argued that Knight Specialty Insurance Company (KSIC), based in California, is not authorized to do business in New York.
James also questioned whether KSIC has the funds to back the $175 million bond previously issued by Trump.
“Based on KSIC’s policyholder surplus in its most recent annual financial statement of $138,441,671, the loss limit on any risk that KSIC is authorized to write is $13.8 million,” wrote the office of Letitia James in a 26-page document according to Fox News. “The principal amount of the bond exceeds this limit by $161.2 million.”
James also argued in his statement: “KSIC is not qualified to act as a guarantor under this standard because federal authorities have found that its management has operated affiliated companies within KSIC’s holding structure in violation of federal law plus occasions in the past. several years.”
“KSIC now has no exclusive right to control the account and will not obtain such control unless and until it exercises its right to do so upon two days’ notice,” James’ office wrote in the filing.
Letitia James asked the judge to cancel Trump’s bail and require him to post another bail within 7 days of the court’s decision.
Fox News reported:
New York Attorney General Letitia James is pushing the judge in former President Donald Trump’s civil fraud case to void the $175 million bond Trump had previously posted to appeal his civil case in New York.
In his 26-page document obtained by Fox News Digital, James questions whether the insurance company has enough funds to support him.
Trump’s bond was issued by California-based Knight Specialty Insurance Company (KSIC), but James argued that the insurer was “not authorized” to write business in New York, saying it is a small, non-profit insurer. authorized to write business in New York. and is not regulated by the state’s insurance department, had never posted a bond in New York or in the previous two years in any other jurisdiction, and has a total insured surplus of just $138 million.
The company has a total policyholder surplus of just $138 million, the filing states. Under New York state law, smaller businesses like KSIC are not allowed to expose themselves to liabilities, such as bonds, or any potential loss greater than 10% of their surplus.
An appeals court ruled last month that President Trump can post a $175 million bond to cover Letitia James’ $464 million sentence.
Letitia James last month took the first step to seize Trump’s assets. She filed judgments in Westchester County, where Trump’s private estate and golf course called Seven Springs are located.
President Trump had to pay the judgment or convince the appeals court to allow him to defer payment pending the appeal.
Last month, Trump’s legal team filed an appeal and requested a stay of the massive $464 million judgment.
Last month, Trump’s lawyers sent a letter to the Appellate Division of the New York Supreme Court and said Letitia James’ actions were “unconstitutional.”
The appeals court intervened and ruled that Trump can post $175 million bail.
“It is ordered that the motion be granted to the extent of suspension of the execution of those parts of the Judgment (1) which orders the restitution to the Attorney General of $464,576,230.62, conditioned on the detachment of the accused-appellants, within ten (10 ) days from the date of this order, a bond in the amount of $175 million,” the two-page appeal order reads, according to ABC News.
Letitia James immediately launched an attack on Trump after the appeals court lowered bail to $175 million and is now trying to overturn it so she can seize Trump’s properties.