Former President Donald Trump returns from his lunch break in Manhattan criminal court as jury selection continues on April 18, 2024 in New York.
Javin Botsford | Reuters
The New York State Attorney General’s Office on Friday released the $175 million bail that former President Donald Trump posted to win more money damages as he appeals his sentence in a civil business fraud case. He asked the judge to effectively invalidate it.
The AG’s office said in a filing that Trump and the other defendants in the case have failed to prove there is sufficient identifiable collateral to support the bond for judgment in Manhattan Supreme Court. Stated.
The filing states that Knight Specialty Insurance Company, the guarantor used by President Trump to obtain the bonds, is a “small insurance company and is not authorized to do business in New York and is therefore not authorized by the state insurance department. It is unregulated and has never issued surety bonds.” The total surplus for policyholders in New York or other jurisdictions over the past two years is only $138 million. ”
The filing opposes a joint motion by President Trump and KSIC that legitimizes insurance companies as surety companies that hold bonds.
Attorneys for AG Letitia James asked Judge Arthur Engoron to require Trump and the other defendants to post replacement bond within seven days of a ruling on the matter. Mr. James’ lawsuit against Mr. Trump led to a large civil judgment against him.
A hearing on the bond dispute is scheduled for Monday.
In February, Engoron found Trump, the Trump Organization and other defendants liable for fraud, accusing them of fraudulently inflating the value of real estate assets over a period of years to increase Trump’s net worth. These measures have provided the company with improved financing terms and other financial benefits.
Mr. Trump personally was ordered to pay $454 million in damages, an amount that increases daily along with interest. He is appealing the verdict.
Under New York state law, Trump was required to post bond to guarantee the verdict if he appeals the verdict.
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