All posts tagged "Bond"

Donald Trump's lawyers may have made misrepresentations to the court regarding the former president's bond in his civil fraud case, and legal experts are looking out for what comes next.

ProPublica reported on Friday that Trump's attorneys "had told the appellate court it was a 'practical impossibility' to get a bond for the full amount of the lower court’s judgment, $464 million."

"But before the judges ruled, the impossible became possible: A billionaire lender approached Trump about providing a bond for the full amount," according to the recent report. "The lawyers never filed paperwork alerting the appeals court. That failure may have violated ethics rules, legal experts say."...

The billionaire white knight who swooped in to cover the $175 million surety civil fraud bond to assist Donald Trump is feeling a little buyer's remorse for assessing such bargain basement fees.

On April 1, former President Donald Trump via billionaire Don Hankey, who owns the Knight Speciality Insurance Company (KSIC), reportedly met the obligation to secure the $175 million bond before the deadline while he fights the $464 million disgorgement ruling made by Manhattan Supreme Court Justice Arthur Engoron.

"We thought it would be an easy procedure that wouldn't involve other legal problems and it's not turning out that way," Hankey told Reuters, voicing his strain over the speed bumps his offering has encountered not disclosing the amount of fees charged. "We probably didn't charge enough."...

Judge Arthur Engoron responded to a brief filed by New York Attorney General Letitia James asking for financial information that can confirm the company that insured Donald Trump's bond was solvent.

Donald Trump was found liable for damages of $454 million, which ballooned after interest. He then asked the court to reduce the bond amount to $175 million, and the court agreed. He then secured a bond sponsor from the Knight Speciality Insurance Company.

The filing said she, “Hereby takes exception to the sufficiency of the surety,” noting the Knight Specialty Insurance Company is trying to operate “without a certificate of qualification.” In New York, state regulators require surety firms to meet certain standards, guaranteeing they are “solvent, responsible and otherwise qualified to make policies or contracts of the kind required.”...

Former President Donald Trump's son Eric suffered a MAGA meltdown Thursday after New York Attorney General Letitia James raised concerns about his father's $175 million bond.

Eric Trump took to X to sputter outrage that James wanted proof that the insurer backing Trump's $464 million civil fraud ruling is "financially sound."

"The fact that the New York Attorney General is objecting to a bond that is 100% backed entirely by CASH is just another example of the absurdity and foolishness that have been the underlying theme throughout this circus of a case," Eric Trump wrote....

The billionaire who secured Donald Trump's $175 million bond has handed him cash before — after he was sued by the former president's Justice department for unlawful lending, according to a new report.

The Daily Beast Wednesday uncovered a new link between Trump and Don Hankey, best known for running an empire of subprime car loans, that began with a settlement agreement after his company Westlake Services was accused of violating military employees' rights by repossessing their cars.

Westlake settled the case with $700,000 in damages to the troops and about $61,000 in fines, the Daily Beast notes, but that didn't end its involvement with the Justice department....

Donald Trump on Sunday took to social media to attack a conservative network that has often had his back: Fox News.

Trump, who has had a hot-and-cold relationship with the right-wing media giant owned by the Rupert Murdoch family, posted his attack on Truth Social. The social network the ex-president created is rumored to be ready for a public offering, which could inject much-needed funds into Trump's accounts as he struggles to come up with bond money in a fraud case in which he was ordered to pay hundreds of millions of dollars.

"Don’t Like the way FoxNews is reporting the Letitia James Election Interference Scam," Trump said....