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IPFS News Link • Courtroom and Trials

Letitia James questions insurance company that helped Trump cover $175 million bond:


New York AG Letitia James is raising doubts about the 'sufficiency' of the $175 million bond floated by a California billionaire that allows Donald Trump to go forward with the appeal in his New York fraud case.

Trump found a way this week to meet another looming deadline to put up the money for a court judgment against him by obtaining a bond from a company overseen by 'subprime mortgage king' Don Hankey.

Hankey told he approached Trump after hearing about his efforts to obtain bond for a larger $454 million court judgment, then issued the bond for the lower amount after Trump's team came back to him.

James gave Trump's lawyers an additional 10 days to 'justify' the bond, as she seeks assurances that the firm is able to fulfil its obligation to back it up or pay if Trump defaults if he were to lose his court appeal.

That comes after Hankey said Trump provided the full amount in a Trust account that would serve as collateral. 

Knight Insurance provided the court with a financial statement as of December 31, 2023 that listed assets of $539 million, and a 'surplus to policy holders' of $138 million.


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