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IPFS News Link • Justice and Judges

Judge Who Handed Down $454 Million Trump Penalty Set To Rule On Validity Of Reduced Bond

•, by Catherine Yang

After weeks of trying to secure a bond and arguing to an appeals court that a $454 million bond was "impossible," former President Donald Trump secured a $175 million bond to stay judgment only to now have to make the case all over again why this should satisfy the New York Attorney General and stop her from seizing his properties.

On April 22, New York Supreme Court Justice Arthur Engoron, the trial court judge who set the $454 million judgment, will hear the attorney general's challenge to the sufficiency of President Trump's bond.

The $175 million figure had been set by the appellate division of the New York Supreme Court, and President Trump has frequently criticized Justice Engoron for "ignoring" appeals court orders, such as when he allowed evidence past the statute of limitations set by the appellate division during the trial.

Who's Backing the Bond?

The attorney general has sought to cast doubt on the stability of LA-based Knight Specialty Insurance Company (KSIC), calling it a "small insurer" and arguing it is not authorized to do business in New York.

They argued that KSIC has never before written a surety bond, and has "a total policyholder surplus of just $138 million."

Amit Shah, president of the insurance company, demanded the court compel the attorney general to show cause, or prove the allegation that the insurance company is not sufficient.

Mr. Shah submitted a sworn affidavit explaining that KSIC now has control over a bank account of President Trump's that will maintain $175 million cash for the duration of the appeal. The insurance company entered into a collateral agreement with the Donald J. Trump Revocable Trust. Mr. Shah submitted documents establishing that his company is in "good standing" and was approved for excess line eligibility in New York in June 2021.