Letitia James might have something here…

[RiverguyVT]

So, Trump got his bond for the NYC case.

BUT.

James is questioning the security. Maybe the first honest thing she’s done in this whole case.

What a shirt show. This was my old world.
Knight is the company that wrote the bond. They aren’t even on the US Treas list of accepted sureties (nor is the holding company). That means Uncle Sam would not take a bond from them (say, as a guarantee that a contractor would build something on a naval base). It would be like buying hundreds of millions of dollars of beef from a non-USDA approved source.

A co with only $2B of assets has no business writing a bond this size. Board of directors E & O coverage at stake.

From what I can tell, they aren’t even licensed to do biz in NY. LOL. This appears to be a “Better Call Saul” type of insurance/bond underwriter from the Caymans. EVERYONE is licensed to do biz in NY!

BUT. BUT… if the court has already accepted the bond, in some places that would put the onus back on the court for having accepted security that was against their own guidelines in the first place (think in terms of contract law “offer and acceptance”… once you’ve “accepted” you can’t change your mind, the deal is made). Surety, the guarantee, is almost always considered as the “offer” side of things. The “offer” of suretyship is aside from premium payment (can’t be cancelled) and is to a third party’s interest. Some clerk is likely to lose job on this.

I imagine Trump’s team knew this but had their fingers crossed that this stink bomb wouldn’t be noticed once they tossed it over the wall.

My (unprovable) opinion is that the standard companies blackballed Trump several weeks ago not as an underwriting principle, but a political one. A bond this size would require sign-off approval from the just-below-CEO types that would tend to be Greenwich leftists. (Imagine going to Bezos and asking to help Trump). Their “bond companies don’t have the capacity” argument doesn’t pass the smell test. Personally, I was surprised it didn’t get written.

But now… Wowza! What a shirt show.
A bond from a non-admitted carrier….LOL

Mr Toad’s Wild Ride!




https://www.fiscal.treasury.gov/surety- ... anies.html


https://www.knightinsurancegroup.com/