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       lite.cnn.com - on gopher - inofficial
       
       
       ARTICLE VIEW: 
       
       Trump says $175 million bond is financially secure, asks judge to
       reject New York attorney general’s challenge
       
       By Kara Scannell, Lauren del Valle and Jeremy Herb, CNN
       
       Updated: 
       
       12:10 AM EDT, Tue April 16, 2024
       
       Source: CNN
       
       Lawyers for former President Donald Trump said his posted to satisfy
       the judgement in the New York is financially sound, and they asked the
       judge to set aside the and award him costs and fees.
       
       In court filings Monday night, Trump said the bond secured by Knight
       Specialty Insurance Company is backed by Trump’s Charles Schwab
       account with more than $175 million in cash. Knight Specialty can take
       control of the Schwab account and is fully backed by its parent company
       to assume any risk, one of Trump’s filings said.
       
       “The DJT Trust granted KSIC a security interest in a Schwab brokerage
       account, in which the DJT Trust is obligated to maintain no less than
       $175 million in cash or cash equivalents at all times,” according to
       an affirmation filed in support of the bond by Gregory Serio, a former
       superintendent of insurance for New York state and partner of Park
       Strategies, a government consulting firm.
       
       “KSIC also has a standing agreement with its parent company, Knight
       Insurance Company, Ltd. (‘KIC’), by which KIC reinsures 100% of
       KSIC’s risk,” the affirmation said. “The $175 million bond at
       issue is adequately secured.”
       
       Earlier this month, the attorney general’s office challenged the
       financial ability of the underwriter to be able to stand in for the
       bond. Judge Arthur Engoron scheduled a hearing for next week.
       
       Trump’s lawyers argued no hearing is necessary.
       
       “The documentary evidence in support of justification is overwhelming
       and obviates any need for a hearing to set aside the exception or to
       justify KSIC as surety,” Trump’s attorneys wrote in a court filing.
       
       The attorney general’s office questioned whether Knight Specialty was
       authorized to underwrite a surety bond in New York state and whether it
       lacked a certificate from the state regulator saying it is qualified.
       
       Trump’s attorneys said a certificate is not the only evidence of
       financial wellbeing.
       
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