General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump's Bond Has Been Rejected
Trump's bond has been rejected until Knight Specialty provides the court with more information.
Attorney Tristan Snell, author of Taking Down Trump about his experience suing Trump on behalf of students of the failed Trump University, noted that the insurance paperwork has been "returned for correction"
"[The] court demands that the bond underwriter, Knight Insurance, provide more info about their own solvency and authorization to cover the bond. Is there something else shady in how Trump's bond is being handled?" Snell wrote on X on Wednesday.
Wednesday's New York County Supreme Court notice read:
"The court has returned the documents listed below for the following reasons: Please include a current financial statement and Power of Attorney. Additionally, please list the name of the Attorney-in-Fact under the signature line on the Undertaking. Please use the 'Refile Document' link for Doc. No. 1707 to resubmit the corrected filing. Thank you and have a great day."
https://www.msn.com/en-us/news/other/donald-trump-s-175m-bond-rejection-raises-questions/ar-BB1l3WU5
dlk
(11,578 posts)Is anyone surprised Hankeys finances are hinky?
AllaN01Bear
(18,443 posts)Abigail_Adams
(305 posts)All I could think of was, "Hiiiiiiiiiiii-deee-hooooooooo!" Which is so fitting.
Ray Bruns
(4,111 posts)edhopper
(33,622 posts)this is him doing more shady shit. If this bond is rejected, he can't appeal and he loses.
dlk
(11,578 posts)This latest shady bond effort has resulted in another delay.
Response to dlk (Reply #39)
brush This message was self-deleted by its author.
soldierant
(6,927 posts)TEF may think this will buy him some time - but it won't.
And I OL'ed over the last four words. That seems like really twisting the knife.
aggiesal
(8,924 posts)I don't believe this is a delay tactic, but just stupid people not knowing how to file read & paperwork correctly.
Since the Underwriter has to submit "... a current financial statement." , I wonder if Pendejo45 had to do the same? If so, I'd like to see that.
underpants
(182,904 posts)from people they gave loans knowing full well they wouldnt be able to pay them off.
Knight repos about 250 cars a day.
https://www.democraticunderground.com/100218832175
Probatim
(2,542 posts)Only the best people...
underpants
(182,904 posts)We couldnt have cars when I was stationed in Germany until about the last year I was there. Growing up near a lot of military youd see lots of really young guys with bright flashy cars who looked like military. Young guys away from home probably little or no credit AND no real living expenses (lodging and food for free) so theyd splurge on a car. Aside from DUIs, they forget to pay or spend all their money elsewhere.
AllaN01Bear
(18,443 posts)low income shelter.
Think. Again.
(8,433 posts)Bluethroughu
(5,201 posts)onenote
(42,768 posts)gab13by13
(21,408 posts)Maybe Knight and Axos bank don't want publicity?
Bluethroughu
(5,201 posts)ProudMNDemocrat
(16,794 posts)April 5th is the deadline for the $175 million dollar bond in order to appeal the to be paid to the Court.
The Court is in charge and Judge Engoron should issue orders for assets to be seized for the $454 million in question.
Think. Again.
(8,433 posts)....is the April 5 deadline still in place?
onenote
(42,768 posts)She can't just start seizing assets. She needs to follow court processes. And the procedural error of not including the surety's financial statements will be corrected and when it is, Engoron will accept it "nunc pro tunc" -- "now for then". That's how these sorts of things are regularly handled.
azureblue
(2,152 posts)have enough assets to back up the bond.
Which creates another delay. Or maybe seize Trump's assets until he comes up with the bond?
triron
(22,023 posts)onenote
(42,768 posts)The surety is on the hook for $175 million if Trump loses his appeal and doesn't timely pay the judgment. Whether or not the surety obtain sufficient collateral to cover its obligation is the surety's concern.
The corrected bond filing already has been submitted to the court.
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=exguJEXpWSu8fdl09aJOjw==
thucythucy
(8,087 posts)My impression is that's wnat the concern is here.
Trump loses his appeal. He defaults on the bond.
The State of New York goes to the insurer who says, "Oops, we don't have the money either!"
So then what happens?
I think the court is asking the insurer to provide proof it can indeed cover this if Trump loses and defaults.
Otherwise the plaintiffs--in this case New York taxpayers--get stiffed again.
Hugin
(33,207 posts)Inexperience in these matters forcing me to do the color commentary.
I can see this going one of two ways, Biff.
1. Knight Specialties' papers are as messed up as Trump's papers causing their submission to be a heaping pile of spaghetti. Which could cause a delay as the Court sorts through the financials to see if they are indeed qualified to post the Bond on Trump's behalf.
2. Since one of Knight Specialties' specialties is "capture" and "capture-to-rent" insurance entities. ( sometimes used to insure the uninsurable ) The papers submitted would be pristine, but largely hogwash as to the real financial status of who and where the underwriters of the Bond funds are and if they even actually exist. I guess captures are the equivalent of shell companies or can be used that way.
That said, I think the DA and Court have the people who can figure this out.
Bluethroughu
(5,201 posts)When the law applies to all, truth and justice is restored.
What billionaire wants to put up their financial record for trump??? We shall see.
liberal N proud
(60,346 posts)Nothing wrong with that.
All the billionaires get their money from loan sharks.
mwb970
(11,366 posts)obamanut2012
(26,142 posts)magicarpet
(14,175 posts)... the backer of the $175M trDUMPie appeal bond.
Johonny
(20,890 posts)And has lawyers that can't correctly fill out paperwork . . .
gab13by13
(21,408 posts)Not one nickel of Trump's money paid for his legal fees.
Irish_Dem
(47,450 posts)A multibillion dollar company has attorneys who know how to fill out paperwork or can find out.
Justice matters.
(6,941 posts)WITHOUT even daring to provide A FINANCIAL STATEMENT?!?
The stoopid, it boggles the mind!
Irish_Dem
(47,450 posts)twodogsbarking
(9,822 posts)hay rick
(7,643 posts)Turbineguy
(37,372 posts)out of their shares.
Trump is always shady.
Fiendish Thingy
(15,658 posts)Is the 10 day clock still ticking until James can seize assets, or has it been stopped pending these corrections in the paperwork?
onenote
(42,768 posts)Emile
(22,945 posts)Botany
(70,589 posts)
.. repo business that sells car loans sub prime to people that the repo business knows they can
not pay back the loan and then they repo the car and sell it again to another sucker. However both
sides paperwork did not pass muster when the Supreme Court of New York State looked it over
and the bond is now in doubt. Come tomorrow please let A.G. James start seizing Trumps assets,
money, and property.
Do I have that right?
Botany =
triron
(22,023 posts)Backseat Driver
(4,399 posts)"...that sells home loans sub prime to people that the repo business knows (or fixes things--recall a 10% or more unemployment rate?) they can not pay back the loan (because Countrywide's subprime lender did not need to apply funds to the credit of the "owner" ) and then they repo lots of those homes and sell them again to another sucker...so often one could not find the titles--musical one-time homeowners and banks getting a bailout from the rest of the taxpayers
Sounds somewhat like the mortgage CDO tranche scamming...If they can do it with homes, vehicles should be a junkyard snap!
There was also this insider trading thing? https://www.democraticunderground.com/100218833088
onenote
(42,768 posts)The court didn't reject it. It returned it to correct an error. In other words, the court didn't view the error as fatal. And the corrected bond filing has now been submitted to the court.
Folks have read too much into this, helped along by the typically shitty reporting from Raw Story and Newsweek and the opinions of some so-called "experts" who apparently don't know squat about what is or isn't required with a bond filing and thus assumed that Trump was being required to submit a financial statement.
Link to corrected submission: https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=exguJEXpWSu8fdl09aJOjw==
Although I dont know if Trump and company along with the repo business and its owner
are going to want to share their financial statements because they are so dirty. Or it might
have been one more delaying tactic.
onenote
(42,768 posts)It's available at the link in my prior post.
gab13by13
(21,408 posts)I think it has to do with Hankey's ties to Axos bank. Axos bank is a small internet bank that has loaned Trump hundreds of millions of dollars when other major banks would not go near Trump.
Hankey doesn't want a light shined on his money laundering business.
Copilot
Don Hankey, the billionaire executive, is associated with both Axos Bank and Hankey Group. Lets delve into the details:
Axos Bank:
Don Hankey is one of the largest non-institutional investors in Axos Bank1.
He holds 6% of the companys shares234.
Axos Bank is an internet bank that provides various financial services.
TBF
(32,102 posts)AverageOldGuy
(1,544 posts)And . . . CNN and MSNBC are reporting on. Guardian article revealing that one ( two ?) of the guys who fronted Trump the money for his social media site have pleaded guilty to money laundering, moving $$ from Russia to US to Trump. Am I ever shocked and surprised!!!
onenote
(42,768 posts)Prairie_Seagull
(3,339 posts)to put up a bond.
gab13by13
(21,408 posts)Hankey has ties to Axos bank, the small internet bank that has loaned Trump hundreds of millions of dollars.
I heard it or read it somewhere, I cannot remember where, that about a year ago Trump moved some of his money to a small bank in San Diego. Hmm.
marble falls
(57,260 posts)AverageOldGuy
(1,544 posts)Put it on my front yard and plant petunias in it.
DENVERPOPS
(8,845 posts)would have to handle it with a Level One Bio-Hazard Hazmat suit......Same for the plumbers who had to "remove" it......
A bunch of us were siting around and we were talking about who has the worst job ever.......I won with "cleaning" Trump's bathroom every day, and cleaning his toilet in particular...
onenote
(42,768 posts)He can appeal whether or not he posts a bond. If he doesn't post a bond, the judgment can be executed on even while the appeal is ongoing, but if his appeal is successful, in whole or in part, Carroll would have to pay Trump back, which would be a giant pain in the ass for her.
Sogo
(4,996 posts)Otherwise it becomes another avenue of delay....
onenote
(42,768 posts)It doesn't impact the timing of the appeal. And the corrected filing almost certainly would be submitted long before James could try to seize Trump's assets in satisfaction of the judgment, so she's unlikely to even start that process.
malaise
(269,186 posts)Thanks
onenote
(42,768 posts)Incomplete filing? There is no "justification" but courts routinely give filers an opportunity to correct errors in their filings where they aren't jurisdictional in nature.
malaise
(269,186 posts)Justification of surety with this insurance company.
onenote
(42,768 posts)that only covered a particular subsidiary. The re-filed version included both that financial statement and a "consolidated" financial statement dated April 3 that shows more extensive assets.
See pages 7 and 8 of the filing. https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=exguJEXpWSu8fdl09aJOjw==
malaise
(269,186 posts)That is all
onetexan
(13,062 posts)Hassler
(3,390 posts)Jarqui
(10,130 posts)Letitia James said in court papers that the California company providing the guarantee was not qualified to do such deals in New York.
https://www.nytimes.com/2024/04/04/nyregion/letitia-james-trump-bond-deal.html
I was investigating whether they were authorized for NY state and this popped
Here's her letter
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=9D3mQkJiuAAkENF/mpz_PLUS_FQ==
I don't blame her one bit.
This has to be completely locked down or Trump will turn it into a legal dispute and tie the money up for a decade.
AG James is also digging into the Weisselberg plea and it appears (from my speed read) she thinks Trump or someone didn't disclose documents/info when they should have and she may still not have those documents.
She's a pretty sharp lady
Jarqui
(10,130 posts)The court apparently rejected due to lack of financials and power of attorney.
Those faults appear to have been corrected on the docket today.
But AG James has other concerns
https://www.nytimes.com/2024/04/04/nyregion/letitia-james-trump-bond-deal.html
In a court filing on Thursday, Ms. James noted that Knight was not registered to issue appeal bonds in New York, and so she demanded that the company or Mr. Trumps lawyers file paperwork to justify the bond within 10 days. Ms. James is seeking to clarify whether Knight, which had never posted a similar court bond before aiding Mr. Trump, is financially capable of fulfilling its obligation to pay the $175 million if Mr. Trump defaults.
Even if Knight lacks the funds itself, the company should be able to tap the collateral Mr. Trump pledged.
I have not been able to see AG James late filing of today that the reporter of the article seems to have seen