Representatives for the firm that posted a $175 million bond for Donald Trump pushed back against objections raised by New York’s attorney general, saying in a court filing late Monday that the deal is “adequately secured” by the former president’s cash.
New York Attorney General Letitia James on April 4 raised concerns about the arrangement, including whether Knight Specialty Insurance Company, whose owner isKnight and Trump’s representatives said in the new filing that the bond is backed by Trump’s Charles Schwab brokerage account, which has just over $175 million in cash. The filing also argues that Knight is properly licensed, including a statement from New York’s former superintendent of insurance, Gregory V.
“It continues to raise serious questions about whether this bond actually secures the attorney general’s judgment,” Pollock said. “Justice Engoron is clearly going to hold a detailed hearing to examine the issue.” Hankey said that he believed the court filing should resolve James’s concerns. He has said he got involved only after other bond companies declined to work with Trump, whose attorneys said other firms turned them down when they initially needed to secure a bond for more than $450 million — a sum that was later reduced.“It is too bad that 20 large New York insurance companies all decided not to supply this bond,” Hankey said.
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