@tomiahonen

My thoughts after reading the memo defending the bond:

Knight admits it’s not on NY’s approved list but claims it can write this bond in NY, because as an “excess limits” company it is governed & regulated differently. It cites laws to back this up; I’ll leave that to the lawyers.
Knight says trump gave it a “security interest” in a $175+ million CASH (‼️) account at Schwab. The agreement says that trump will “top off” the account if it gets below a certain limit (not revealed). Also, Knight trump & Schwab have a “control” agreement where Knight can “take control of the account” with two days notice to Schwab (a lot can happen in two days).
Knight itself doesn’t have the resources to write this bond, but says that’s addressed under a “standing reinsurance” agreement with its parent, a Cayman company. There’s a trust fund for Knight (located where?) to which the parent contributes funds quarterly as shortfalls in Knight’s metrics warrant.
Anyone see any issues here?

#trump #trumpbond

@bronakins

Yw, but a caveat — so far I read only the article but not trump’s documentary submissions, so I’m trusting Newsweek to get the gist of it right & they DID quote from the “asset control” agreement. (I may try to tackle the whole submission, unless I have a chance to get a root canal.😹)

This weird deal kinda explains the non-standard wording of Knight’s undertaking in its original (April Fools) bond, that it guarantees that trump will pay if it’s ruled he has to, instead of promising Knight will step up & pay if trump doesn’t (spoiler alert, Knight isn’t solvent enough to make that promise).

This whole shady deal smells like a non binding bond. It’ll be incredibly interesting to see what trump babysitter Jones knows about this.

@GottaLaff

#trump #trumpbond

Here’s the timeline in an easier to follow format :

Engoron issued his findings and judgment on 2/16; an order wasn’t filed with the clerk until 2/23 (wonder why that took a week).

Originally NYAG could begin seizing trump assets on 3/25 absent a bond for $445+ mill.

On 3/21 trump got the bond amount reduced (maybe by misleading the appellate court about availability of a bond for the full amount) PLUS a 10-day extension until April 1 to file the much smaller bond!

The bond trump filed on April Fools Day (‼️) HAS NOT BEEN ACCEPTED because of multiple serious DEFICIENCIES; there won’t be a hearing until 4/22 in Engoron’s court.

All the while the NYAG has been STAYED from collecting a judgment she should have been able to start collecting on March 25. Who knows what steps trump&co are taking during this delay to make it more difficult to collect⁉️

#trump #trumpbond #NonbindingBond

@Lon3star @mastodonmigration @GottaLaff

Analysis:

*#Trump gets deadline reprieve for $175m bond over $464m judgement/interest w fraud conviction --- But damage to "Art of the Deal" is done

*1st of 4 criminal trials --- over payoff to #StormyDaniels --- begins mid-April

*Will voters care?

#TrumpBond #USElections2024