trump’s lawyers maintain this is a pledged account, but then reveal that KSIC, the Trump Trust and Charles Schwab bank entered into a "Pledged Asset Account Control Agreement, by which KSIC can exercise the right to control the account within two business days by submitting a letter to Schwab of its intent to activate that control."
So that Pledged Asset Control Agreement sounds like trump is in total control of the so-called “pledged” assets unless or until two days AFTER Knight sends a letter to Schwab notifying of its intention to take control.
Sounds like this means when trump’s appeal is unsuccessful and the judgment is due, Knight gives Schwab two-days notice of its intent to take over the account in order to fulfill its bond, BUT in the meantime trump trust has free rein to do whatever it wants with that cash, meaning there’s no guarantee that at that future point in time when the judgment is due, the assets will even be there and unencumbered elsewhere.
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.
Laffy
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