@Fartacus
Now there is reporting on just WHY the bond is potentially rejected. I say potentially because Knight insurance has not yet answered the queries involved.
But the gist of it is this:
In NY, if you post a bond for someone, some company say has a billion in cash, the NY law says you can't post a bond for more than 10% of the cash on hand in that company.
So a company like Knight has a billion in cash cannot post a bond for more than a hundred mil.
Unfortunately for Trump, Knight posted cash on hand at some 140 million, which it turns out is ONE HUNDRED AND TWENTY percent of the bond in question. Not even CLOSE to 10%.
Also, Knight said there were TWO Knights, Knights insurance and Knights insurance LLC which together has near 3 billion in assets.
The problem there is the court filing did not add Knights LLC to the filing leaving only the original Knight alone on the actual court docs.
Then the Knights dude goes on CNN and says, none of that matters because we are not even LICENSED to do business in NY.
Like THAT will fly with the judges on the case.
So THAT is what is going on with the 175 mil bond case.
https://www.thedailybeast.com/trumps-dollar175-million-bond-is-even-shadier-than-it-looks
@sonhouse saidWhat happens if the decision is to reject that bond? The dude involved is a known shyster, he used to have a company giving car loans with 90% interest and a business owner got a loan with 268 % interest AND a 30% penalty if it was paid off early, Nice dude, Ken Knight, Sam Hammons and friends. Now they are attempting to get Trump off the hook but for one thing, no license to do business in NY and they could have filed a brief saying they WILL apply for a NY license but they did not. I think Trump is screwed. YEAH!
@Fartacus
Now there is reporting on just WHY the bond is potentially rejected. I say potentially because Knight insurance has not yet answered the queries involved.
But the gist of it is this:
In NY, if you post a bond for someone, some company say has a billion in cash, the NY law says you can't post a bond for more than 10% of the cash on hand in that company.
So a c ...[text shortened]... case.
https://www.thedailybeast.com/trumps-dollar175-million-bond-is-even-shadier-than-it-looks