Michael Popok: 'Judge QUICKLY Makes Move On Donald Trump Bond'

Source:Meidas Touch- left to right: New York State Judge Arthur Engoron & Defendant Don.

"Judge Engoron has successfully brokered a deal to keep Trump’s $175 million dollar bond in place in the $456 million dollar civil fraud case, with Trump agreeing to keep $175 million cash in a locked account to secure the bond. Michael Popok is joined by former NY State Supreme Court Justice Barbara Jaffe, a colleague, and friend of the judge’s, for her observations having had a ring side seat in court today for the hearing." 

From the Meidas Touch

"Former President Donald Trump agreed on Monday to additional restrictions on the $175 million bond in the former U.S. president's New York civil fraud case, resolving concerns by the state attorney general that the funds were not secure.

The bond issued by Knight Specialty Insurance is meant to secure Trump's compliance with a $454.2 million judgment won by state Attorney General Letitia James if he does not succeed in an appeal. 

Justice Arthur Engoron imposed the penalty after finding that Trump, the Republican presidential candidate to face President Joe Biden in the Nov. 5 election, fraudulently inflated his net worth and real estate assets to deceive banks and insurers into providing better terms.

James, a Democrat, had challenged the bond this month, saying Trump still had access to the Charles Schwab account pledged to the insurer as collateral. 

But at a hearing on Monday, down the block from where jurors heard opening arguments in Trump's criminal hush money trial, lawyers for Trump and Knight agreed that the funds would remain as cash and not be traded for securities.

They also agreed that Knight would have exclusive control of the account and not withdraw funds, and to provide James with monthly statements to assure that the cash isn't going anywhere. 

The agreement was reached after Engoron questioned the security of the collateral.

"You keep using the word agreement, what if they break the agreement?" he asked Trump's lawyer Christopher Kise. "It all seems like a house of cards."

Knight is owned by billionaire Trump supporter Don Hankey.

Earlier on Monday, Trump defended the bond outside the courtroom at the criminal trial.

"We put up cash and the number is 175," Trump said. "She shouldn't be complaining about the bonding company. The bonding company would be good for it because I put up the money. I have plenty of money to put up." 

James had argued in court papers that a Trump-owned trust still controlled the account, and Knight's own financial arrangements appear insufficient to cover the bond.

Hankey previously said in an interview that he charged Trump a low fee as he did not anticipate problems.

"We thought it would be an easy procedure that wouldn't involve other legal problems and it's not turning out that way," he said. "We probably didn't charge enough."

Hankey made his fortune in subprime car loans, with some regulators criticizing his companies' debt collection tactics. He is worth $7.4 billion, according to Forbes magazine.

Trump was originally required to obtain a guarantee for the entire verdict while he appeals, but a state appeals court let him post a smaller bond.

With much attention now focused on Trump's criminal trial, Engoron noticed the relative paucity of courtroom attendees compared with when he oversaw the civil fraud trial.

"Where is everyone?" he joked at the beginning of the hearing." 

From Reuters 

Not that Chinese, Greek, Arabic, Russian, (whatever foreign language you want to name) are my first languages, (generally just English is hard enough for me) I'm going to translate here. 

To put this in plain English: Don Hankey and company (and that name is hard to say with a straight face because it sounds like the name of a West Hollywood pimp or pornographer) is on the hook for Donald Trump's bond. 

Knight Speciality Insurance put up the 175 million for Donald J. Trump. And if he doesn't pay that, assuming he loses his appeal here in the New York fraud case, KSI is on the hook and out 175 million. And then probably would have to sue a Bankrupt Don, whose now just out 500 million dollars, but at severe risks of losing his business properties, if he hasn't lost those properties already. 

You can also see this post on WordPress.