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Lawyers representing former President Donald Trump have stated that the $175 million bail posted to satisfy the judgment in the New York civil fraud case is financially secure. They have asked the judge to dismiss the attorney general’s concerns and award Trump costs and fees.
In court documents filed on Monday night, Trump revealed that the bond secured by Knight Specialty Insurance Company is backed by Trump’s Charles Schwab account containing over $175 million in cash. Knight Specialty has the full support of its parent company to assume any risk and can take control of the Schwab account, according to Trump’s filings.
“The DJT Trust granted KSIC a security interest in a Schwab brokerage account, in which the DJT Trust is obligated to maintain not less than $175 million in cash or cash equivalents at all times,” says a filing in support of the bond by Gregory Serio, former New York state insurance superintendent and partner at Park Strategies.
In response to earlier concerns raised by the attorney general’s office about the insurer’s financial capabilities, Trump’s lawyers argued that no hearing is necessary. They stated that the $175 million bond is adequately secured, and documentary evidence supports this without the need for a hearing to set aside any exceptions.
The attorney general’s office had questioned whether Knight Specialty was authorized to underwrite a surety bond in New York and if it lacked a certificate from the state regulator deeming it qualified. Trump’s lawyers pointed out that a certificate is not the only proof of financial stability.
