Deadline looms today as ex-president heads to court
As jury selection begins for Donald Trump’s hush-money trial, the former president also faces a looming deadline related to the recent $454 million civil fraud judgment against him.
Today is the deadline for Trump to demonstrate the adequacy of the $175 million bond he obtained in order to delay payment of the judgment while he appeals the decision, according to a Wall Street Journal report.
Knight is not registered to issue appeal bonds in the state, nor has it obtained a certificate of qualification from the New York Department of Financial Services. Obtaining a certificate of qualification would require the company to show that it is financially solvent and qualified to issue such bonds, the Journal reported.
New York law prohibits a company from making a bond to a single borrower that is more than 10% of its surplus. Knight has $138 million in surplus – which is much less than it’s legally required to have and less than the total of Trump’s bond, the Journal reported. In an early financial filing, Knight included financial information for its parent company, Knight Insurance, which has about $1 billion in surplus. That’s still under the 10% requirement for Trump’s bond.
If Trump fails to meet the Monday deadline for showing the fitness of the bond, the New York attorney general could begin enforcing the fraud ruling, the Journal reported. That could include seizing the former president’s assets to satisfy the judgment.
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