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NY AG Letitia James Seeks to Deny Trump’s $175 Million Bond So She Can Seize Assets

via NBC

New York Attorney General Letitia James is seeking to void Donald Trump’s $175 million bond in their civil fraud lawsuit, arguing the surety backing it lacks sufficient funds.

State lawyers filed a motion claiming Knight Specialty Insurance, which backed the bond, is a small California insurer unauthorized in New York with only $138 million in surplus assets – below the $13.8 million limit on any single risk.

“Based on the foregoing, the People respectfully request that the Court deny Movants’ motion to justify the surety, declare the Bond to be without effect and order that any replacement bond be posted within seven days, along with such other and further relief the Court deems necessary and appropriate,” attorneys for James’s office wrote.

They also argued Trump still has access to the $175 million cash collateral, so it’s not sufficiently secured.

James wants the court to deny justifying the bond and order Trump to post a new one within a week.

“Based on KSIC’s policyholder surplus in its most recent annual financial statement of $138,441,671, the limitation of loss on any one risk that KSIC is permitted to write is $13.8 million,” the lawyers wrote. “The face amount of the bond exceeds this limitation by $161.2 million.”

Earlier, a judge said Trump and his company conspired to inflate his net worth for financial gain, ordering over $464 million in penalties, but Trump’s team claims no victims and the practices are common in real estate.

The partisan AG campaigned on investigating Trump and her case has been criticized as a political persecution.

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