Donald Trump’s problematic $175 million bond to cover his New York civil fraud appeal has raised questions about what exactly led to the rejection of his insurer’s paperwork, says a legal analyst.
The Trump Organization’s court-appointed monitor, Barbara Jones, likely has all the answers, MSNBC legal analyst, Lisa Rubin, wrote on X, formerly Twitter.
“I can think of a courtroom full of journalists, as well as a bunch of lawyers in the New York Attorney General’s office, who would love to know what Barbara Jones presumably knows right now,” Rubin said.
On Wednesday, a message on the New York State Supreme Court’s electronic filing system showed Trump’s “Bond/Undertaking” had been “returned for correction.”
The process all stems from New York State Supreme Court Justice Arthur Engoron’s February ruling against Trump; his two eldest sons, Donald Trump Jr. and Eric Trump; and others associated with the Trump Organization. They were accused in a lawsuit from New York Attorney General Letitia James of inflating the former president’s net worth and the value of his properties to obtain better loan and insurance terms. Trump has denied all accusations and claims it is all part of a political witch hunt against him.
Engoron also appointed retired judge, Barbara Jones, to monitor Trump’s parent company, The Trump Organization, to ensure that it does not engage in fraud.
On Monday, the former president’s insurer posted a $175 million bond in the case, ensuring that James does not seize any of his assets or bank accounts during his appeal of Engoron’s $454 million judgement against The Trump Organization.
Newsweek sought email comment from Trump on Thursday.
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Rubin pointed out that the court has rejected the paperwork of the insurance company that posted the bond for Trump. Insurance companies routinely provide court bonds for a fee.
“The financial statement that is missing does not seem to be Trump’s. Rather, the court appears to be demanding these documents from Knight Specialty Insurance Co. to ensure that the company is sufficiently capitalized and authorized to post the bond,” Rubin wrote on Wednesday.
“Meanwhile, we still don’t know what fee Trump paid for the bond or exactly what collateral he pledged,” Rubin added.
“But you know who likely DOES have all of those details? Retired federal judge Barbara Jones, the court-appointed monitor in the case. Under a 3/21/24 order, the Trump Org must give her advanced notice of their efforts to secure surety bonds.”
Details of Trump’s bond may be included in Jones’ future reports to Judge Engoron on the financial status of the Trump Organization.
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Newsweek sought email comment from Knight Specialty Insurance on Thursday.
The court would likely reject Trump’s bond if the paperwork is not corrected. That would mean Trump would lose his right to appeal Engoron’s fraud judgment and the $454 million would be due.
Attorney Tristan Snell, author of Taking Down Trump about his experience suing Trump on behalf of students of the failed Trump University, noted that the insurance paperwork has been “returned for correction”
“[The] court demands that the bond underwriter, Knight Insurance, provide more info about their own solvency and authorization to cover the bond. Is there something else shady in how Trump’s bond is being handled?” Snell wrote on X on Wednesday.
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Wednesday’s New York County Supreme Court notice read:
“The court has returned the documents listed below for the following reasons: Please include a current financial statement and Power of Attorney. Additionally, please list the name of the Attorney-in-Fact under the signature line on the Undertaking. Please use the ‘Refile Document’ link for Doc. No. 1707 to resubmit the corrected filing. Thank you and have a great day.”
