New York State Supreme Court Justice Arthur Engoron ruled in favor of the former president on April 22, deeming his bond valid. This decision followed James challenging the validity of the bond and questioning the financial capability of Knight Specialty Insurance (KSI) to cover the bond if necessary.
The Los Angeles-based KSI underwrote the former president's bond, which is intended to ensure Trump's adherence to a $454.2 million judgment by Engoron should the former president lose his appeal. The Democratic magistrate found that Trump had inflated his net worth and asset values to secure more favorable terms from banks and insurers. (Related: Trump's fraud case bond payment reduced to $175 million, delaying AG James' efforts to seize assets.)
During the non-jury civil fraud trial, lawyers for the Empire State's AG argued that the bond – which was reduced from a higher initial amount – should be voided. They expressed concerns over whether KSI could actually fulfill the bond payment if required.
But Engoron's April 22 ruling upheld the validity of Trump's bond – and added a few stipulations. It must be in cash, not in mutual funds or securities that could vary in value.
KSI must not trade or move the funds, and must provide monthly financial statements to James' office to demonstrate that the $175 million cash is available. Moreover, any changes to the bond's conditions must receive court approval.
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In a separate court hearing, Trump's lawyers and representatives from KSI concurred that the funds would remain as cash and wouldn't be converted into securities. They also agreed that KSI would maintain exclusive control over the account, refrain from withdrawing funds and issue monthly financial statement to the AG's office to confirm the stability of the cash reserve.
Even Trump himself reiterated his financial commitment to the bond. He told reporters: "We put up cash, and the number is $175 [million]." The former president also expressed confidence in KSI's reliability given his substantial financial backing.
Habba: Dems targeting Trump in courts as he remains UNBEATABLE in polls
Meanwhile, Trump attorney Alina Habba accused Democrats of targeting Trump in both criminal and civil courts as they cannot defeat him electorally.
"It's a disgrace to the American judicial system that two courts – criminal and civil – are being used against one man because they cannot beat him in the polls," she told reporters outside the New York State Supreme Court Building in Manhattan. Habba described the situation as the epitome of a witch hunt and questioned the necessity of Trump's dual legal defenses when, in her view, he committed nothing wrong.
The lawyer also accused Engoron of not understanding "basic principles of financing," adding that both James and the magistrate "had no idea what they were talking about." She ultimately denounced the indictments against Trump as "a complete waste of time and taxpayer money."
"James wanted to argue and say that our cash somehow isn't green enough. This is where your tax dollars are going to [in] America – right here, witch hunt after witch hunt. We're here because of something that happened in the White House that wasn't even wrong. It was not wrong. You hire lawyers to solve problems. They solve those problems, we pay them. That's it. This is a joke," remarked Habba.
"I am sick of coming in front of the press and saying this, but you have to – because you people need to understand what is going on. Because they're afraid of 2024. And you know what? They should be afraid because the American people are not stupid. They see what's going on."
Head over to Trump.news for more stories about the former president's legal battles.
Watch constitutional attorney Mark W. Smith calling out New York AG Letitia James over her challenge to Trump's $175 million bond below.
This video is from the GalacticStorm channel on Brighteon.com.
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