Trump’s Assets Seized?

Letitia James is not stopping her relentless attack on Trump.

Amidst the legal tumult surrounding former President Donald Trump, New York Attorney General Letitia James is aggressively pursuing avenues to secure assets from Trump’s holdings during his ongoing criminal trial for hush money allegations. Legal expert Glenn Kirschner highlighted this possibility, shedding light on James’ objections to a bond presented by Trump’s legal team.

The saga began in February when Judge Arthur Engoron sided with James in a civil fraud lawsuit, ordering Trump to pay over $450 million for allegedly inflating property values and his net worth to secure loans. Trump, vehemently denying any wrongdoing, termed the lawsuit a politically motivated attack.

In a bid to shield his assets, Trump posted a bond, albeit contested by James due to the involvement of Knight Specialty Insurance Company (KSIC), which lacked New York licensure. Despite Trump’s claims of financial security, James raised concerns about the sufficiency of the bond.

Kirschner’s analysis underscored James’ objections, citing three key reasons. Firstly, the bond lacked adequate collateral, casting doubts on its reliability. Secondly, KSIC’s financial capacity was questioned, challenging its ability to support a $175 million bond. Finally, regulatory guidelines were invoked to challenge KSIC’s eligibility as a surety.

James doubled down on her stance, reiterating her objections and highlighting KSIC’s limited financial standing. She emphasized state regulations mandating insurers to avoid liabilities exceeding 10 percent of their surplus, a threshold KSIC allegedly failed to meet.

As the legal battle intensifies, Monday’s court session will witness attorneys from both sides grappling over the contested bond. Meanwhile, Trump faces a separate criminal trial for alleged falsification of business records related to hush money payments, a historic event marking the first criminal trial of a former U.S. president.

Engoron’s impending decision holds immense significance, potentially paving the way for James to seize Trump’s assets should the bond be invalidated. With both civil and criminal proceedings unfolding simultaneously, Trump finds himself embroiled in legal turmoil, vehemently refuting all charges while his financial empire hangs in the balance.