New York Attorney General Letitia James is taking unprecedented action to void Donald Trump’s $175 million bond so that she can begin seizing the former president’s assets.
State lawyers claim in court filings submitted on Friday that the former president and his co-defendants — the Trump Organization and his two oldest sons — failed to prove that the surety Trump invoked to obtain the bond actually has the money to back it.
The state then argued that the defendants did not show that “sufficiently secure and ascertainable” collateral backs the bond.
“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,” lawyers with James’s office wrote in a 26-page filing.
The Knight Specialty Insurance Company in California backed Trump’s bond.
State lawyers said Knight was a “small insurer that is not authorized to write business in New York” and that, up until Trump, Knight had “never before written a surety bond in New York.”
The report shows that the company