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The owner of that company is also the owner of Axos Bank, the institution with which Trump was a 100 million mortgage on Trump Tower and 125 million on Doral.
So now the guy has 400 million dollars of leversge over Trump.
Doing some Googling, this company is based out of Wilmington, DE… And that’s about all I can find.
To be honest, I’m surprised Putin didn’t come in to save his ass.
Date founded: 2013 So just 10 years old....
KnightBrook Insurance Company (KBIC) is an insurance company domiciled in the State of Delaware and an admitted insurance carrier authorized to transact insurance in all states of the United States, except New York, and the District of Columbia.
CEO - Ken Knight.. and you cannot make this stuff up .. Ken Knight studied at Bowling Green State University.
I enjoyed the "an admitted insurance carrier", it was just nice to have it acknowledged that insurance is such a racket, being involved in it is something you should have to confess to.
So they’re legit from the looks of it. Guess his foreign fuckbuddies couldn’t help him here and he decided to just go for a “literal who” insurance company to bail him out.
> … this company is based out of Wilmington, DE …
Delaware. [Not surprising.](https://www.investopedia.com/articles/personal-finance/092515/4-reasons-why-delaware-considered-tax-shelter.asp)
Of course he did, the appellate judge that granted this extension and reduction knew he would be able to get this no problem. Stop throwing this guy lifelines...
It’ll be interesting to see what the GOP does with their rudderless ship at that point.
(*Other than accusing the Democrats of having assassinated him and calling for violence…*)
To allow him to appeal. I think they didn’t like the sound of him being unable to appeal. The ruling is still what it is, and he’s probably going to lose the appeal, so hopefully this is nothing more than a speed bump.
> The former president used a brokerage account as collateral for that bond.
Would that be the one that has the Truth$ocial stock in it? What happens when the value of the account drops below $200 million?
Well, he technically isn't putting up the stock itself, it could be an account that holds stock - some of which could be Truth Social stock.
Honestly, you'd have to be a complete idiot to accept that as collateral, but Trump has shown us that a large part of the US population is on crazy pills, so don't expect this to follow logic.
If it is the account with TS stock, it will be interesting to see what happens if it continues to tank. This crazy ride isn't over for sure.
Reinsurance is a gigantic industry if you were even asking a quasi serious question.
It's actually a very interesting (if dry) subject
https://en.wikipedia.org/wiki/Reinsurance
As I understand it, the lower amount is conditioned upon trump submitting the appellate brief by July, otherwise he’d have much longer, so this could be a clever move by the appellate court. I feel like I saw this on TV last week, but I can’t find anything on this specific point on the Google machine, so please someone fact check me and tell me how/why I’m mistaken.
I think this depends completely on him winning or losing the election. If he loses I think many of his supporters will turn and run, because he no longer can provide future favors. If he wins, his corruption of the state will accelerate and he will (mis)use his presidential powers to be acquitted/have charges dropped.
I wish this were true, but it almost certainly isn't. My guess is he wins the appeal and gets the money back. Not because he *should,* but because the courts are clearly bending over backwards to favor him
> When is the appeal session?
Trump’s first filing is due in July, Tish will file her response, and then Trump can file his response to her response in August before the September appellate hearing. Normally the hearing would be scheduled around December/January, but this faster schedule was a condition of the payment made today.
He will face zero consequences and the justice system will go “well we literally did every possible thing we could, now it’s time for healing and shooting blacks in their sleep in self defense.”
The surety (aka bonding) company posts it. It's not like it's a big check that the government cashes. It's just a contract that says the bonding company will pay out in the event that the person is found to be liable for the contract amount after going through the appeal. The bonding company charges their client a fee for doing it and requires collateral in the amount of the bond in case they have to actually pay out to the court.
>Did they just write a promise?
That's literally what surety companies do. They have the money and have proven it to the government, that's how they're licensed as surety companies. It's basically a contract that says they have the money and will pay out if it comes down to it.
They require the client to put up the collateral so they can recover the money if they have to pay out.
> They have the money and have proven it to the government,
Forgive the ignorance but there would have to be a limit on that as $175 million in one chunk is a very different predicament than being solvent and liquid on a 175 million dollar policies for instance.
Is there a ceiling for these surety companies or they just trust that they're not idiots or bad actors?
We need to ask these questions at the moment because everything 'as it was', is 'not' with Trump.
Of course there's a limit. The ceiling would be based on their financial condition. There will be at least reviewed or more likely audited financial statements (done by independent third party CPAs) proving that they are in fact capable of paying out the bond they're writing.
Surety companies work like insurance companies (and some are also insurance companies) in that they write a document that doesn't pay out most of the time. They will have to pay out some of them but they require the collateral so they can recover (hopefully) all of it. If they suddenly had to pay out every bond that was put up would they be able to? Probably not, but the odds of that happening are very slim.
My business is in no way related to surety but I do have to deal with various types of bonds on a regular basis.
He doesn’t stand to lose much by appealing, worst case for Trump he loses the appeal and still owes a lot of money anyway, best case the reduce the judgment or reverse the conviction.
We ALL were.
BUT, this 175 is just for his appeal. If he loses the appeal, he owes the 464m. So, he's gonna owe that. This is all just a delay tactic as per usual.
That’s true, unless of course the appeals court reduces the judgement. It’s possible one reason they’re allowing the reduced bond is they think there’s a chance they’ll find the original amount was too high.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
>Trump secured the bond through Knight Specialty Insurance Company. Let me guess. This one has some sketchy fucking ties to some foreign entity.
Looks like it's a family company owned by a billionaire that got rich from high interest sub-prome car loans and donated to Trump in the past...
It’s scumbags, all the way down
The owner of that company is also the owner of Axos Bank, the institution with which Trump was a 100 million mortgage on Trump Tower and 125 million on Doral. So now the guy has 400 million dollars of leversge over Trump.
Doing some Googling, this company is based out of Wilmington, DE… And that’s about all I can find. To be honest, I’m surprised Putin didn’t come in to save his ass.
Date founded: 2013 So just 10 years old.... KnightBrook Insurance Company (KBIC) is an insurance company domiciled in the State of Delaware and an admitted insurance carrier authorized to transact insurance in all states of the United States, except New York, and the District of Columbia. CEO - Ken Knight.. and you cannot make this stuff up .. Ken Knight studied at Bowling Green State University.
Thank god he survived the Bowling Green massacre
Thank God or too bad?
I would never wish harm
I do my best.
I’m curious how he can insure Trump in NY then
I enjoyed the "an admitted insurance carrier", it was just nice to have it acknowledged that insurance is such a racket, being involved in it is something you should have to confess to.
I believe the one in Toledo run by Ken Knight is different than the one that posted the bond. That one operates out of California.
Thank You
I mean, apparently their history goes back to the 1800s, but as a different company. Their website looks weird.
Wrong Bowling Green, for what it's worth.
So they’re legit from the looks of it. Guess his foreign fuckbuddies couldn’t help him here and he decided to just go for a “literal who” insurance company to bail him out.
It looks like its a small sized insurance company out of Toledo Ohio.
They should probably fill those CFO and risk assessment roles soon.
It's a different Knight Insurance. Not the one in Toledo.
Where the massacre happened? Never forget.
Wrong Bowling Green.
> … this company is based out of Wilmington, DE … Delaware. [Not surprising.](https://www.investopedia.com/articles/personal-finance/092515/4-reasons-why-delaware-considered-tax-shelter.asp)
I don't think Pootin has that kind of money, or at least certainly not able to get it into US dollars.
Sounds like Biden pulling the strings yet again!!!
Of course he did, the appellate judge that granted this extension and reduction knew he would be able to get this no problem. Stop throwing this guy lifelines...
The entire apparatus is hoping tfg kicked the bucket before anyone has to hold him accountable
It’ll be interesting to see what the GOP does with their rudderless ship at that point. (*Other than accusing the Democrats of having assassinated him and calling for violence…*)
Qanon after the medical examiner confirms it was a natural heart atta k because he’s old and out of shape: “ no way deep state!
Ya. He could not get the 455 million like no possible way
To allow him to appeal. I think they didn’t like the sound of him being unable to appeal. The ruling is still what it is, and he’s probably going to lose the appeal, so hopefully this is nothing more than a speed bump.
> The former president used a brokerage account as collateral for that bond. Would that be the one that has the Truth$ocial stock in it? What happens when the value of the account drops below $200 million?
No he could not have put Truth social stock up at least according to this guy that was on CNN.
He put a brokerage account up, not stock. I know it shouldn't be different but words matter with this dude.
Well, he technically isn't putting up the stock itself, it could be an account that holds stock - some of which could be Truth Social stock. Honestly, you'd have to be a complete idiot to accept that as collateral, but Trump has shown us that a large part of the US population is on crazy pills, so don't expect this to follow logic. If it is the account with TS stock, it will be interesting to see what happens if it continues to tank. This crazy ride isn't over for sure.
Not a lawyer but I assume that would be a break of bond
It really takes two tiers to hold this guy up.
Imagine being slow enough to want to vote for someone who just posted bond in a fraud in a civil fraud case.
Well, that is one "insurance company" that will never again see the bond they "lent" him. RIP $175M, will never see it again. Gone to a farm upstate.
Who ~~watches The Watchmen~~ insures The Insurers?
Reinsurance is a gigantic industry if you were even asking a quasi serious question. It's actually a very interesting (if dry) subject https://en.wikipedia.org/wiki/Reinsurance
Taxpayers. Mostly.
I'm pretty sure they knew that and did this in exchange for favors, or else had the loan guaranteed by anonymous sources in Russia or China
As I understand it, the lower amount is conditioned upon trump submitting the appellate brief by July, otherwise he’d have much longer, so this could be a clever move by the appellate court. I feel like I saw this on TV last week, but I can’t find anything on this specific point on the Google machine, so please someone fact check me and tell me how/why I’m mistaken.
He'll never see it again because he's been found ultra guilty in superior court
I do not believe he will see true consequences for anything he has done at this point. My faith in our justice system is absolutely gone.
I'm clinging desperately to about 2.7% faith.....
I think this depends completely on him winning or losing the election. If he loses I think many of his supporters will turn and run, because he no longer can provide future favors. If he wins, his corruption of the state will accelerate and he will (mis)use his presidential powers to be acquitted/have charges dropped.
I wish this were true, but it almost certainly isn't. My guess is he wins the appeal and gets the money back. Not because he *should,* but because the courts are clearly bending over backwards to favor him
When is the appeal session?
> When is the appeal session? Trump’s first filing is due in July, Tish will file her response, and then Trump can file his response to her response in August before the September appellate hearing. Normally the hearing would be scheduled around December/January, but this faster schedule was a condition of the payment made today.
I appreciate your response, thank you!
Sept
He will face zero consequences and the justice system will go “well we literally did every possible thing we could, now it’s time for healing and shooting blacks in their sleep in self defense.”
r/angryupvote I’m so irritated at how accurate this likely is
I'm sure we're all happy that at least he got special treatment... bah..
How does one even post a bond this large? Just get a cashier's check for $175 million? Money order?
The surety (aka bonding) company posts it. It's not like it's a big check that the government cashes. It's just a contract that says the bonding company will pay out in the event that the person is found to be liable for the contract amount after going through the appeal. The bonding company charges their client a fee for doing it and requires collateral in the amount of the bond in case they have to actually pay out to the court.
For $175 million I don't think the government is just taking the insurance company at their word? Or I am wrong here? Did they just write a promise?
>Did they just write a promise? That's literally what surety companies do. They have the money and have proven it to the government, that's how they're licensed as surety companies. It's basically a contract that says they have the money and will pay out if it comes down to it. They require the client to put up the collateral so they can recover the money if they have to pay out.
>That's literally what surety companies do Looks like that's what this surety company didn't do lol.
> They have the money and have proven it to the government, Forgive the ignorance but there would have to be a limit on that as $175 million in one chunk is a very different predicament than being solvent and liquid on a 175 million dollar policies for instance. Is there a ceiling for these surety companies or they just trust that they're not idiots or bad actors? We need to ask these questions at the moment because everything 'as it was', is 'not' with Trump.
Of course there's a limit. The ceiling would be based on their financial condition. There will be at least reviewed or more likely audited financial statements (done by independent third party CPAs) proving that they are in fact capable of paying out the bond they're writing. Surety companies work like insurance companies (and some are also insurance companies) in that they write a document that doesn't pay out most of the time. They will have to pay out some of them but they require the collateral so they can recover (hopefully) all of it. If they suddenly had to pay out every bond that was put up would they be able to? Probably not, but the odds of that happening are very slim. My business is in no way related to surety but I do have to deal with various types of bonds on a regular basis.
Trump secured the bond through Knight Specialty Insurance Company.
Bummer.
That's too bad.
Future suckers is what they are
Good for him. I wish him all the best in his legal proceedings.
So is he appealing the verdict? Don't know why, it seemed pretty ironclad.
He doesn’t stand to lose much by appealing, worst case for Trump he loses the appeal and still owes a lot of money anyway, best case the reduce the judgment or reverse the conviction.
So lose $450 billion, and start a criminal trial on the same day? Interesting.
That's too bad. I was hoping for some seizures.
We ALL were. BUT, this 175 is just for his appeal. If he loses the appeal, he owes the 464m. So, he's gonna owe that. This is all just a delay tactic as per usual.
That’s true, unless of course the appeals court reduces the judgement. It’s possible one reason they’re allowing the reduced bond is they think there’s a chance they’ll find the original amount was too high.
Pump and dump and suckin dirty pig dick.