Rachel Scharf @rscharf_ 13m
Kise tells Engoron that even if the bond falls thru (which won't), there's a sold backup for collecting on the judgment:
“There's hundreds of millions of dollars worth of real estate that the defendants own right here in the city that could be seized with the stroke of your pen"
AG lawyer Andrew Amer is up. He says the problem with the Schwab collateral is that "while the funds are cash today, under the terms of the pledge agreement and control agreement they can be swapped out for less secure collateral like mutual funds."
Opening arguments have started. Prosecution has like 45 minutes, then defense 25 minutes.
I had a couple of threads on the bonding company before and there do seem to be issues, their first filing didn't even include the the lawyer's signature or the company's financial information.
Then when they fixed this, they included two companie's info. One US company and then its parent company in the Cayman Islands.
Here's what they are going to argue today.
Knight Specialty Insurance company has failed to justify the bond because
- The Collateral is not sufficiently secure or "ascertainable" meaning the insurance company doesn't have control over $175 million in cash. I think this is going to be a big deal.
For collateral, the Donald J. Trump Revocable Trust (“Trust”) granted KSIC a priority lien on a Schwab brokerage account held by the Trust that Defendants maintain presently has just over $175 million in “cash.” But pursuant to the agreements governing how the collateral is pledged and controlled, the Trust retains ownership of the account and can withdraw funds or make trades in the account unless KSIC objects within two business days after receiving notice of the proposed transaction. **KSIC does not now have an exclusive right to control the account **and will not obtain such control unless and until it exercises a right to do so on two days’ notice. If the value of the funds held in the account dips below $175 million, the Trust promises to “true up” the balance by depositing additional funds in multiple permitted forms, including stocks—a promise that is hollow if the Trust does not have the funds to do so and concedes **the value of the collateral will fluctuate based on market conditions. **
- We don't trust the company's financial as the true numbers might be in the Cayman Islands.
Second, the Court should not rely on KSIC’s financial summary attached to the bond as evidence that KSIC has sufficient capacity to justify writing a $175 million bond. That is because** KSIC sends 100% of its retained insurance risk to affiliates in the Cayman Islands, where lax regulations allow KSIC to use this risk transfer to reduce the liabilities it carries on its books in a way that artificially bolsters its surplus**—a practice New York regulators have dubbed “shadow insurance” and about which they have sounded the alarm.
- Knight Specialty Insurance is not trustworthy and has violated federal laws
Third, under the regulations that govern the placement of insurance on an excess lines basis, a licensed excess lines broker may place business with an unauthorized insurer like KSIC only if it is satisfied that the insurer’s management is trustworthy and competent. KSIC is not qualified to act as the surety under this standard because its management has been found by federal authorities to have operated affiliated companies within KSIC’s holding company structure in violation of federal law on multiple occasions within the past several years
If the Judge, Judge Engoron by the way, allows Knight Specialty to put this up, I suspect it will be only after the collateral agreement is changed. But there's a real chance this gets rejected.
Trump comments on both trials today outside courtroom. Video https://x.com/TONYxTWO/status/1782406953265709194
"I put up $175 million in cash but she said the bonding company isn't good. She doesn't like the bonding company because she doesn't know if their collateral is good. I put up $175 million in cash and she is questioning the bonding company!"
What does that have to do with putting the payment on the wrong place on business forms
This is not what Trump is accused of. I think you minimizing the risk of this trial to Trump.
Here's info on Pecker from when Michael was convicted. Pecker would have been a witness against him if he went to trial
https://www.cnn.com/2018/12/12/media/american-media-inc-southern-district-new-york/index.html
Probably in opening statements. So we will learn before lunch I would guess
Ok, you can delete or merge or whatnot
From the article
A person close to the former president confirmed the ongoing discussions.
This isn't actually the caae. They don't have his cash.
No money has changed hands. A surety bond is just a legal document saying this party is now responsible. The money doesn't go into escrow. I thought it worked differently but it doesn't.
So Trump still controls the account with the collateral in it. The insurance company only gets control 48 hours after a request.
I think they are going to make a big deal out this on Monday
to Scott Borgerson, the millionaire shipping entrepreneur who allegedly dated
Interesting. I see from other later articles Borgerson was said to be secretly married to Ghislaine at this time.
Why did Ghislaine Maxwell involve a lawyer from the Nutter firm to get her hideaway house and to keep her location secret?
This might be misleading. This Sun article doesn't mention Maxwell being involved with the real estate transaction at all.
Scott Borgerson seems to be the owner of Granite Reality LLC.
Granite Reality LLC bought the house from the Richard Yospin family trust
This is very confusingly written.
This article from the UK is a little clearer on who did what.
THE $1 million luxury hideout where Ghislaine Maxwell was captured by the FBI appears to be linked to Scott Borgerson, the millionaire shipping entrepreneur who allegedly dated Jeffrey Epstein's alleged pimp after divorcing his wife.
Property records obtained by The Sun show that a company named Granite Reality LLC bought Maxwell’s 156-acre wooded hideaway in the small town of Bradford, New Hampshire on December 13, 2019 from a family trust.
Nice find.
When his FBI interview was released, they talked about releasing this and neither side objected.
The delay of the NYC trial was denied.
Trump was asked if he will testify and he said yesy
Trump’s application to the appellate court for a stay pending resolution of his change of venue motion has just been DENIED.
Well this hearing is in front of Engoron Monday
Also there was a Sandoval hearing which covers what materials of past misconduct prosecutors could use to impeach a defendant if he testifies.
Judge said he would issue his ruling tomorrow morning.
Trump's lawyers also wanted to know the first witness. Prosecutor said they would tell them Sunday night, but if it leaked out it would be the last thing they turned over. Judge seems to be okay with this.
Opening arguments start Monday morning
https://twitter.com/innercitypress/status/1781417065192034606?t=M0P6xXBUizTcrNPqSXyjKg&s=19
Ok.
Okay so the young guy in the video does seem to be him.
There's a picture of the sign he was carrying and I thought he was carrying it but it seems to be a New York policeman moving it
That totally confused me at first. I was saying this looks nothing like the guy in the video people are posting.
how did they connect this video to him?
because his manifesto seems to point to other social media. He had posted his manifesto on reddit a while back and there's a lot of comments about video games.
That's kind of my point, belief in the "uniparty" is not necessarily only the left. He also hates elites universities which tends not to be of the left.
Looking at what he wrote I think he is of the left, big fan of Tom Hayden. Hates Bill Clinton. Dukakis fan? He is very upset at what Clinton say about Dukakis way back when.
This is the description he gave to his Substack.
After Peter Thiel started a bank run in March 2023, we did 1,500 hours of research and uncovered proof of a totalitarian con-job that's been bleeding us dry since 1988 and will soon collapse the world economy.
So a little amateur analysis.
His break seemed to start in 2023, He created his Substack in April 2023. He talks a lot about Dukakis and what Clinton said about Dukakis in 1988. My guess is that is the first election he could vote in. He was super anti-crypto and very anti Harvard, Stanford and NYU. All his recent posts seem to start with crypto. Anti-tech in general, possibly, but he loved video games.
The Presidential Records Act didn't exist for Kennedy and LBJ. It was created post Watergate. They found out Nixon was trying to claim his papers as private,....I think he was going to donate them and claim a giant tax deduction, and they passed a law that only applied to Nixon, then in 1978, they passed the Presidential Records Act.
What you are talking about doesn't apply to the Special Counsel. This is about restrictions of records at the National Archives.
All presidential records are restricted for five years after the end of an administration. The Obama records became available for FOIA on January 20, 2022. Trump's will be available on January 20, 2026.
Your post is about certain other records that get further restrictions, but this all happens at the National Archives. Notice that if you go read the full law you mention, The Archvist is noted several times. The Archivist is the one who manages access to the documents/enforces the restrictions.
For example, if a president restricts a record for 12 years, it will be come available for FOIA after 12 years
OR
upon a determination by the Archivist that such record or reasonably segregable portion thereof, or of any significant element or aspect of the information contained in such record or reasonably segregable portion thereof, has been placed in the public domain through publication by the former President, or the President’s agents.
Is this guy a lefty or something else?
What does this revelation tell us? That our government is conning us completely. That Bill Clinton was secretly on (former CIA Director) George H.W. Bush’s side, and that the Democrat vs. Republican division has been entirely manufactured ever since: Clinton is with Bush; Gore is with Bush; Trump is with Hillary, and so on. When they present themselves in public, they are acting as characters that are against one another, practicing kayfabe as wrestlers do.
Can you elaborate?
All this is a standard part of the PRA, isn't it?
OMG I just saw that too.
I think someone recently did that for Palestine.
I think my instincts might be correct.
It looks like they are looking at a compromise.