Donald Trump

Oh what a tangled web we weave.
Trump posted a bond in the NY fraud case, but “accidentally“ failed to include financial details of the company acting as surety.
On being asked to complete the filing, it emerged that the company, Knight Insurance, did not have the amount of liquid assets required by NY law. Letitia James has now filed a motion requiring Knight Insurance to comply within ten days or give up the bond. Knight Insurance is run/owned by a Trump acolyte. Watch this space…..
 
KS55 said:
Oh what a tangled web we weave.
Trump posted a bond in the NY fraud case, but “accidentally“ failed to include financial details of the company acting as surety.
On being asked to complete the filing, it emerged that the company, Knight Insurance, did not have the amount of liquid assets required by NY law. Letitia James has now filed a motion requiring Knight Insurance to comply within ten days or give up the bond. Knight Insurance is run/owned by a Trump acolyte. Watch this space…..
Click to expand...

I saw this coming a mile off. I nearly said it in my post last night when I highlighted the filing error but I held off because I figured it’s probably just an admin thing and I’d look stupid if they filed the documents the next day.

What I was going to highlight though, is that I was looking up Knight’s details last night and I was racked with suspicion. They claim to have revenues of about half a billion p.a. Let’s assume for fairness that claim is accurate. Most financial services companies operate at a margin of 20-30%. That means you can expect if they’re an “average” firm that they will make circa $100m in profit per year.

They’ve been around 30 years and have grown quite steadily, suggesting that some of that is getting reinvested, they no doubt take another chunk out as a dividend for shareholders. Even if they take half of that profit and just stick it into liquid reserves/common equity, that would mean they are effectively offering Trump between 2-4 years worth of accrued reserves. And that is high-end generous estimation on all counts. That seems like a hell of a lot of money for a company of that size. Too much money, frankly.

What I don’t get (and again not a legal expert)… Why do they get another 10 days? Surely they are just outright fucked and can’t be good for the bond? And surely now the deadline for posting bond has passed and enforcement should begin?

The American court system has me perplexed at the best of times.
 
SkyBlueFlux said:
I saw this coming a mile off. I nearly said it in my post last night when I highlighted the filing error but I held off because I figured it’s probably just an admin thing and I’d look stupid if they filed the documents the next day.

What I was going to highlight though, is that I was looking up Knight’s details last night and I was racked with suspicion. They claim to have revenues of about half a billion p.a. Let’s assume for fairness that claim is accurate. Most financial services companies operate at a margin of 20-30%. That means you can expect if they’re an “average” firm that they will make circa $100m in profit per year.

They’ve been around 30 years and have grown quite steadily, suggesting that some of that is getting reinvested, they no doubt take another chunk out as a dividend for shareholders. Even if they take half of that profit and just stick it into liquid reserves/common equity, that would mean they are effectively offering Trump between 2-4 years worth of accrued reserves. And that is high-end generous estimation on all counts. That seems like a hell of a lot of money for a company of that size. Too much money, frankly.

What I don’t get (and again not a legal expert)… Why do they get another 10 days? Surely they are just outright fucked and can’t be good for the bond? And surely now the deadline for posting bond has passed and enforcement should begin?

The American court system has me perplexed at the best of times.
Click to expand...
Simply any regular joe would have been dealt with by now and possibly serving jail time for taking the piss.
 
SkyBlueFlux said:
I saw this coming a mile off. I nearly said it in my post last night when I highlighted the filing error but I held off because I figured it’s probably just an admin thing and I’d look stupid if they filed the documents the next day.

What I was going to highlight though, is that I was looking up Knight’s details last night and I was racked with suspicion. They claim to have revenues of about half a billion p.a. Let’s assume for fairness that claim is accurate. Most financial services companies operate at a margin of 20-30%. That means you can expect if they’re an “average” firm that they will make circa $100m in profit per year.

They’ve been around 30 years and have grown quite steadily, suggesting that some of that is getting reinvested, they no doubt take another chunk out as a dividend for shareholders. Even if they take half of that profit and just stick it into liquid reserves/common equity, that would mean they are effectively offering Trump between 2-4 years worth of accrued reserves. And that is high-end generous estimation on all counts. That seems like a hell of a lot of money for a company of that size. Too much money, frankly.

What I don’t get (and again not a legal expert)… Why do they get another 10 days? Surely they are just outright fucked and can’t be good for the bond? And surely now the deadline for posting bond has passed and enforcement should begin?

The American court system has me perplexed at the best of times.
Click to expand...
Yeah, good post. The extra ten days is to enable them to make good the bond so it complies with NY law. Presumably that is considered fair but it seems to me to be generous to a fault, especially when they knew they could not comply. They are now claiming the law does not apply to them as they are not registered as an NY company. That tells me that it was an attempt to scam the court, but the court clerk spotted it.
Everything Trump touches stinks.
 
SkyBlueFlux said:
I saw this coming a mile off. I nearly said it in my post last night when I highlighted the filing error but I held off because I figured it’s probably just an admin thing and I’d look stupid if they filed the documents the next day.

What I was going to highlight though, is that I was looking up Knight’s details last night and I was racked with suspicion. They claim to have revenues of about half a billion p.a. Let’s assume for fairness that claim is accurate. Most financial services companies operate at a margin of 20-30%. That means you can expect if they’re an “average” firm that they will make circa $100m in profit per year.

They’ve been around 30 years and have grown quite steadily, suggesting that some of that is getting reinvested, they no doubt take another chunk out as a dividend for shareholders. Even if they take half of that profit and just stick it into liquid reserves/common equity, that would mean they are effectively offering Trump between 2-4 years worth of accrued reserves. And that is high-end generous estimation on all counts. That seems like a hell of a lot of money for a company of that size. Too much money, frankly.

What I don’t get (and again not a legal expert)… Why do they get another 10 days? Surely they are just outright fucked and can’t be good for the bond? And surely now the deadline for posting bond has passed and enforcement should begin?

The American court system has me perplexed at the best of times.
Click to expand...

Statutory minimum? It's probably already set out somewhere in their equivalent of criminal procedures rules if it isn't in statute.
 
Mr Kobayashi said:
Statutory minimum? It's probably already set out somewhere in their equivalent of criminal procedures rules if it isn't in statute.
Click to expand...

Looking into it more, I think you’re right. Doesn’t look like a “decision” which is how I originally interpreted it, James has just invoked a statute or procedure that comes with a 10 day standard timeline for them to provide proof.

Feels like a way to game the system though, if you can file any old documents and you get 10 days to prove the shit you just filed isn’t shit. What’s to say they’re not going to just file more shit? I suppose there must be some kind of guideline for this that is above my legal knowledge so I’ll acquiesce on this point.

In other news Aileen Cannon is back and… woo boy. This is going to get spicy. She rejects Trumps motion to dismiss. Great (but obvious decision really, so a low bar cleared) But what she gives with one hand she takes with the other as she bats away Smith’s request to make a determination on the jury instructions. I think he’s going to need a writ of mandamus and she could be in trouble here if Jack decides enough is enough. He certainly seemed in that last filing like he was sick of her shit, I think that could be it.
 
KS55 said:
Oh what a tangled web we weave.
Trump posted a bond in the NY fraud case, but “accidentally“ failed to include financial details of the company acting as surety.
On being asked to complete the filing, it emerged that the company, Knight Insurance, did not have the amount of liquid assets required by NY law. Letitia James has now filed a motion requiring Knight Insurance to comply within ten days or give up the bond. Knight Insurance is run/owned by a Trump acolyte. Watch this space…..
Click to expand...
So he gets ANOTHER ten days? He knows how to play the system.
 
TinFoilHat said:
Simply any regular joe would have been dealt with by now and possibly serving jail time for taking the piss.
Click to expand...
Court "Mr TinFoil, the court finds you guilty and has mandated a fine of £10,000. You have 30 days to pay"

30 days later....
Tinfoil "Sorry I dont have 10k, can i pay 1k?"
Court "Ok, you have another 10 days to pay £1000."

10 days later
Tinfoil " I dont have 1k but my mate Barrys good for it"
Court "Hmmm, it seems your mate Barry only has £50 in his account. You have 10 days to confirm Barry has the money"

In reality
Tinfoil "I dont have 10k, can I pay 1k?"
Court "No, give your house keys or go to jail....Bailiff!!"
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top
✖
  AdBlock Detected
Bluemoon relies on advertising to pay our hosting fees. Please support the site by disabling your ad blocking software to help keep the forum sustainable. Thanks.