Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
View Regular
Mueller, She Wrote Profile picture
Mueller, She Wrote
@MuellerSheWrote
I have the same handle everywhere. Subscribe to my FREE newsletter: https://t.co/QZeOoeMenI Secure contact: FedOath@pm.me

Apr 16, 2024, 10 tweets

THREAD: I’m sorry. But this filing is shady AF. This is Hankey Subprime’s filing proving that knight insurance can guarantee Trump’s bond. I’m very much looking forward to the April 22 hearing on the matter. 1/ iapps.courts.state.ny.us/nyscef/ViewDoc…

The reason it seems shady to me is that Knight Specialty Insurance Company (KSIC) only has $138M in cash, and is relying on a trump Schwab account that’s supposed to be worth just about exactly $175M 2/

I’m no expert, but I think to back a bond, the guarantor has to have at least enough cash to cover it. But here, they say trump is covering it and they have access to Trump’s Schwab account 3/

They go on to say “but our parent company KIC has like a billion dollars in accessible equity.” Sure, but that’s not who is securing the bond. And they access is through something called “reinsurance”. 4/

I suppose they only have to guarantee the bond amount of $175M, but doing it through reinsurance from the parent company seems weird to me. Not to mention the trump Schwab account. Is this different than the Schwab account he used to have Chubb back his E Jean Carroll bond? 5/

Then they go on to say that even though they don’t have a certificate of qualification pursuant to NY insurance law, the court can still justify the surety. 6/

I mean, just read this justification for excess line insurers to back the bond. “excess lines insurance, if effected by mail from outside this State by an unauthorized foreign or alien insurer duly licensed to transact insurance in its state of domicile, shall not constitute doing an insurance business in New York.” 7/

And even so, it’s KSIC, not the parent company that has excess lines eligibility. So it feels like they’re saying “Our parent company KIC has the money to reinsure KSIC, and KSIC has excess lines eligibility even though we’re not certified in New York and don’t have the money, so all of that together means we can back the bond.” 8/

Again. I’m not AT ALL an expert, but this seems like circular Frankenstein bullshit to me. END/

OMG

Share this Scrolly Tale with your friends.

A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.

Keep scrolling