Lawyers for New York state and former President Donald Trump’s attorney resolved their differences Monday over a $175 million bond Trump posted to block a conviction in a civil fraud trial while he seeks an appeal.
The deal disrupted a potential day-long court hearing in Manhattan that was to feature witnesses.
The bond prevents the state from seizing Trump’s assets to satisfy the more than $454 million he owes after losing a court case brought by the Democratic state attorney general. She had alleged that Trump, along with his company and key executives, defrauded bankers and insurers by lying about his wealth.
The former president and virtual Republican presidential candidate rejects the accusations and appealed the sentence.
Judge Arthur Engoron, who issued the massive ruling in February after concluding that Trump and others had deceived banks and insurers by exaggerating their wealth in financial disclosures, presided over Monday’s hearing and at times got into a tense discussion with Trump’s lawyer. Trump, Christopher Kise.
Engoron challenged Kise with examples of how money Trump had deposited might not be available for collection if the ruling was upheld, prompting Kise to respond at one point that the judge’s “hypothesis is… wildly speculative.”
At another point, Kise expressed frustration with New York prosecutor Letitia James, saying: “It seems like whatever we do they’re going to find fault with it.”
But Andrew Amer, a New York state attorney, proposed terms of the settlement shortly after he began speaking at the hearing. He said the state wanted additional guarantees because Trump had raised the money with the help of a relatively small out-of-state insurance company.
As part of the agreement, Knight Specialty Insurance, a part of Wilmington, Delaware-based Knight Insurance Group, will have exclusive control of the $175 million and will submit to the jurisdiction of the New York state court, while agreeing not to move money into mutual funds or other financial instruments.
Speaking to reporters in the hallway outside Trump’s criminal hush money trial, his lawyer, Alina Habba, said Engoron “doesn’t even understand the basics of finance.”
“We came to an agreement that everything would be the same,” he said. “We would modify the terms and that would be it.”
Trump also criticized Engoron, accusing him of not understanding the case.
“He challenged the bail bond company saying maybe the bail bond company was no good. Well, they are good. And they also have 175 million dollars of guarantee, my guarantee,” he said.
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