AS noted in the Salon article:
“The DJT Trust granted KSIC a security interest in a Schwab brokerage account, in which the DJT Trust is obligated to maintain no less than $175 million in cash or cash equivalents at all times,” read an affirmation filed in support of the bond by Gregory Serio, a former superintendent of insurance for New York state.
“KSIC also has a standing agreement with its parent company, Knight Insurance Company, Ltd. (‘KIC’), by which KIC reinsures 100% of KSIC’s risk,” added Serio, who is a partner of government consulting firm Park Strategies. “The $175 million bond at issue is adequately secured.”
And from that affirmation by the former NY State Superintendent of Insurance:
38. Based upon the foregoing, it is my professional opinion that the surety on the undertaking filed by KSIC on April 1,2024, as amended on April 4, 2024, is sufficient and that there is no basis for the exception filed on April 4, 2024.
-- But it seems AG James will have to object today EDT to respond to Judge Engoron's request for the 22 April ruling to show cause why the bond should not be accepted.