ðš Trump gets SURPRISE bad news in New York trial
Summary
TLDRThe transcript discusses the legal complexities surrounding Donald Trump's $175 million bond in a New York fraud case. The bond is provided by 80-year-old billionaire Don Hankey's company, Night Specialty, which may not be licensed to post such bonds in New York. Attorney General Tish James has filed a notice of exception and requested more information, questioning the company's solvency and its ability to cover the bond if Trump loses the appeal. A hearing is set for April 22nd, where the nature and acceptability of the bond may be further examined.
Takeaways
- ðŠ Trump's $175 million bond in the New York fraud case is under scrutiny as the bond company, Night Specialty, may not be qualified to provide it.
- ð °ïž NY Attorney General Tish James has filed a notice of exception, challenging the validity of the bond posted by Night Specialty and requesting more information.
- ð° The bond company's reported cash on hand of $138 million raises questions about its ability to cover the full $175 million if Trump loses the appeal.
- ð A hearing is set for April 22nd, where Don Hanky, head of Night Specialty, may be required to disclose financial information to prove the company's solvency.
- ð€ The court's decision on the bond's validity will impact whether AG James can proceed with seizing Trump's property to satisfy the judgment.
- ð If the bond is deemed invalid, Trump may be granted additional time to find a qualified insurer to cover the bond amount.
- ð Trump's claims of winning the appeal and accusing Judge Engoron of going rogue are seen as part of his pattern of misleading his supporters.
- ðž Trump's history of businesses, such as Trump University and various Trump-branded products, has been marked by controversy and allegations of fraud.
- ð ââïž The discussion highlights the exploitation of Trump's base, who continue to support him despite policies that do not benefit them.
- ð The ongoing legal proceedings and the outcome of the bond's validity will be closely followed and covered in future episodes of the Legal Breakdown.
Q & A
What is the issue with the bond that Trump posted in the New York fraud case?
-The bond that Trump posted, which is worth $175 million, is under scrutiny because the actual bond company, Night Specialty, may not be qualified to give him that bond. The head of the company, Don Hankey, is not authorized or licensed to post bonds in New York.
What actions is AG Tish James taking in response to the bond issue?
-AG Tish James has filed a notice of exception, expressing her disagreement with the bond that has been posted by Night Specialty. She is requesting more information about the company's financial status and its ability to cover the $175 million bond if needed.
What is the background of Don Hankey and how did he amass his fortune?
-Don Hankey is an 80-year-old billionaire and the head of the Hankey Group, which is technically named Night Specialty. He reportedly made his fortune through involvement in subprime loans given on cars at high interest rates and by repossessing a large number of cars daily.
When is the hearing set for regarding the bond issue?
-The hearing on the bond issue has been set for April 22nd by Judge Engoron.
What might happen if it is determined that Night Specialty Insurance Company is not solvent enough to cover the losses?
-If Night Specialty Insurance Company is found to be insufficiently solvent, Judge Engoron might give Trump another 10 days to find a new insurer who can back a bond with sufficient assets. If Trump fails to do so, his property may be seized to satisfy the judgment.
What is the typical practice for a company issuing a bond?
-Ordinarily, a company should issue a bond for about 10% of the surplus cash they have on hand. This ensures that the company can responsibly and appropriately issue the bond.
How much surplus cash does Night Specialty reportedly have on hand?
-According to the most recent reporting, Night Specialty has about $138 million in cash on hand.
What was Trump's major legislative accomplishment during his presidency?
-Trump's major legislative accomplishment was a tax cut for millionaires and billionaires, which did not directly benefit the middle class.
How does the speaker describe Trump's relationship with his supporters?
-The speaker describes Trump as having contempt for his supporters, exploiting and manipulating them for his own gain, and making their lives worse while benefiting from their trust and donations.
What is the speaker's perspective on Trump's policy impact on different groups?
-The speaker believes that Trump's policies have not improved the lives of his supporters, and that he uses divisive tactics to distract them from the real issues and his own exploitation of them.
What is the speaker's hope for the future?
-The speaker hopes that by November, the country can move past the challenges posed by Trump and the Republicans, and work towards a better future for everyone, including those who have suffered the most at Trump's hands.
Outlines
ðïž Legal Breakdown on Trump's Bond Issue
This paragraph discusses the legal situation surrounding Donald Trump's bond in the New York fraud case. It highlights that Trump was able to make bond for $175 million, but the bond company, Night Specialty, may not be qualified to provide it. The New York Attorney General, Tish James, has filed a notice of exception due to concerns about the company's licensing and its capacity to cover the bond. The situation with the bond is set to be addressed in a hearing on April 22nd, where information about the company's financial health and collateral from Trump may be disclosed.
ð° Financial Risks and Implications for Trump
This section delves into the financial risks associated with the bond posted for Donald Trump and the potential implications if Night Specialty Insurance is found to be insolvent. It raises questions about the company's entire business being at stake and what would happen if they cannot cover the bond's cost. The discussion also includes speculation on potential outcomes, including the possibility of Trump being given more time to find a suitable insurer or the seizure of his properties to satisfy the judgment.
ð€¥ Trump's Exploitation of His Supporters
The focus of this paragraph is on Donald Trump's alleged exploitation and manipulation of his own supporters. It argues that Trump's policies have not improved the lives of his base, who continue to financially support him despite being misled. The paragraph criticizes Trump's past business practices, such as Trump University and other ventures, and accuses him of using his platform to con people into giving him money. It also touches on how Trump directs his supporters' attention towards others to distract from his own actions.
ð¢ Continued Coverage on Trump's Legal Proceedings
This final paragraph wraps up the discussion by committing to ongoing coverage of Donald Trump's legal proceedings, including the outcome of the bond issue and the New York fraud case. The hosts, Brian Tyler Cohen and Glenn Kersner, encourage viewers to follow their channels for updates and conclude the episode with a recap of the main points discussed.
Mindmap
Keywords
ð¡Bond
ð¡AG Tish James
ð¡Donald Trump
ð¡Seizing Property
ð¡Hanky Group
ð¡Night Specialty
ð¡Subprime Loans
ð¡Notice of Exception
ð¡Judge Engoron
ð¡Liquidity
ð¡Contempt
ð¡Populist
Highlights
Trump made bond in the New York fraud case for $175 million
The bond company may not be qualified to give Trump the bond
AG Tish James may begin seizing Trump's property
The 80-year-old billionaire, Don Hankey, head of the Hankey Group, is involved
Hankey is not authorized or licensed to post bonds in New York
AG James filed a notice of exception against the bond posted by Hankey
Hankey's company, Night Specialty, has a history of high-interest subprime car loans
A hearing is set for April 22nd regarding the bond's validity
Don Hankey may need to disclose financial information about his company
The court's ability to require the insurance company to prove their financial coverage
Night Specialty reportedly has $138 million cash on hand
The bond amount exceeds the standard practice of issuing bonds equal to 10% of surplus cash
If the bond is deemed unacceptable, Trump may be given additional time to find a new insurer
Trump's claims of winning the appeal and accusing Judge Engoron of going rogue are unfounded
Trump's supporters are the ones suffering the most from his actions
Trump's tax cut was primarily for millionaires and billionaires
Trump's use of fear and division to manipulate his base
The importance of empathy for all Americans, including Trump supporters
The exploitation of Trump's supporters through constant manipulation and deceit
Stay updated with the legal proceedings involving Donald Trump
Transcripts
you're watching the legal breakdown so
Glenn we found out a few days ago that
Trump was able to make bond in the New
York fraud case for $175 million but now
it looks like the actual bond company
may not be qualified to give him that
Bond so what happened here yeah not so
fast Donald it looks like AG Tish James
may be able to begin seizing his
property yet but it's an open question
so what happened is this um 80-year-old
billionaire uh don hanky is his name
head of the hanky group I don't know if
he has a partner named Panky but Hanky
Panky seems like it might be appropriate
given what we're learning so he is the
person who is is providing the bond or
the shity he's insuring the $175 million
for Donald Trump Well turns out he's not
authorized or licensed to post chity
Bonds in New York right of course Donald
Trump is doing business with somebody
who's not really authorized to engage in
the kind of business he's trying to
engage in so AG James has filed what's
called a notice of exception she's
lodging her disagreement or taking
exception with the shity bond that's
been posted and she is requesting more
information for example does this hanky
group the name of the company is
technically um night specialty and Don
hanky reportedly uh is a billionaire
courtesy of among other things um being
involved in subprime loans that are
given on cars at very high interest
rates and then he apparently was
repossessing as many as 250 cars a day
at one point sounds like that's how he
came into a good bit of his fortune yeah
in other words the exact kind of person
you would imagine Trump getting into
business with exactly so AG James has
requested more information she's she's
filed a notice of exception and judge
engoron has set a hearing on on this
issue on April 22nd and it looks like at
that time uh don hanky may be required
to disclose information about things
like whether he has sufficient cash on
hand to cover the
$175 million bond that he has issued um
and also if he doesn't have the cash on
hand what kind of collateral might he be
accepting from Donald Trump to secure
this Bond so it sounds like come April
22nd we're going to begin to get some
more information about the nature of
this Bond and whether it's something
that's actually acceptable to both AG
James because she's protecting the
pecuniary interest of the people of New
York she wants to make sure that you
know the the state of New York is able
to collect on the Judgment that was
issued against Donald Trump and whether
judge en Goron approves this Bond
Arrangement Glenn does the does the
court have the ability to have the
insurance company prove that they have
the means to cover Trump if he loses the
appeal you know it's a really um
interesting area of the law there's not
a lot of precedent on this issue this is
not the kind of thing that gets appealed
and then appell at courts are resolving
these kind of issues and filing opinions
that become precedent that everybody can
follow um but there are a lot of sort of
experts in this specialty in the area of
bonds that have to be posted for large
money judgments in civil cases I was I
am not an expert in that area Brian but
I was trying to read up and learn as
much as I can one of the experts in this
field said that ordinarily if a company
is going to issue a bond they should
only issue a bond for about 10% of the
Surplus cash they have on hand so the
next logical question is you know uh
hanky's company how much Surplus cash
does it have on hand well according to
some of the most recent reporting night
specialty hanky company has about $138
million cash on hand I'm no
mathematician but 10% of that would be
about 13 or4 million and yet they've
issued a bond for what $1
175 million doesn't sound like best
practices to me so yes I think all of
this will be fair game for Tish James to
inquire about for judge en Goron to then
um hold this hearing perhaps um ask for
sworn testimony from uh this Don hanky
or whoever it is that you know can
provide information about whether this
company is sufficiently solvent
sufficiently liquid that it you know
it's that it can responsibly and
appropriately issue this Bond to Donald
Trump okay well I mean first of all if
the reporting is correct and they're
liquid to the tune of about $130 $140
million then they would be staking their
entire business on Donald Trump and
still wouldn't be able to cover the
entire cost of the bond so if it turns
out that night specialty insurance
company is not Solen enough to cover the
losses if Donald Trump loses appeal what
would happen next uncharted waters but I
can give it my best guess um so remember
how you know the appell Court just sort
of gratuitously out of thin air reduced
the amount that Donald Trump had to put
up um from $464 million almost half a
billion dollars to $175 million without
explanation without Authority and
without analysis I think Justice is
still licking its wounds from that one
and they extended by 10 days the
deadline for Donald Trump to put up that
poultry amount of 175 million that they
reduced it to I suspect if there is a
dispute and a hearing that um determines
judge en Goron rules that no this Bond
issued by KN specialty is not going to
cut it he would probably give Trump
another 10 days would be my best guess
to come up with another insurer another
bondsman who's willing to put up a bond
appropriately that is backed by
sufficient assets and then at the end of
that 10-day period Well we are back to
seeing Tish James begin to seize Donald
Trump's property to satisfy the Judgment
yeah that was going to be my next
question whether you think he's going to
get the full 10 days to seek a new Bond
or if it's going to be kind of one
strike and you're out because he did
have the ability to find a company that
would be able to satisfy this bond
amount if it turns out that Knight
specialty insurance company isn't
solvent enough to do it then then
couldn't the argument be made that he's
already had this opportunity to do it
and he came up short
absolutely but when has Donald Trump
ever gotten just one strike before
accountability visits him he gets more
than three strikes he could be at bat
for a full day swinging away and never
making contact with a dang ball and it
seems like whether it's you know an
unlimited number of violations of gag
orders or an unlimited number of delays
in his criminal cases you know nobody in
a position of author Authority ever
seems to say you're out Glenn Trump has
come out and claimed uh based on this
very court case that uh that he won
appeal in this case and that judge and
Goran didn't accept the appeals Court's
ruling and that and Goron has gone Rogue
those were his exact words can you
respond to that yeah this is uh Donald
Trump living in his own little fictional
World there were some um there were some
modifications by the appell at court of
some of what judge en Goran had done but
judge en Goron adjusted accordingly he
didn't thumb his nose at the appell at
court that's more you know keeping in
line with how Donald Trump does business
and how some of his lawyers seem to do
business so this is Donald Trump's
fantasy world that he is forever pushing
on his base on his supporters you know
he's only able to fool the gullible but
he's able to fool them over and over and
over again and I think that's what these
claims are a product of and I think
what's worth pointing out to this point
is that Donald Trump knows better he
knows that he hasn't won appeal that
this case isn't even going to go to a
full appeal for probably another 6
months to a year and even if he doesn't
know he presumably has lawyers that are
smart enough to recognize that this case
hasn't gone to appeal but despite the
fact that he knows better he's still
perpetuating this Con on his own
supporters because he knows he can
exploit them he knows he can fool them
that's how much contempt he has for the
very people who are gullible enough to
your point to trust the guy and so like
you think that you know when when Trump
walks around attacking Democrats all day
that he has contempt for them the real
people he has contempt for the people he
show nothing but pure unadulterated
hatred for is his own supporters because
he comes out and just manipulates them
and exploits them and lies to them on a
daily basis and they just gobble it up
Brian in many ways the people who suffer
the most are Donald Trump's own
supporters they continue to empty their
pockets and most of them are not exactly
wealthy high dollar donors but you know
they're fooled by Donald Trump over and
over and over again the Democrats aren't
sending Donald Trump money now you know
they may have to suffer under Donald
Trump's policies when he was president
the first time and certainly we would
all suffer mightily if he ever made his
way back to the Oval Office but you know
I always try to sort of retain a healthy
dose of empathy for Donald Trump's
supporters I know it's hard and you know
I try at every opportunity to talk
across that divide as frustrating as it
can be because these are some of the
people who are suffering the most their
lives are not being made appreciably
better by any Trump policy and yet
they're also on top of that emptying
their pockets and sending him5 10 $20
over and over and over again and
according to the reporting they are
inundated with emails and text messages
saying give me more give me more give me
more and they often respond by giving
him more you know in America I I've
always said it's not us and them when it
comes to Americans it's just us
different kinds of us different flavors
of us um people with different
priorities ideologies but still it's all
us and I think we have to get back to
trying to treat everybody you know
understanding how everybody is suffering
the people who really care about the
rule of law and allegiance to the
Constitution and accountability are
suffering and the people who don't care
about that so much are still suffering
at the hands of Donald Trump so
hopefully come November we can you know
pull ourselves out of this morass this
Quagmire that Donald Trump and the
Republicans have put us in and make life
a little bit better for everybody
including the people who are perhaps
suffering most at the hands of Donald
Trump and you know he's a particularly
Insidious creature when it comes to
being able to exploit those very people
I mean his entire life has basically
been just a monument to being able to
screw people who believe him you know
who are who are gullible enough to
believe him I mean you look at you look
at everything from Trump wine Trump
casinos Trump uh uh Trump water Trump
Stakes Trump vodka Trump University was
a fraud I mean now you have these nfts
these shoes uh um Trump media which
right now is just is just on a downward
descent and so he uses his platform he
uses his words he uses his Charisma to
try to get these people you know people
again who who he's conned into believing
him to hand over their money and he does
it on a on a on a constant basis and at
the end of the day they're the ones that
are being screwed I mean he's the one
who presented himself as a fake populist
here and what did he do what was his
only major legislative accomplishment
when he was in office it was a tax cut
for Millionaires and billionaires that's
what he did he came out and said that he
wanted to help uh that he wants he said
his exact quote was he wants to be
greedy for the country he's he's rich
and so now he he used to be greedy for
himself now he wants to be greedy for
everybody else at the end of the day
what did he do he was greedy for the
very people who donated to his campaign
and nobody else and the way you know
that the way that you know that that tax
cut didn't actually help the middle
class is that just before midterms as a
as a little carrot to dangle he told
them okay well if if uh Republicans
maintain control of Congress then we'll
pass a middle class tax cut and so if if
middle class Americans had already
benefited from the initial tax cut that
he passed why would we need a middle
class tax cut if Americans are already
benefited from uh from a health care
plan that he had put forward why would
we need a healthcare plan that he was
promising if Americans had already
benefited from some infrastructure
package why would he need to promise
that stuff he never actually went
through with any of it it was all just
carrots that he was dangling for people
that were gullible enough to believe him
yeah we should never lose sight that it
is his base and his supporters who
suffer as much and in some ways more
than the rest of us and he has made
their lives no better but what he gives
them is he says your life may suck but
at least you're not black at least
you're not an immigrant at least you're
not gay those people immigrants he's now
taken into calling animals those people
are so beneath you that you should feel
better about yourself because you're not
them he gives them permission
encouragement even to hate the other and
for some people that at least gives them
some status in the eyes of Donald Trump
at least I'm not those people all the
while Donald Trump is picking their damn
Pockets right I mean that that was
perfectly put I think as long as as he
makes sure to train their eye on the
other people to your exact point people
of color gay people immigrants trans
people whatever it is anybody anybody
who he can punch down on as long as he
can train those people's ey whether it's
whether it's you know uh uh Financial
insecurity whatever it is if he can
focus them on somebody else some other
group and make them the root of all of
of their problems then he's happy and
then those people aren't training their
attention on the true problem which is
people like Donald Trump who use their
positions of power uh to pre on on those
who are weaker than them and so I think
that's what we're seeing right here so
uh with that said we'll of course stay
on top of whatever happens with Donald
Trump's prosecutions as they move
forward uh including whatever happens
with this uh the shy Bond and whether or
not it's accepted as part of the New
York fraud case that's happening right
now so with that said Glenn and I will
continue to cover this stuff if you want
to follow along please make sure to
subscribe the links to both of our
channels right here on the screen I'm
Brian Tyler Cohen and I'm Glenn kersner
you're watching the legal breakdown
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