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...Its chief executive later explained the company had done so through “the ordinary course of its surety business and is acting as a neutral party”....
...Oklahoma, another oil producer, banned JPMorgan, BlackRock and others from doing business with the state in 2023....
...The attorney-general’s office suggested the $175mn bond, which is underwritten by Knight Specialty Insurance Company, should be deemed ineffective, and Trump given another week to find an alternative backer...
...” for a valid surety in New York....
...MainFT has previously reported the company’s history of run-ins with regulators....
...Trump’s legal team said on Monday that the Trump Organization had approached 30 surety companies — including Allianz, Axa, Berkshire Hathaway, Chubb, Munich Re, Swiss Re and Zurich — via four separate brokers...
...A surety bond serves like a bank letter of credit. It guarantees that a defendant can pay a legal judgment if appeals do not succeed....
...Going by altitude alone is not the safest predictor of snow-surety, though. Climatic conditions can have a sizeable impact....
...But the Trump Organization is a private company, and it is almost impossible to verify his claims....
...While Johnson says business is good, and the company has just had its first year of profit, he emphasises the challenges of being an independent operator....
...They said that in their efforts to secure the larger bond they had approached 30 surety companies — including Allianz, Axa, Berkshire Hathaway, Chubb, Munich Re, Swiss Re and Zurich — via four separate brokers...
...A servicing company placed the loan on watch for possible default — although the Trumps have remained current on their payments....
...“For the American and European supply chains to be built, you need a surety built by the government,” said Matthew Ashley, senior cobalt trader at Traxys, a Luxembourg-based trading house....
...Unfortunately for Trump, it seems no lenders will provide him with the surety bond to cover his damages....
...Shortly afterwards, Chevron unveiled a $53bn acquisition of US oil company Hess....
...Before New York attorney-general Letitia James more than halved the original bond, Trump’s lawyers said 30 surety companies refused to underwrite such a large amount....
...Oklahoma-based Chesapeake offered $6.69 per Southwestern share....
...lawyer for the attorney-general’s office, argued that the former president could piece together a series of smaller bonds, or use his real estate portfolio to secure bank credit that could then back a surety...
...The company has a plant in Nevada and is building a second one in Kansas. Panasonic recently ended its talks with the Oklahoma government about investing in the state....
...He did a U-turn on TikTok, now saying its Chinese parent company should retain ownership....
...Using high quality bonds or securities as surety creates complicated linkages....
...Republican states reliant on the fossil fuel industry, including West Virginia and Oklahoma, have banned some asset managers from doing business with them, based on accusations of boycotting fossil fuels...
...That need for surety is bemusing some economists and investors....
...Though it has turnover of £1.2bn and more than 400 stores across the UK, the company has faced challenging cash conditions since last year....
...Affordability varies between states, too: Louisiana, Mississippi and Oklahoma all had credit-card-debt-to-median-income ratios of more than 10 per cent compared with the least stretched states of New Hampshire...
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