The company that saved Donald Trump with a $175 million bank fraud bond is playing an insurance game that has experts questioning whether New York will ever see the money.

When the questionably leveraged company that rescued Donald Trump with a last-minute $175 million court bond insured itself with its own parent company, it raised concerns about how the company was playing with its finances.

But now, as even more details come out about that parent company—particularly that it’s based in the Cayman Islands, a notorious tax haven—the concerns are just piling up.

Former industry regulators and investigators told The Daily Beast that Knight Specialty Insurance Company being financially backed by a firm based in the Cayman Islands should raise eyebrows at the New York AG’s office—particularly because companies frequently organize in the Cayman Islands not just to avoid taxes, but also to minimize visibility into its business practices, avoid more stringent U.S. regulations, and make liability harder should things go wrong.