Trump Posts $175M Bond In New York Civil Fraud Case


We all knew Trump wasn’t going to be able to come up with the $464 million bond in his civil fraud case in New York, and now with the help of the New York appeals court, and some other sleazy characters as well, he’s made his reduced bond of $175 million:

Former President Donald Trump has posted a $175 million bond as he appeals the judgment against him in the New York civil fraud case brought by state Attorney General Letitia James.

Trump’s bond pauses any action that James could take against Trump’s properties in response to the judgement until at least September, when the state appeals court also set a schedule to hear his appeal of the $464 million verdict against him.

The bond is underwritten by Knight Specialty Insurance, a California-based insurance company, but the court document does not list the collateral that Trump used to secure the bond.

Here’s more from attorney Lisa Rubin on Knight Specialty Insurance:

And here’s more from reporter Zach Everson on what Trump used for collateral.

The bond was provided by California-based company Knight Insurance. Trump’s collateral to secure the loans was a combination of cash and investment-grade bonds, according to Don Hankey, the chairman of Knight Insurance.

Hankey told Forbes that his company had initiated the deal, reaching out to Trump just a few days before an appeals court lowered the amount Trump would have to pay while his appeal was heard. “This is what we do at Knight insurance,” said Hankey, who confirmed he had supported Trump’s political campaigns in the past. “I’d never met Donald Trump. I’d never talked to him on the phone. I heard that he needed a loan or a bond, and this is what we do. So, we reached out, and he responded.” The deal, Hankey said, came together in just a few days.

Hankey, a billionaire who presides over an auto-services empire, may never have met Trump, but he was the largest individual owner of Axos Financial, the lender that bailed out Trump by refinancing his mortgages at Trump Tower and his Miami resort in 2022. Axos also previously had done business with the family of Jared Kushner, Trump’s son-in-law.

A spokesperson for Trump did not immediately respond to a request for comment.





Source link

About The Author

Scroll to Top