Wealthy Trump supporter underwrites $175 million bond

 April 3, 2024

Donald Trump posted his $175 million bond in New York on Monday, halting the efforts of far-left prosecutor Letitia James to seize his property over business "fraud." 

The bond was secured by a billionaire supporter of Trump's, Don Hankey, who built a fortune in car dealerships and subprime auto loans. He is the chairman of Knight Specialty Insurance Co.

By posting the bond, Trump has temporarily frozen a nearly $500 million judgment imposed by Judge Arthur Engoron.

Trump posts bond

The judge controversially found Trump liable for sweeping fraud in a case that had no jury and no victims.

Trump is appealing Engoron's verdict, which was so severe that it left Trump initially unable to post a bond.

A state appeals court intervened at the last minute and lowered Trump's bond from $540 million after Trump's lawyers said he didn't have enough cash to pay it and could not find any underwriters willing to accept real estate as collateral.

Hankey said he reached out to Trump as he struggled to come up with cash for the original bond.

“I heard they were looking for somebody and this is what Knight insurance does,” Hankey said. “We have the liquidity and I’m just happy to provide it.”

Once the appeals court intervened, they finalized a deal. Trump paid the collateral in cash, Hankey said.

"Yes, I voted for him in the past, but this is a business deal and this is what we do,” Hankey said. “I have never met Donald Trump, nor talked to him on the phone.”

Letita James LOSES

Before the appeals court got involved, Letitia James had floated a "fire sale" of Trump's property and even began taking steps to seize it. But the collection has been frozen, for now. 

"As promised, President Trump has posted bond," his attorney Alina Habba said in a statement Monday evening. "He looks forward to vindicating his rights on appeal and overturning this unjust verdict."

Trump previously secured a bond through Chubb Ltd. in his separate defamation case involving E. Jean Carroll. Trump was found liable for defaming Carroll and fined over $80 million for saying he did not rape her.

Trump attacked Engoron on Truth Social Tuesday, accusing the judge of participating in a broad effort to interfere in the 2024 election.

"This is Election Interference, and it all comes directly from Joe Biden and the White House. An attack, along with ALL OF THE OTHERS, on his political opponent, ME!" he posted on Truth Social.

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