Donald Trump Acquires $175 Million Bond In Civil Fraud Case, Stopping Asset Seizures
In a recent court filing, former President Donald Trump and his co-defendants have successfully obtained a $175 million bond for their New York civil fraud case.
Trump, 77, obtained the bond from Knight Specialty Insurance Company, a subsidiary of the privately-held Hankey Group. The chairman of the Hankey Group, Don Hankey, expressed his support for Trump in an interview with ABC News.
Posting bond means the New York's attorney general cannot enforce the penalty by freezing bank accounts or confiscating property until his appeals are heard.
Hankey revealed his company is ready to assist the former president, stating, "This is what we do at Knight Insurance, and we're happy to be able to accommodate the ex-president in this situation." Hankey clarified that while it's primarily a business decision, he also considers himself a supporter of Donald Trump.
Hankey mentioned that his company was initially engaged in discussions regarding underwriting the original $464 million bond in the case. However, following a reduction by a New York appellate court to $175 million, Hankey said that his company recommitted their efforts to underwrite the bond.
"It was a relatively low number, and Donald Trump put up all the collateral in cash," Hankey said.
"We're confident that we have very good collateral," Hankey claimed.
Hankey also informed ABC News that he has contributed to the former president's campaign, but couldn't recall the exact amount he donated.
An official from the New York attorney general's office opted not to provide a statement to ABC News.
"As promised, President Trump has posted bond," his attorney Alina Habba stated in an announcement Monday evening. "He looks forward to vindicating his rights on appeal and overturning this unjust verdict."
Donald Trump denies any wrongdoing, and, according to BBC, calls the case a "political hit job."
A panel of judges from New York's Appellate Division granted a 10-day stay of the $464 million judgment in the civil fraud case involving former President Trump, his adult sons, and two former Trump Organization executives. They were permitted to post a reduced bond of $175 million.
Trump's legal team contended that he lacked the funds to secure a bond for the full judgment after being turned down by over 30 bond companies. They argued that without intervention from the appeals court, Trump would face irreversible damage, being forced to sell off his branded properties before exhausting his appeal options for the fraud ruling.
