How Trump posted the $175 million bond in his civil fraud case
Lawyers for former President Donald Trump were in discussions to pull off what they'd described as a "practical impossibility" when a New York appeals court reduced the size of the bond they had to post because of a judgment in his civil fraud case by almost $400 million.
Lawyers for former President Donald Trump were in discussions to pull off what they'd described as a "practical impossibility" when a New York appeals court reduced the size of the bond they had to post because of a judgment in his civil fraud case by almost $400 million.
Don Hankey, the billionaire chairman of Knight Insurance Group, told NBC News he was negotiating to post a far heftier bond of $557 million with the Trump Organization when the state Appellate Division lowered the required bond to $175 million.
A bond for that amount was posted Monday night, underwritten by Hankey's Knight Specialty Insurance Co. Hankey said the bond was fully collateralized by cash from Trump's company. "It was a good experience," Hankey said.
The posting of the bond prevents New York Attorney General Letitia James from collecting on the $464 million judgment against Trump and his co-defendants in a civil fraud case while the appeals process plays out.
Judge Arthur Engoron handed down the massive judgment — an award of over $350 million that ballooned to $464 million with pre-judgment interest — after he found Trump, his company and top executives had committed “persistent” fraud over several years.
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