(UnitedVoice.com) – The legal back-and-forth over the massive bond former President Donald Trump owed in the wake of the fraud verdict against him is over. His legal team recently posted the bond. Now, there’s news about how the former president got the money necessary.
On April 1, Trump posted the $175 million bond in the New York fraud case. The former POTUS was supposed to pay more than $450 million while he appealed. However, last month, an appeals court reduced the amount to $175 million after his legal team argued he was unable to secure a bond that high.
New York Attorney General Letitia James will not be able to seize his property to pay off the massive verdict while the appeals process takes place. She’d previously stated that she would go after his assets across the country to force him to pay.
In the days since Trump posted the bond, reports have indicated that a California billionaire bailed him out. The bond is through Knight Specialty Insurance Company. The former president used a mix of cash and investment-grade bonds to secure the loans needed, Knight Insurance Chairman Don Hankey told Forbes.
Hankey is a billionaire who made his money on subprime mortgages, one of the biggest drivers of the 2008 Great Recession. He told Forbes that he reached out to Trump in the days before the bond was due and said he wanted to help him out. “This is what we do at Knight Insurance,” Hankey said.
The billionaire is a strong supporter of the former president. His company also refinanced Trump’s mortgages on his Mar-a-Lago resort and Trump Tower in 2022, helping the former president avoid a financial mess. He’s also done business with Ivanka Trump’s husband’s, Jared Kushner, family in the past.
Although Hankey has donated to his political campaigns in the past and helped him out, he claims he has never met or spoken to him.
Trump has denied any wrongdoing in the New York case and believes he will win the appeal.
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