A Donald financed the $175 million appeals bond to stay the $464 million judgment in former President Trump's New York civil fraud case, but it wasn't Donald Trump. California billionaire Don Hankey of Knight Specialty Insurance, who made a fortune selling high-interest auto loans to people with poor credit, claims he's the man behind the move. A Trump supporter, Hankey tells NBC News he'd initially reached out to the Trump team with an offer to fund a $557 million bond, equal to 120% of the judgment as required, when a court reduced the bond to $175 million. "We thought our negotiations were finished," the 80-year-old tells the Washington Post. But the Trump team requested Hankey back the $175 million and Hankey agreed.
"This is a large size for us—and everyone," Hankey tells NBC. But underwriting loans "is what we do." Trump's company, which reportedly posted full collateral in cash, is being charged a "modest fee," Hankey adds, per the Post. He notes the deal allows Trump to keep his money for now. Posting the $175 million bond on Monday without having to forfeit assets was quite an accomplishment for Trump considering that, only weeks ago, financial experts were suggesting he might have to file for corporate bankruptcy. Trump previously obtained a $91.6 million appeals loan from Virginia-based Federal Insurance Company, allowing him to stay the $83.3 million judgment in the New York defamation case brought by E. Jean Carroll.
Trump may still be strapped financially, unable to touch that $175 million provided as collateral. But "at least he's getting interest on his collateral," Hankey, who has a net worth of $7.4 billion, tells the Post. If the appeals don't go in Trump's favor, he could be in for a world of hurt financially. But he will have at least "gained more time to pay any penalties that are ultimately levied upon him," per the Post. (More Donald Trump stories.)
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