Trump Posts $175M Bond In Civil Case
President Donald Trump secured a $175 million bond payment late Monday night, staving off the potential seizure of New York skyscrapers, golf courses, and other properties by the state’s attorney general.
The money arrived from bond company Knight Specialty Insurance Company, according to ABC News, which said in a statement that it made sound financial sense to buttress a former president who saw his net worth swell by several billion dollars in the past few weeks.
“This is what we do at Knight Insurance, and we’re happy to be able to accommodate the ex-president in this situation,” owner Don Hankey told ABC News. “I’d say it’s more of a business decision, but I happen to be a supporter also.”
Hankey was similarly undeterred when President Trump previously reached out as he sought to cover the original $454 million judgment against him, which was later greatly reduced as a result of his appeals.
🚨BREAKING: Trump posts $175M bond in civil fraud case to start appeal.
This a YUGE BLOW to AG Letitia James, hindering her plans to seize Trump’s assets, which she was eagerly anticipating.
Judge Engoron and AG Letitia James were attempting to compel Trump to promptly post… pic.twitter.com/fr8o4Q3Ncy
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) April 2, 2024
“It was a relatively low number, and Donald Trump put up all the collateral in cash,” Hankey said.
The collateral put up by Trump, he added, was flawless “grade-A bonds, investment grade quality securities.”
“We’re confident that we have very good collateral,” Hankey said.
“As promised, President Trump has posted bond,” his attorney Alina Habba said in a statement to ABC News Monday evening. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
Last week New York Judge Arthur Engoron, a favorite foil of the former president’s, issued his landmark ruling that the Trump real estate empire committed fraud upon the State of New York when it sought property valuations that improved its chances for greater business. Despite being unable to point to a specific victim, AG James claimed the ruling was a decisive win for taxpayers and that she would move to immediately begin seizing Trump assets.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James said in a recent interview with ABC News. “We are prepared to make sure that the judgment is paid to New Yorkers.”
Attorneys for President Trump continue to appeal the ruling, which they argue relies on “misinterpreted” legal reasonings by Judge Engoron. Other businessmen have backed up the president’s assertions, saying it’s common in real estate circles to seek favorable property assessments.
“There is no evidence, and no finding by Supreme Court, that the relevant lenders and insurers would not have given Defendants loans and policies on the same terms in the absence of the supposed ‘misrepresentations,’” defense lawyers said in a March filing.
