Donald Trump's bond lender defends aid

By Jonathan Stempel

NEW YORK (Reuters) – The company that provided Donald Trump with $175 million in bail in his New York civil fraud case said it had “substantial financial credibility” and rejected a suggestion by state attorney general that she was not qualified to provide. help.

Trump obtained the bond from Knight Specialty Insurance Co as security so he could appeal a $454.2 million verdict won by state Attorney General Letitia James in February.

James objected to bail on April 4 because Knight did not have a “certificate of qualification” and demanded that Trump's insurer or attorneys “justify” the bail within 10 days. The insurer is owned by billionaire Don Hankey, a Trump supporter.

In a filing Monday evening in Manhattan state court, Knight said the bond was fully collateralized by cash in a Charles Schwab account and could access nearly $2.2 billion of assets with its parent company in the event of a problem.

Knight, who is licensed in Delaware, also said he has had authority since 2021 in New York to provide the type of bond obtained by Trump.

“By any standard, KSIC has therefore provided assurance to (James) that it will be able to collect the designated amount if the award is upheld on appeal,” Knight said. “KSIC was and is authorized to issue the bond.”

Lawyers for Trump, his adult sons and the Trump Organization signed on to Knight's filing.

James' office declined to comment Tuesday. A hearing is scheduled for April 22.

Hankey made his fortune in subprime auto loans, with some regulators criticizing his companies' debt collection tactics. He is worth $7.4 billion, according to Forbes magazine.

Judge Arthur Engoron handed down the $454.2 million verdict after finding that Trump fraudulently inflated his net worth and real estate assets to induce banks and insurers to offer better terms.

Trump was initially expected to secure bond for the entire verdict while he appealed, but a state appeals court allowed him to post a lower bond.

(Reporting by Jonathan Stempel in New York; editing by Daniel Wallis)

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