Former President Donald Trump on Monday posted a $175 million bond in his New York civil fraud case to appeal the judgment and stave off asset seizure, according to NBC News.
Trump sought to appeal the ruling, which found Trump liable for $454 million, but complained to an appellate court that he could not secure a big enough bond to appeal the judgment. The court last week reduced Trump’s bond to $175 million, though he is still on the hook for the full amount – plus interest ‑ if he loses his appeal.
The bond was underwritten by Knight Specialty Insurance Co., which is run by billionaire Don Hankey, who is No. 128 on the 2023 Forbes 400 list.
MSNBC legal analyst Lisa Rubin noted that Hankey is the so-called “king of subprime car loans.” Hankey is “best known in the business world for making high-risk, high-interest loans to car buyers with flawed credit histories,” according to Fortune.
Hankey, who is #128 on Forbes’s 2023 list and #317 on the 2023 Forbes billionaires list, made his money in auto services. But he is also believed to be the largest shareholder in Axos Bank. 2/https://t.co/hoHunssVro
— Lisa Rubin (@lawofruby) April 2, 2024
Hankey is also “believed to be the largest shareholder in Axos Bank,” according to Rubin.
“If Axos sounds familiar, it's because it's the financial institution that refinanced Trump’s loans on Trump Tower and Doral in 2022. Specifically, Axos has loaned Trump $100 million in his refinancing of Trump Tower and another $125 million for Doral,” she wrote.
Both loans are not due until 2032, according to the Office of Government Ethics disclosure Trump made in August 2023. The list of his liabilities, as it appears in that filing and which references both Axos loans, is pasted below here. 4/ pic.twitter.com/3al5ncARFJ
— Lisa Rubin (@lawofruby) April 2, 2024
Hankey told the Associated Press that both cash and bond were used as collateral for Trump’s appellate bond.
“This is what we do at Knight Insurance, and we’re happy to do this for anyone who needs a bond,” he said, adding that he has never met with Trump.
