Tuesday, July 23, 2024

Trump lawyers agree to new terms on $175 million bond in civil fraud case

NEW YORK, NY — Former President Donald Trump's lawyers agreed Monday to several new terms in his $175 million bond deal — ending a challenge by government officials that undermined Trump's ability to appeal a major civil fraud conviction.

New York Attorney General Letitia James (D) raised concerns about the bond deal, which prevented state officials from seizing Trump's assets, which he and his business partners owed more than $450 million for submitting inflated financial disclosures over the years to satisfy a February judgment. Best rates from banks and insurers.

In particular, lawyers objected Friday to Trump's control of a bank account with $175 million that backed the bond, arguing that the issuer, Knight Specialty Insurance Co., should have full control of those funds to insure Trump. t Exchange cash for other, more volatile collateral.

In a lower Manhattan courtroom on Monday, Trump's lawyers assured the court that the bond would be supported by cash reserves throughout the appeals process. “These are all very safe investments,” said attorney Christopher Kiss.

In the end, Trump's lawyers agreed to five concessions sought by the government, including one that would give Knight $175 million in cash instead of a trust run by Trump.

Both sides have till Thursday to finalize the arrangements.

Knight, its owner Don Hankey, a billionaire Trump supporter, offered to provide Trump with a bond in the case, but the former president's lawyers told the court that several companies refused to do so. The court initially requested a bond for the full amount of more than $450 million, but that was reduced after Trump's lawyers argued in court.

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