Negotiations were underway to post a $557 million bond when an appeals court reduced the size of the judgment, according to one of the participants, billionaire Don Hankey.

Looks like it actually was possible to bond the whole amount.

Don Hankey, the billionaire chairman of Knight Insurance Group, told NBC News he was negotiating to post a far heftier bond of $557 million with the Trump Organization when the state Appellate Division lowered the size of the required bond to $175 million.

  • AutoTL;DRBEnglish
    3•9 months ago

    This is the best summary I could come up with:

    Lawyers for former President Donald Trump were in discussions to pull off what they’d described as a “practical impossibility” when a New York appeals court reduced the size of the bond they had to post because of a judgment in his civil fraud case by almost $400 million.

    The posting of the bond prevents New York Attorney General Letitia James from collecting on the $464 million judgment against Trump and his co-defendants in a civil fraud case while the appeals process plays out.

    In New York, if a person or a company wants to pause a judgment while they appeal, they typically have to post security for the full award, and then some.

    They argued that having to post the full amount was “impossible” and would require Trump and his company to start selling off assets because they didn’t have that much cash on hand.

    “Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” they said in a March 18 filing.

    Experts told NBC News that Trump needed the appeals court to hit pause because if James started seizing assets, the results could have been disastrous for his company, potentially leading to bankruptcy.

    The original article contains 819 words, the summary contains 202 words. Saved 75%. I’m a bot and I’m open source!