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.

  • @OsrsNeedsF2P@lemmy.ml
    48•9 months ago

    Possibly the most eye opening quote is at the end of the article:

    “When the bond was reduced, we thought they could cover the damages themselves and didn’t think we’d hear back from them again, but they called us back” a couple of days later, Hankey said. The talks went quickly, with the company saying it would collateralize the full amount using a combination of cash and bonds. The money it eventually did put up appeared to be all cash, Hankey added."

    Some billionaires expected Trump to be able to post the bond, but Trump could not. If Trump is fooling billionaires, do you really think he’s not fooling you?

    • @KevonLooney@lemm.eeOP
      28•9 months ago

      “Hey bro, can you lend me $450?”

      “Yeah maybe man. You don’t have it?”

      “Nah. I’ve got almost enough though.”

      “Hey man, I actually don’t need the full amount now. Just $175.”

      “Bro, I thought you said you had that money.”

      “Uhhh…”

      • @gravitas_deficiency@sh.itjust.worksEnglish
        7•9 months ago

        It’s just… like, what the actual fuck does this insurance company think is gonna happen? He’s gonna stiff them, and tie it up in court indefinitely. It’s not a mystery. He’s done it before. He will do it again. It’s a pattern and practice.

    • @dhork@lemmy.worldEnglish
      8•9 months ago

      It’s interesting that he went and got the bond anyway, even though he had the cash to cover the full amount. The fee the bond company is charging is significant. I suspect the better financial decision would have been to just hand the cash over. Even in the unlikely event the judgement is vacated on appeal, the Court would give back the money and he’s just be out the interest he would have made.

      Also interesting the guy went and blabbed that they were in talks with Trump for the full amount. One of his justifications for getting it reduced was the idea that it would be impossible to get the full amount. But althat appeared to be yet another lie.