April 10, 2024

Trump Bond Backer Says Might Not Have Charged Enough

Don Hankey may have just fed Democrats the information they needed to go after Trump even harder regarding the posting of the $175 million bond in the New York fraud case.

Hankey, a GOP donor and chairman of Knight Specialty Insurance, backed Trump’s bond.

He recently stated that he may not have charged Trump enough because he considered the bond to be low risk, and the media and Democrats are pouncing.

Big Money

In two legal cases, Trump has had to post bonds totaling about $250 million, with $175 of that being for the New York fraud case brought by New York Attorney General Letitia James.

While we don’t know how much Trump paid for his bonds, the typical fee is 10% of the bond, unless it is deemed to be higher risk, where fees can start to approach 20%.

If the person posting the bond is found to be innocent, the bond is returned, but they still lose that fee.

In this case, Trump will be out at somewhere in the neighborhood of $25 million if he wins these cases on appeal, but it could have been much steeper.

Democrats were outraged when they found out that Hankey had backed the bond, believing that this would open Trump to outside influence if he won the presidential election.

Hankey poured more gasoline on that fire by saying that he probably should have charged more, which now has people claiming that Trump will owe him a huge favor if he wins the presidential election.

Hankey stated, "We thought it would be an easy procedure that wouldn't involve other legal problems and it's not turning out that way. We probably didn't charge enough.”

He also stated that he is being inundated with calls and emails about the bond, and he believes that could be the reason other companies were declining to back the bond for Trump.

Had Trump not been able to post bond, it would have been a dream scenario for liberals and Democrats.

Failing to post would have meant that Trump would have had to forfeit his right to appeal as well as giving James the green light to start seizing properties.

With the valuations that James had for Trump’s properties, she would have been able to seize virtually his entire portfolio, with Trump having no way to get them back since the initial verdict would not have been able to be challenged.

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