A billionaire famously dubbed the “king of subprime car loans” stepped in to assist Donald Trump in posting his $175 million bond in his New York case.
Don Hankey, the billionaire in question, recounted his involvement in the bond arrangement to DailyMail.com, revealing that he initially reached out upon learning of Trump’s efforts to secure a $460 million bond. While the bond was eventually reduced, Trump’s legal team still required assistance in securing the $175 million bond within the given timeframe.
Hankey elaborated on the process, stating that Trump opted to provide all cash as collateral, making the transaction significantly easier. Initially, Trump presented a list of bonds, which Hankey and his team approved alongside a portion of cash. Ultimately, however, the collateral posted appeared to consist entirely of cash, as confirmed by a screenshot provided by Hankey.
Despite the substantial sum involved, Hankey expressed confidence in lending to Trump, citing his belief in Trump’s creditworthiness and the minimal risk associated with the arrangement, particularly when backed by cash collateral held in trust. Hankey emphasized his willingness to support Trump, noting that providing financial assistance aligns with the activities of Knight Specialty Insurance Company, which he operates.
Hankey, known for overseeing an auto services empire centered around catering to borrowers with poor credit histories, expressed readiness to utilize real estate as collateral if necessary, underscoring his commitment to assisting Trump in meeting his financial obligations.
