Meet the ‘subprime auto king’ who arranged Trump’s $175 million bond

After weeks of uncertainty, former President Trump posted $175 million bail on Monday in a civil fraud case in New York with the help of little-known California billionaire Don Hankey. paid the money.

Hankey’s Knight Specialty Insurance Company assumed Mr. Trump’s bail, allowing the former president to proceed with appeals in the case and blocking a seizure of his assets by New York Attorney General Letitia James (D).

Mr. Hankey did not respond to requests for comment.

Billionaire known as “subprime car kingHe made his fortune in Los Angeles by making high-interest car loans to customers with bad credit.

Since then, he has expanded into finance, technology, real estate and insurance, running an eight-company empire known as the Hankey Group.According to forbes.

Hankey said he first reached out to Trump after hearing that the former president was having trouble paying the original $464 million bail in the case, adding, We talked about putting it together.” CNN.

Mr. Trump’s lawyers told the New York Court of Appeals last month that despite their “intense efforts,” it would be “impossible” to secure the full bond due to a lack of cash on hand. The court ultimately reduced the bond to $175 million.

“I heard they were looking for someone, and this is the job for Knight Insurance,” Hankey said. bloomberg. “We have the liquidity and we are happy to provide it.”

Hankey acknowledged that he had voted for and donated to Trump in the past, emphasizing: washington post His decision to underwrite the bonds was not political.

“I’m chairman of the boards of several companies, and we just continue to do business, and we try to stay away from political issues and taking sides,” he told the Post. “I will support him in the future, but I don’t consider myself a major supporter.”

The paper said that Mr. Hankey had past financial ties to the former president through stock in Axos Bank, and that the bank had been involved in Mr. It provided a $25 million loan.

But Hankey, the bank’s largest individual shareholder, said he was unaware of the loan at the time.

“Anyone else would have done it,” Hankey told CNN about the bond arrangement Monday. “It was an easy transaction. They assembled it very quickly.”