Former President Donald Trump's lawyers agreed Monday to several new conditions regarding his $175 million bond deal, potentially ending a challenge by state officials that had undermined Trump's ability to appeal 'a decision of massive civil fraud.
New York Attorney General Letitia James had raised concerns about the bond deal, which prevented state officials from seizing Trump's assets to satisfy a ruling last February that Trump and his business partners were owed more than $450 million for providing years of financial information. financial information. Better rates than banks and insurance companies.
In particular, prosecutors objected Friday to Trump retaining control of a bank account containing $175 million in cash to secure the bonds, arguing that the provider, Knight Specialty Insurance Co., should instead have sole control of these funds to ensure that Trump cannot do this. . Do not replace cash with other, more volatile collateral.
In a Lower Manhattan courtroom on Monday, Trump's lawyers assured the court that the bonds would be backed by cash reserves throughout the appeal process. “These are all very safe investments,” said attorney Christopher Casey.
Ultimately, Trump's lawyers agreed to five concessions requested by the state, including making Knight the sole owner of $175 million in cash rather than a trust managed by Trump.
Both sides have until Thursday to finalize the deal.
Knight, which is owned by billionaire Trump supporter Don Hankey, stepped in to offer Trump bail in the case after the former president's lawyers told the court that several other companies had refused to do so. The court initially requested bail totaling more than $450 million, but that amount was reduced after Trump's lawyers told the court it was impossible to obtain bail.