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The company behind Trump’s $175 million bond deal shares insights into its creation

Knight Specialty Insurance, a California-based company, recently underwrote former President Donald Trump’s $175 million bond in New York. Don Hankey, the chairman and majority shareholder of Knight Specialty Insurance, revealed to CNN that the deal was completed quickly and that Trump posted all cash as collateral for the bond. The bond amount was originally $464 million but was reduced to $175 million by a New York appeals court. Hankey confirmed to CNN that he has supported Trump’s presidential campaigns in the past and intends to do so again in 2024.

Hankey reached out to the Trump Organization last month when Trump was struggling to put together a bond. Although initially, Trump planned to post a mix of investment-grade bonds and cash as collateral, he eventually decided to put up all cash. Knight Specialty Insurance approved the bonds but they were not posted in the end. Eric Trump thanked his family for their business after the recent deal was completed.

This is not the first time that Hankey and Trump’s businesses have been connected. In 2022, Axos Bank, a California lender where Hankey is a leading shareholder, loaned Trump $100 million to refinance his mortgage on Trump Tower. Despite their previous business dealings, Hankey and Knight Specialty Insurance continue to support Trump and his endeavors.

By Samantha Jones

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