Revealing how the firm behind Trump’s $175 million bond deal came together

Knight Specialty Insurance’s chairman and majority shareholder, Don Hankey, recently spoke with CNN about the company’s deal to underwrite former President Donald Trump’s $175 million bond in New York. Hankey stated that the transaction came together quickly, with Trump providing all cash as collateral.

Based in California, Knight Specialty Insurance is known for offering subprime auto loans to individuals with weaker credit scores. The company has been involved in various business deals with Trump in the past, including Axos Bank, where Hankey is a leading shareholder and the bank loaned Trump $100 million to refinance the mortgage on Trump Tower in 2022.

While Hankey has not heard from the president directly, Eric Trump reached out to thank him for the recent business dealings. The two have been connected for years, with Hankey supporting Trump’s presidential campaigns and making significant contributions to his campaigns. He confirmed that he plans to support Trump again in the 2024 election.

Initially planning to use a mix of investment-grade bonds and cash as collateral, Trump ultimately decided to provide all cash for his $464 million bond after it was lowered by the New York appeals court. Despite this setback, the deal came together quickly thanks to Hankey’s involvement and support from Knight Specialty Insurance.

By Samantha Johnson

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