In particular, prosecutors objected Friday to Trump retaining control of a bank account with the $175 million in cash that secured the bond, arguing that the provider, Knight Specialty Insurance Co., should instead have the exclusive control of these funds to ensure that Trump can’t swap the cash for other, more volatile collateral.
In a Lower Manhattan courtroom on Monday, Trump’s lawyers assured the court that bail would be secured by cash reserves throughout the appeal process. “These are all ultra-secure investments,” said attorney Christopher Kise.
Ultimately, Trump’s lawyers agreed to five concessions demanded by the state, including making Knight the sole holder of the $175 million in cash rather than a trust managed by Trump.
Both sides have until Thursday to finalize the deal.
Knight, whose owner is Billionaire Don Hankey, a Trump supporter, stepped in to offer Trump bail in the case after the former president’s lawyers told the court that many other companies had refused to do so. The court initially required bail totaling more than $450 million, but that amount was reduced after Trump’s lawyers argued in court that it was impossible to obtain.
washingtonpost
