Billionaire Don Hankey has gone beyond campaign donations to support former President Trump ahead of the 2024 election.
The big picture: Hankey, California-based chairman of Knight Specialty Insurance, underwrote Trump's $175 million bond in a New York civil fraud case, as the 2024 presidential candidate's legal team appeals the judgment.
- Hankey, 80, presides over the $22.5 billion Hankey Group, which includes a real estate firm, Toyota dealership, auto insurance, rental car and dealer software companies, per Forbes.
- Knight Specialty Insurance provides high-interest loans to car buyers with low credit scores.
By the numbers: Hankey's net worth is valued at $7.4 billion.
- Described as the "little-known king of subprime car loans," he ranked No. 358 on Forbes' real-time billionaire list as of Wednesday afternoon.
- He ranks a 1 on Forbes' 5-point "philanthropy scale," and Forbes gave him a 7 out of 10 on the "self-made score."
- He regularly rents out his Malibu beach house for commercial, TV show and movie film sets.
Between the lines: Trump's legal team had difficulties finding a company willing to cover the previous $464 million bond.
- He received rejections from about 30 companies that provide appeal bonds, the New York Times reported in March.
State of play: Hankey reached out to Trump's team to negotiate a deal helping cover the previously higher bond, he told the Washington Post.
- Trump's legal team revived these talks, despite Trump having the cash to post the bond himself.
- He is charging Trump a "modest fee," per the Post, and Trump gets to keep his money.
What they're saying: Hankey said the bond was a good business deal, per the Post, not a political one.
- "I will support him in the future, but I wouldn't consider myself a major supporter," Hankey told the Post.
- Hankey, his wife and two sons have donated to Trump's previous presidential campaigns, he told CNN.
Catch up quick: In February, New York Judge Arthur Engoron ordered Trump, his companies and fellow defendants to pay nearly $364 million total in the civil fraud trial over business practices.
- They were accused of decades of financial fraud.
- The civil fraud case is one of several that Trump is facing while campaigning for the 2024 presidential election.
Friction point: New York Attorney General Letitia James warned that she was ready to seize Trump's buildings and other assets if he couldn't pay the imposed penalty.
- Trump has falsely claimed that he had to post bond in the case before being able to appeal it.
How it works: Trump had to post bond to prevent collection of the $454 million judgment.
- "The purpose of an appeal bond is to maintain the status quo during appeal," per the American Bar Association.
The intrigue: Hankey said he agreed with Trump's defense in the New York civil case, partially prompting him to provide the bond.
- "Quite often, when credit statements or financial statements are submitted to us, the values are exaggerated on some of the assets. … I would say it probably happens on 75 percent of our applications," he told the Post, referencing loans provided by Westlake Financial Services.
- Hankey is also a shareholder of Axos Bank, which provided $225 million in loans to Trump's businesses in 2022.
- Hankey said he was unaware of the loans, needed because of fallout after the Jan. 6 Capitol insurrection, until after they were provided to the Trump Organization.
Zoom in: Hankey said on Tuesday that he spoke with one of Trump's sons, Eric Trump, who thanked him.
- He said he had not yet spoken with the former president.
Go deeper: Trump keeps falsely claiming New York charged him millions to appeal fraud case
