Full details of the billionaires’ efforts to raise funds, such as how much each donor had potentially pledged, were not immediately available. — Reuters
New York: Some major Republican donors were working together to help US presidential candidate Donald Trump fund the original bond amount needed to cover his US$454mil civil fraud judgement ahead of Monday’s deadline, three sources briefed on the matter say.
Former Republican President Trump needs to pay a bond in a New York civil case in which he was found liable for fraudulently inflating his net worth by billions of US dollars to secure better loan and insurance terms.
On Monday he won a bid to delay the enforcement of the judgement if he posts a smaller US$175mil bond within 10 days, but until that last-minute reprieve he appeared to be struggling to raise the original amount and risked having his properties seized.
Billionaire hedge fund founder John Paulson was involved in the behind-the-scenes effort by donors concerned about Trump’s legal woes and looking to help provide money toward the bond, two of the sources told Reuters.
Oil and gas magnate Harold Hamm was also involved, one of those sources said.
The sources asked not to be identified in order to speak freely about the matter, which has not been previously reported.
Paulson, the founder of Paulson & Co, did not immediately respond to requests for comment.
Reached by phone and asked about his involvement, Hamm, the founder of oil company Continental Resources, appeared to hang up. A spokesperson for Hamm did not respond to requests for comment.
The Trump campaign did not respond to multiple requests for comment.
A fourth source, a Trump ally, said he had direct knowledge of one donor who offered more than US$10mil toward the bond over the weekend, before being told it was not necessary.
After Monday’s court decision allowing a smaller bond, Trump said he would now be able to pay.
“I’ll post either the US$175mil in cash or bonds or securities or whatever is necessary, very quickly,” Trump told reporters in New York.
Surety companies would have likely required Trump to post about US$558mil in collateral for the original bond, or 120% of the judgement, according to Trump’s lawyers.
Full details of the billionaires’ efforts to raise funds, such as how much each donor had potentially pledged, were not immediately available.
One source said the group had pooled the full amount originally due Monday. It was not clear whether the mega-donors would offer to help fund the new bond.
It was also unclear whether Trump would have to provide collateral or other guarantees to the benefactors.
The potential help from Trump’s billionaire allies shows that he retains some deep pocketed-support in his quest to win back the White House in the Nov 5 presidential election against Democrat Joe Biden.
It also highlights how big donor money is playing a potentially different role in this presidential election as Trump faces a major financial squeeze amid multiple legal judgments and expenses.
Paulson and Hamm are both involved in an upcoming campaign fundraiser for Trump that is unrelated to the efforts around the bond. An invitation shows Paulson listed as a host and Hamm serving as a co-chair. — Reuters
