As former President Donald Trump faced difficulties last month in posting a bond exceeding $450 million to prevent authorities from seizing his properties, California billionaire Don Hankey and his wife, Debbi, explored a potential solution: Hankey's business could provide the necessary coverage.
Hankey, a Trump supporter who amassed his wealth by offering high-interest auto loans to individuals with poor credit, initiated discussions with Trump's team to negotiate a deal.
Initially, when the bond was reduced to $175 million and Trump claimed he could independently fulfill the requirement, Hankey believed the matter was settled.
However, to his surprise, the Trump team revived talks and requested Hankey to back the new amount, to which he promptly agreed, charging Trump a "modest fee."
This financial assistance appears to have enabled Trump to navigate a financial challenge and potential bankruptcy, allowing him to post the bond and challenge a substantial civil fraud judgment in New York.
Hankey's involvement has thrust him into the presidential campaign's spotlight due to his significant financial backing of Trump.
Hankey emphasized that his decision was driven by business considerations rather than political motivations, despite his previous support for Trump.
He drew parallels between his business practices and Trump's defense in the civil case regarding asset valuation and loan practices.
Despite his substantial financial support for Trump, Hankey stated that he strives to steer clear of political entanglements and maintains a neutral stance.
He also noted his past support for candidates from both the Republican and Democratic parties.
Hankey's support for Trump extends beyond the recent bond deal. He holds a significant stake in Axos Bank, which provided critical loans to Trump's businesses following the fallout from the January 6, 2021, Capitol attack.
Hankey's business ventures, particularly Westlake Financial Services, have faced scrutiny for their lending practices, including allegations of engaging in illegal debt collection tactics.
While Hankey's association with Trump has garnered him national attention, particularly in the context of the presidential campaign, he remains focused on his business interests and maintains a pragmatic approach to his interactions with political figures.