Former President Trump averted a financial disaster by securing a bond that will delay payment of a $454 million judgment in his civil fraud case.
The bond, obtained after an appeals court reduced the amount to $175 million, prevents New York's attorney general from immediately collecting the judgment.
The bond, provided by Knight Specialty Insurance Company, promises to cover the judgment if Mr. Trump loses his appeal and fails to pay.
Details of the deal are private, but it likely involved a fee payment and collateral in cash and other liquid investments.
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