Judge Engoron closed the loopholes and removed opportunities that Donald Trump's folks built to disappear the collateral and approved the $175 million bond.
The $175 million bond that Trump and his friend, Don Hankey, posted to stave off collections in his civil fraud judgment is good enough for Judge Engoron. Complete control over a securities account worth $175 million has been given to the bond company, removing Trump's ability to disappear the cash. A few other details were ironed out to ensure the money is reliably posted.
The big picture: While Engoron allowed the bond to stand, Trump and Knight Specialty Insurance Company agreed to meet several new requirements, per a spokesperson from the New York State Attorney General's office.
These include that Knight Specialty Insurance Company will retain "exclusive control" of the $175 million account, and the company and Trump will provide a monthly account statement certifying that there are sufficient cash funds for the bond.
Axios
Knight Specialty Insurance Company has agreed to designate an agent of process in New York.
The agreement between the company and Trump also can't be amended without court approval.
Previously: Cosplaying billionaire Donald J. Trump can not post his $464 million bond
