(MENAFN) In a show of support for former President Donald Trump, several billionaire donors with sympathies toward his cause have rallied to aid him in raising approximately USD500 million as he appeals a significant judgment against his companies. This effort comes in response to a recent ruling by New York judge Arthur Engoron, who imposed a staggering penalty of USD454 million against Trump's entities. Although Trump is contesting the ruling on appeal, he faced the daunting task of providing collateral amounting to the full penalty plus an additional 20 percent to secure a bond, or risk the potential seizure of his assets, including prized Manhattan properties and bank accounts.
According to sources speaking anonymously to Reuters, hedge fund founder John Paulson and energy tycoon Harold Hamm played pivotal roles in pooling together funds to cover the required bond. Additionally, an unnamed donor reportedly contributed USD10 million to the effort. While the precise amounts pledged by Paulson and Hamm remain undisclosed, sources indicate that the full sum necessary for the bond was raised over the course of the weekend.
However, the urgency of the situation diminished following a decision by an appeals court, which ruled that Trump could post a reduced bond of USD175 million while contesting Engoron's judgment. In response, Trump assured reporters in New York that he would promptly secure the required funds, whether through cash, bonds, securities, or other means.
Despite speculation about a coordinated effort among Republican donors to raise the bond, Trump campaign spokesman Steven Cheung denied any such collaboration. Cheung emphasized that Trump possesses sufficient financial resources to satisfy the judgment in its entirety.
This development underscores the significant financial stakes involved in Trump's legal battles and highlights the unwavering support he continues to receive from influential backers within the Republican donor community. As Trump navigates the complexities of his legal challenges, the role of these megadonors remains a key aspect of his ongoing efforts to defend his interests and preserve his business empire.
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