The Herald, Sharon, PA Published Thursday, December 4, 2003

Bail USA chairman calls bond 'excessive'

By Michael Roknick
Herald Business Editor

Harvey Childs is used to underwriting big bonds. But when he heard that a Texas judge levied a $2 billion bail against a millionaire defendant, he went into sticker shock.

"They're sticking it to him Texas-style,'' Childs said.

Childs is chairman of Greenville-based Bail USA Inc., the nation's largest bail underwriter.

There's no question a $2 billion bail is the highest ever slapped on a defendant in American history, Childs said.

"The largest bail bond I've ever heard written was $5 million,'' he said. "They do things differently in Texas that's for sure.''

Childs has followed the case of Robert Durst from the start and was well aware the wealthy New Yorker skipped bail in the past.

"Bail jumping is a serious charge,'' Childs said. "But $2 billion ... I mean we're talking $2 billion ... it's not that serious.''

Bail USA is capable of writing up to a $15 million bail. However, Childs said, the largest the company has ever written was $2 million.

"There's no way anybody in the bail-bond business could write a $2 billion bail,'' Childs said.

When a large bail is handed down, Bail USA makes sure rock solid assets are in place before agreeing to underwrite it. The company recently was contacted by representatives of Michael Jackson when a $3 million bail was set for the pop singer's release, Childs said.

Bail USA demanded Jackson place his 1,500-acre California Neverland ranch as collateral -- provided it was free and clear of any liens. Jackson took his business elsewhere.

In Durst's case, Childs said, even though he may be rich beyond the dreams of most, the only way a $2 billion bond could be posted is if he can show he has that sum tucked away in cold cash.

"The court would have to accept that,'' Childs said. "If this is a situation where he had $2 billion, but some of it is in real estate and another part is in jewelry and a pension fund and this and that -- a court wouldn't have to accept it.''

Durst's attorney said his client doesn't have that much in assets.

Regardless, Childs is sure the bail will be appealed to a higher court.

"Whenever someone is a flight risk, they up your bail,'' he said. "But $2 billion is beyond reach. That's excessive.''

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