First Brands Founder Uses Hamptons Home for $50 Million Bond (1)

First Brands founder Patrick James will remain free on a $50 million bond partly secured by a Hamptons home as he awaits trial on fraud charges stemming from the multibillion-dollar collapse of his auto parts supply business.

James, 61, also must deposit $5 million in cash as part of a package securing his release, according to a transcript of a Jan. 29 hearing in Cleveland federal court obtained by Bloomberg News.

Meanwhile, his brother Edward, also a former First Brands executive, asked a New York judge on Tuesday to modify his $25 million bond package by removing requirements that he ...