'Who's going to do that?': Trump faces hurdles in securing appeal bond for fraud case

• Former President Donald Trump will need to secure a massive bond as he appeals the New York civil fraud trial ruling ordering him to pay more than $450 million in penalties and interest.
• Trump attorney Alina Habba said they are "prepared" to post a roughly $400 million appeal bond.
• Experts say Trump may have to liquidate real estate assets to collateralize such a large bond.
• Judge Arthur Engoron found Trump liable for fraudulently misstating his asset values on key financial statements.

Former President Donald Trump is gearing up to fight a massive fine in the New York business fraud case that threatens to erase most of the cash he says he has on hand.

But first, he has to secure a bond — and that might not be so easy.

Trump on Friday was ordered to pay about $355 million in penalties, plus more than $98 million in interest after a judge found the former president liable for fraud for manipulating financial statements given to lenders. Every day, the accruing interest adds $87,502 to Trump's bill.

Unless he wants to pay the entire penalty while his expected appeal is considered, Trump will need to post an appeal bond. This is typically up to 120% of the judgment plus the current interest.

At that rate, Trump's original ruling with interest would indicate he will need to secure a bond worth more than $540 million. But it's unlikely that the real estate baron will be able to use his properties as collateral.

It's "not very attractive to take real estate as collateral," said Neil Pedersen, owner of New York-based surety bond agency Pedersen & Sons.

Trump could have to liquidate some assets to secure a bond, said Pedersen. The bond company will also charge a fee that could total millions of dollars.

An appeal of Judge Arthur