Former President Donald Trump appealed Monday a New York judge’s decision to impose $354.9 million in penalties on Trump and curtail his ability to do business in New York for fraudulently exaggerating his net worth to secure better loan terms. He now owes New York at least $454 million due to the interest on the penalty, accruing at $112,000 daily.

Trump’s financial empire comprises approximately 500 entities, including real estate, licensing and other business ventures. His net worth, estimated by Forbes, is around $2.6 billion, most of which is in real estate. In an April deposition, Trump mentioned having roughly $400 million in cash. The court ruling prohibits Trump from applying for loans from banks registered or chartered in New York. This restriction could significantly limit his ability to raise the penalty money. In addition to the $355 million judgment, Trump also owes $83 million to writer E. Jean Carroll for defamation, and a New York jury verdict ordered him to pay Carroll $5 million in a separate case. 

Trump could seek an appeal bond, allowing him to avoid paying the entire amount upfront, and he would be able to pay the bond over time instead of immediately in exchange for a premium and collateral. However, if a company or donor puts up the bond and Trump loses the appeal, that party would be liable for the whole amount. Regardless of Trump’s future political status, the bondholders would need to fulfill their commitment, and if they fail to pay, legal actions may be taken against them. 

New York Attorney General Letitia James has been updating the daily amount of the interest accrued by Trump on her X (formally Twitter) account, emphasizing that the money will be used for the people of New York.

 New York’s Appellate Division, First Department will hear the appeal. The court will assess whether the judge committed any errors of law or fact, abused discretion or acted beyond jurisdiction. If unsuccessful at this level, Trump can request that the state’s highest court, the Court of Appeals, consider his case. However, the exact duration of the appeal process can vary based on legal complexities and court schedules.