AmBase strengthened its liquidity for the 111 West 57th legal battle by entering a new litigation funding agreement of up to $6 million with CEO Richard A. Bianco and converting a $2 million note from BARC Investments into a pari passu litigation funding arrangement. The CEO facility converts $4 million of prior notes and adds up to $2 million in new cash, including $1 million within five business days and another $1 million within 30 days. Both agreements tie repayment to future recoveries, with tiered return multiples for the CEO funding ranging from 1.5x to 2.8x depending on timing. The moves are intended to channel resources to litigation and operations while preserving working capital.
Agreement 1: AmBase Secures Up to $6 Million Litigation Funding From CEO With Tiered Recovery Multiples
- Agreement type: Litigation funding agreement
- Counterparty: Richard A. Bianco
- Signed / Effective: Mar 02 2026 / same
- Duration / Termination: Until litigation recovery; accrued interest matures in 3 years
- Reason: Fund operations and 111 West 57th litigation
Agreement 2: AmBase Converts $2 Million BARC Note Into Pari Passu Litigation Funding Agreement
- Agreement type: Litigation funding agreement (conversion of 2024 note)
- Counterparty: BARC Investments
- Signed / Effective: Mar 02 2026 / same
- Duration / Termination: Until litigation recovery; accrued interest matures in 3 years
- Reason: Preserve liquidity and fund litigation costs
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.