AmBase entered into a Senior Promissory Note with Chairman and CEO Richard A. Bianco for a $300,000 loan at 6.5% interest to support working capital. The note matures on the earlier of sufficient funding receipts or Feb 28, 2029, with a potential exclusion for certain litigation funding related to the 111 West 57th legal proceedings. At Mr. Bianco's option, the outstanding amount plus interest may be converted into a pari-passu litigation funding agreement alongside third-party funders. The financing is intended to bridge liquidity while the company pursues funding alternatives and ongoing litigation.
Agreement details:
- Agreement type: Senior promissory note ($300,000 at 6.5% per annum)
- Counterparty: Richard A. Bianco
- Signed / Effective: Feb 25 2026 / same
- Duration / Termination: Until earlier of sufficient funding receipt or Feb 28 2029
- Reason: Provide working capital and bridge liquidity during 111 West 57th litigation
Original SEC Filing:
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