AmBase entered into a Senior Promissory Note with Richard A. Bianco for a $100,000 loan at 6.5% interest to support working capital. The note matures on the earlier of sufficient funds received to repay all amounts due or January 31, 2029. At Mr. Bianco's option, the outstanding amounts may be converted into a litigation funding agreement pari passu with any future third-party litigation funding. The company expects the financing to bolster liquidity as it continues litigation related to 111 West 57th.
Agreement details:
- Agreement type: Senior Promissory Note (6.5% interest)
- Counterparty: Richard A. Bianco
- Duration / Termination: Until sufficient repayment funds are received or Jan 31 2029
- Reason: Provide working capital and support ongoing litigation efforts
Original SEC Filing:
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