AmBase (OTC: ABCP) dropped 2.78% today, closing at a share price of $1.75. The stock has maintained approximately the same share price range since mid-March.
The overall performance of Ambase in 2012 has been respectable, with a total gain of 57.7%. The stock steadily rose from New Year’s Day until March 7th, when the stock started a huge rally that peaked at $1.80 on March 20th. Yesterday, the stock hit that same peak price. Since then, it has maintained a price range of $1.61 to $1.80.
AmBase Corporation is a holding company. It is a proprietor and service manager of a commercial building in the State of Connecticut through a wholly-owned subsidiary. The premises in the Greenwich district, measures approximately 14,500 square feet. Approximately 3,500 square feet contains the Company’s offices for their senior staff. The area remaining was empty and was up for lease as of 31 December 2009.
On May 12, 2012, the department of Justice submitted a 2nd motion to extend the closing date to submit its provisional appellate document. This was scheduled to expire between May 18th and June 18th.
The company’s agents recently met with the Department of Justice to discuss a potential settlement of the legal proceedings of Supervisory Goodwill. With the view of this meeting and various other issues, the company elected not to contest the Department of Justice’s motion.
The company has not made any statements regarding the settlement or outcome of these proceedings. Because the company cannot provide reassurances, estimates on the final award or, for that matter, a date on when an award may be received cannot be made at this time. “The company, together with its external advisors, continues to take appropriate measures to safeguard the Company’s interests in relation to the legal proceedings of Supervisory Goodwill.”
From December 31, 2009, the Company had 6.3%proprietor interest in SDG, Inc. (aka SDG). This is a development pharmaceutical enterprise. The Company acquired shares (of preferred convertible and common stock) in another development pharmaceutical enterprise named AMDG, Inc.
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