AmBase obtains $100,000 promissory note from CEO at 7% interest

AmBase Corp

CEO Richard A. Bianco lends AmBase $100,000 at 7% annual interest for working capital.
Note matures upon sufficient funds from any source (excluding litigation funding) or Dec 31, 2025.
Bianco may convert note into a litigation funding agreement pari passu with other funders.
Company states it is seeking approximately $7M in financing for operations and 111 West 57th litigation.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AmBase Corp entered into Senior Promissory Note with Richard A. Bianco valued at $100,000 loan at 7% per annum, due earlier of sufficient funds (excluding litigation funding entity (effective 2024-01-01).

Action: entry
Agreement: credit facility
Counterparty: Richard A. Bianco
Value: $100,000 loan at 7% per annum, due earlier of sufficient funds (excluding litigation funding entity
Effective: 2024-01-01

Exact text from the filing

In January 2024, AmBase Corporation (the “Company”) and Mr. Richard A. Bianco, the Company’s Chairman, President and Chief Executive Officer (“Mr. R. A. Bianco”) entered into a Senior Promissory Note for Mr. R. A. Bianco to provide a loan to the Company of one hundred thousand dollars ($100,000) at an interest rate of 7.0% per annum, (the “Promissory Note”), for working capital.

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Source: SEC EDGAR

accession 0001140361-24-004045

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