AmBase obtains $250K loan from CEO at 6.5%; continues seeking litigation funding up to $5M

AmBase Corp

CEO Richard Bianco lends $250,000 at 6.5% interest for working capital; due July 2028 or upon receipt of funds from certain sources.
Amounts due under the note can be converted into a litigation funding agreement, pari passu with any third-party funder.
Company reaffirms going concern and is exploring up to $5 million in third-party litigation funding for 111 West 57th proceedings.
Terms allow repayment from a settlement of the 111 West 57th litigation, but exclude funds from litigation funding entities.
No assurance funding will be secured on acceptable terms; company continues evaluating strategic alternatives.

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