AmBase secures $6M litigation funding from CEO; BARC converts $2M note to fund recovery fight

AmBase Corp

CEO Richard Bianco provides $6M initial funding via RAB 2026 LFA: $4M debt conversion plus $1M now and $1M within 30 days for litigation and working capital.
BARC Investments converts $2M note into litigation funding on pari-passu terms, further reducing Company's share of future proceeds.
Litigation proceeds from 111 West 57th Street case distributed: first $7.5M to Company, then funders receive funding plus 0.5x-1.8x multiple before Company gets remainder.
Special Committee of one independent director, advised by outside counsel, determined RAB LFA is fair and in best interests of stockholders.
Company still has going-concern qualification and expects to need additional capital; no assurance of successful recovery.

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