AmBase Reports Supervisory Goodwill Damages Opinion
GREENWICH, Conn., Sept. 7, 2011 /PRNewswire/ -- On September 1, 2011, AmBase Corporation (the "Company") (OTC Bulletin Board: ABCP) had announced that Judge Loren Smith ("Judge Smith") of the United States Court of Federal Claims ("Court of Claims" or the "Court") issued a damages opinion, dated August 31, 2011, in the Company's Supervisory Goodwill legal proceedings. Pursuant to Judge Smith's opinion, the Company is awarded directly $205,013,000 in lost value expectancy damages, plus tax gross-up if applicable. The Company is continuing to review the Court's damages opinion with its advisors. A copy of the Court's damages opinion is available on the Court of Claims website at www.uscfc.uscourts.gov.
The Company has no contingent fee agreements in place with its attorneys or any outside advisor in connection with the Supervisory Goodwill legal proceedings or award.
As the Company has previously stated, Judge Smith's opinions and rulings in the Supervisory Goodwill case may be subject to appeal. The Company can give no assurances regarding the ultimate outcome of the Supervisory Goodwill legal proceedings, the final amount of any award or when it might be received.
SOURCE AmBase Corporation