AmBase Announces Court of Federal Claims Approval of the Supervisory Goodwill Legal Proceedings Settlement Agreement

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Oct 12, 2012, 06:15 ET

GREENWICH, Conn., Oct. 12, 2012 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) is pleased to announce that on October 11, 2012, the United States Court of Federal Claims ("Court of Federal Claims") issued an order approving the previously announced settlement agreement in the Supervisory Goodwill legal proceedings between AmBase, the Federal Deposit Insurance Corporation-Receiver ("FDIC-R") and the Department of Justice ("DOJ") on behalf of the United States of America (the "United States") (the "Settlement Agreement"). Pursuant to the Settlement Agreement, within ten (10) business days of the Court of Federal Claims' order, the United States is required to remit $180,650,000 (one hundred eighty million, six hundred fifty thousand dollars) directly to AmBase.

SOURCE AmBase Corporation