DOJ Files Fifth Motion To Extend Deadline For Filing Initial Appellate Brief

GREENWICH, Conn., Aug. 13, 2012 /PRNewswire/ -- The Department of Justice ("DOJ"), on behalf of the United States of America, filed a fifth motion to extend the deadline for filing its initial appellate brief, which was due to expire on August 13, 2012 to August 31, 2012. Discussions between representatives of AmBase Corporation  ("AmBase" or the "Company") (OTC: ABCP) and the DOJ regarding a possible settlement of the Supervisory Goodwill legal proceedings have taken place in recent months.  In light of those discussions and other factors, the Company did not oppose the DOJ's motion to extend the briefing deadline.

Settlement discussions may not progress, and may be discontinued or continued, at any time or from time to time. The outcome of any settlement discussions cannot be predicted. The Company expressly disclaims any obligation to update, in its public filings with the Commission, or via other forms of public dissemination, the status or progress of any informal or formal settlement discussions with respect to the Supervisory Goodwill legal proceedings, and no inference regarding the status of any such settlement proceedings should be drawn from the absence or frequency of any such updates.

The Company, with its outside advisors, will continue to take appropriate steps on behalf of AmBase's interests.  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.

A copy of the DOJ's motion is provided with the Company's Form 8-K, filed with the Securities and Exchange Commission.

SOURCE AmBase Corporation

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