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AmBase (ABCP)

In August 1988, the Company acquired Carteret Bancorp Inc., which through its principal wholly owned subsidiary Carteret Savings Bank, FA, was principally engaged in retail and consumer banking, and mortgage banking including mortgage servicing. On December 4, 1992, the Office of Thrift Supervision ("OTS") placed Carteret Savings Bank, FA in receivership under the management of the Resolution Trust Corporation ("RTC") and a new institution, Carteret Federal Savings Bank, was established to assume the assets and certain liabilities of Carteret Savings Bank, FA.

Company profile

Ticker
ABCP
Exchange
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
111 West 57th Investment LLC ...
IRS number
952962743

Calendar

5 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.52M 1.52M 1.52M 1.52M 1.52M 1.52M
Cash burn (monthly) 200.33K 306.08K 327.67K 364.92K 200.33K 306.08K
Cash used (since last report) 287.42K 439.14K 470.1K 523.55K 287.42K 439.14K
Cash remaining 1.23M 1.08M 1.05M 996.45K 1.23M 1.08M
Runway (months of cash) 6.2 3.5 3.2 2.7 6.2 3.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 Apr 22 Camac Fund Common Stock Sell Dispose S No No 0.36 100,000 36K 9,190,909
17 Jun 21 Richard A Bianco Common Stock Gift Acquire G Yes No 0 720,000 0 157,547
17 Jun 21 Richard A Bianco Common Stock Gift Dispose G No No 0 720,000 0 157,547
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 0 NEW
Opened positions 1 0 NEW
Closed positions 0 1 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 20 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Huntington National Bank 20 $0 NEW
Largest transactions Shares Bought/sold Change
Huntington National Bank 20 +20 NEW

Financial report summary

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Risks
  • The Company has incurred operating losses over the last several years and may not be able to achieve or maintain profitability.
  • The Company is in a competitive business.
  • We are a party to legal proceedings relating to our equity interest in the joint real estate venture 111 West 57th Partners, and may become subject to additional litigation in the future, any of which could have an adverse effect on our financial condition, results of operations, cash flow and per share trading price of our common stock.
  • Property ownership through equity investments and/or in joint ventures could subject us to the differing business objectives of our co-venturers.
  • We may be unable to identify suitable properties for equity investments and acquisitions and any new investments and acquisitions may fail to perform as expected and subject us to new risks, including risks created by geographic concentration.
  • The Company is subject to risks inherent in owning, developing and leasing real estate.
  • We are dependent on our key personnel whose continued service is not guaranteed and the loss of whose service could have a material adverse effect on our business.
  • Changes in the composition of the Company’s assets and liabilities through acquisitions, divestitures or corporate restructuring may affect the Company’s results.
  • Terrorist attacks and other acts of violence or war may affect the market, on which the Company’s common stock trades, the markets in which the Company operates the Company’s operations and the Company’s results of operations.
  • The Company may not be able to generate sufficient taxable income to fully realize the Company’s deferred tax asset.
  • Because the Company from time to time maintains a majority of its assets in cash and/or securities, the Company may in the future be deemed to be an investment company under the Investment Company Act of 1940 resulting in additional costs and regulatory burdens.
  • Our amended and restated shareholder rights plan may delay or prevent an acquisition of us that shareholders may consider favorable or may prevent efforts by our shareholders to change our directors or our management, which could decrease the value of your common shares.
  • The current pandemic of the novel coronavirus (COVID-19) is expected to, and the future outbreak of other highly infectious or contagious diseases may, materially and adversely impact the business, income, cash flow, results of operations and financial condition of the Company, including the 111 West 57th Property.
Management Discussion
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and related notes, which are contained in Part II - Item 8, herein.
  • AmBase Corporation (the “Company” or “AmBase”) is a Delaware corporation that was incorporated in 1975.  AmBase is a holding company.  At December 31, 2021, the Company’s assets consisted primarily of cash and cash equivalents.  The Company is engaged in the management of its assets and liabilities.
  • In June 2013, the Company purchased an equity interest in a real estate development property through a joint venture agreement to purchase and develop real property located at 105 through 111 West 57th Street in New York, New York (the “111 West 57th Property”). The Company is engaged in material disputes and litigation with regard to the 111 West 57th Property. Despite ongoing litigation challenging the legitimacy of the actions taken in connection with the “Strict Foreclosure”, (as defined and further discussed herein), in accordance with GAAP, the Company recorded an impairment for the full amount of its equity investment in the 111 West 57th Property in 2017. Prior to the Strict Foreclosure, the carrying value of the Company’s equity investment in the 111 West 57th Property represented a substantial portion of the Company’s assets and net equity value.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: attention, compelled, consenting, cooperate, counsel, design, devote, fraudulent, intentional, interlocutory, JDS, loyalty, misconduct, piercing, PMG, procuring, tort, warranted, written