AmBase CEO Richard Bianco Puts Another $1.5 Million Behind 111 West 57th Litigation
The company still carries a going-concern qualification and says it will need more outside capital to keep pressing its claims.
October 16, 2026
AmBase Corporation has drawn another $1.5 million from its own chief executive to keep its long-running fight over the 111 West 57th Street property going. Under a letter agreement dated October 13, 2026, Richard A. Bianco, the company's chairman, president and CEO, paid the money to AmBase for working capital and continuing litigation expenses tied to the property.
The payment comes on the same terms and conditions as the litigation funding agreement AmBase and Bianco signed on March 2, 2026. That agreement called for Bianco to provide an initial amount of up to $6 million, plus additional amounts the two sides agree to from time to time. The October letter combines the new payment with the earlier funding into a single total the parties call the RAB Litigation Fund Amount.
Still Seeking Capital
AmBase's financial statements carry a qualification about its ability to continue as a going concern, and the company says it will need to raise more capital both to stay in business and to fund expected litigation costs. The sources it is exploring include:
- Sales of equity or debt securities, or long-term borrowings
- Additional loans or litigation funding from affiliates, financial institutions, other stockholders or third parties
- Recoveries from various sources
AmBase intends any such transactions to be on market terms, but cautions that there is no assurance it can raise capital on acceptable terms, or at all.
What Litigation Funding Typically Costs
The company also outlined how litigation funding arrangements are generally structured. The funder is usually repaid its initial amount before the company receives any recovery, plus an additional multiple of 1.0 to 3.5 times the amount funded, depending on various factors. Depending on the funder, the arrangement may also carry fees, expenses, interest and a percentage of the total recovery. AmBase presents these as general market terms and does not break out the economics of the Bianco agreement in this disclosure.
Options for the Property
AmBase says it is pursuing legal action to protect its rights and recover its investment value from various sources, while weighing other economic strategies, including a possible sale of its interest in, or rights related to, the property. Management cautions that adverse developments make success uncertain, that any effort will likely require sustained work and substantial additional capital, and that failing to recover all or most of the investment's value would in all likelihood have a material adverse effect on the company's financial condition and future prospects.
