Ambase Corporation Follow Up

I got out of Ambase Corp, OTC:ABCP, after the shareholders meeting announcement that they wouldn't liquidate.  However, now that the stock has dropped 24% since then im intrigued.

This sell off is because of an announced venture mentioned....

Here : http://www.sec.gov/Archives/edgar/data/20639/000002063913000047/frm8kentry111w57.htm

 In the disclosure it mentions they will participate  in the "real estate development project to purchase, develop, and operate the real property located at 105 through 111 West 57th Street in  New York, New York".  

 It must be related to this: 

http://ny.curbed.com/archives/2013/03/29/jds_developments_skinny_57th_street_tower_to_grow_taller.php

 They just purchased a portion of this project in New York for 56 million, and the market cap of the company is 36.80 M.  The question is, did they overpay? and how much of this project are they getting?

 Here's the article that mentions that the Steinway Building was purchased back in March by JDS for 46 million. -> http://www.bizjournals.com/newyork/news/2013/03/26/steinway-to-sell-w-57th-st-building.html

It seems that they purchased the building for the air rights.  A huge hotel/condo complex is coming up with unobstructed views of central park.

I wouldn't write off ABCP yet.

Popular posts from this blog

Keeping an Eye On HSBC in February

Image
Although I usually stick to extremely small niches for ideas, what's going on with this company is too fascinating not to comment on. HSBC has been in the crossfires of the Hong Kong protests lately.  They're expected to release 2019 annual results sometime around Feb 18th, so perhaps now is a prudent time to re-examine the totality of developments that have been going on at the 5th largest bank in the world. It's no secret that HSBC has a massive exposure to mainland China and Hong Kong.  In my opinion, the writer behind Strategic Macro does a wonderful job of describing it  here.   I suggest everyone to read through it.  If Strategic Micro doesn't provide a follow up to his original post once annual results get released, perhaps I will. Right now though the only update I'll add to the topics discussed in that post, is that according to Centa-City Leading Index, it appears Hong Kong secondary private residential property prices have peaked and are on thei...
Read more

DXTRQ: Amended Plan of Liquidation and Stipulation Filed

Today an amended Plan of Liquidation along with a Stipulation regarding the settlement between the Warrant Holders was filed. The settlement includes among other things: The SHMF Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $283,333.33 (the “Allowed SHMF Claim”), with prejudice to SHMF’s ability to amend the Allowed SHMF Claim or file further claims against the Debtor or its estate. The SVWMF Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $141,666.67 (the “Allowed SVWMF Claim,” collectively with the Allowed SHMF Claims as, the “Allowed Sabby Entities Claims”), with prejudice to SVWMF’s ability to amend the Allowed SVWMF Claim or file further claims against the Debtor or its estate.  The Alpha Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $425,000.00 (the “Allowed Alpha Claim”), with prejudice to Alpha’s ability to amend the Allowed Alpha Clai...
Read more