ABCP - Another AmBase Litigation Saga With Whopping Upside Market Valuation Implies That Participation In Them Is Low-Risk And Nearly Free

Liquidity Warning: thinly traded security, huge bid/offer spreads. At current trading volume, the stock might be only investable for small personal accounts. A position should be accumulated patiently, using limit orders.

History And Introduction

In November 1990, Richard A Bianco, ex-Managing Director in Dillon, Read & Co filled a group 13D, indicating his interest to gain control in AmBase, the holding entity of Carteret Savings - a profitable bank, that turned insolvent due to FDIC's repeal of previously introduced "supervisory goodwill" accounting treatment.

In March 1991, Bianco eventually took over the company and since