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Microcap & Penny Stocks : Ambase Corp. (abcp)
ABCP 0.220+7.6%Dec 31 3:58 PM EST
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To: Ken Fallon who wrote (7)2/24/1997 7:22:00 PM
From: al lawrence   of 43
 
Wow...somebody still writes to this thing?! That is good to see though
here is some info I had someone pull off of AOL message boards a couple of weeks ago. If you hear anything else Ken, please let me know...thanks

BIG AL

Date: 97-01-28 22:40:35 EST
From: MAUSA

I read an article tonight from Bridge News regarding the FDIC's desire to substitute itself as the plaintiff in nearly every goodwill case involving a failed thrift. David Barr, an FDIC spokesman said that if the FDIC is substituted as the plaintiff that the FDIC WILL NOT actively pursue these cases. Rather, the FDIC will allow the other cases involving still-operating thrifts to work their way through the court system so as to create a track record. THEN, the FDIC will institute settlement negotiations with the Department of Justice. A hearing was scheduled today to argue the FDIC's right to substitute. I searched the news wires and found nothing reported. In my opinion, this hearing is of utmost importance to ABCP shareholders. If the FDIC wins, you likely lose. I don't know how much the FDIC paid-out when it took over AmBase, but if the FDIC wins, shareholders get othing until all other creditors (FDIC and others) are paid. In any event, it could be a long wait.
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