AmBase is a Delaware holding company with no active operating business. The company's assets consist primarily of cash and cash equivalents, and AmBase employs only six people. AmBase's current activity is limited to managing its assets and liabilities and pursuing litigation related to a failed real estate investment. AmBase originally operated Carteret Savings Bank, a retail, consumer, and mortgage banking institution acquired in 1988, but Carteret was placed into receivership in 1992. AmBase then spent roughly two decades litigating against the U.S. government over the loss of Carteret, ultimately receiving a $180.65M settlement in 2012. In 2013, AmBase invested in a joint venture to develop a property at 111 West 57th Street in New York City. That investment became the subject of a foreclosure dispute, and AmBase fully impaired its equity investment in 2017. AmBase continues to litigate the legitimacy of that foreclosure. The company generates no meaningful revenue, and its financial prospects are almost entirely dependent on the outcome of the 111 West 57th Street litigation.