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AMBASE SUBSIDIARY RECEIVES PAYMENT FROM MODERNFOLD

 GREENWICH, Conn., April 7 /PRNewswire/ -- AmBase Corporation announced today that its subsidiary, Maiden Lane Associates, Ltd., has received a payment of approximately $2.45 million from Modernfold Holdings, Inc. Pursuant to an agreement between Maiden Lane and Modernfold, two management and consulting agreements have been ended. Maiden Lane has retained a small contingent equity interest in Modernfold. The proceeds of the settlement will be recognized in the second quarter financial statements. This agreement settles the outstanding litigation between Modernfold and Maiden Lane described in the company's previously filed 1992 Annual Report on Form 10-K.
 -0- 4/7/93
 /CONTACT: Neil Cohen of AmBase, 203-532-2015/


CO: AmBase Corporation; Maiden Lane Associates, Ltd. ST: Connecticut IN: SU:

LD-WB -- NY080 -- 3965 04/07/93 18:07 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
Words:124
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