AmBase Corporation (OTC:ABCP) shares are showing heavy buying activities in today’s session with the stock gaining over 300% to $1.25 on hefty volume following Judge Loren Smith (“Judge Smith”) of the United States Court of Federal Claims (“Court of Claims” or the “Court”) issued a damages opinion in the Company’s Supervisory Goodwill legal proceedings.
This morning after the market opened, the company filed an 8-K stating that Pursuant to Judge Smith’s opinion, the Company is awarded directly $205,013,000 in lost value expectancy damages, plus tax gross-up if applicable.
The stock opened at $0.35 and gained further to day’s high of $1.85, which is its new 52-week high. More than 1.85 million shares already exchanged hands, compared to its average volume of 18.60K shares.
The company had reported a loss of $383,000 or a penny a share for the second quarter ended June 30, 2011. The company had not revenue as of the recent earnings filing. In a year ago quarter, the company had a loss of $546,000 or a penny a share.
AmBase Corporation (AmBase) is a holding company that, through a wholly owned subsidiary, owns one commercial office building in Greenwich, Connecticut, which is managed and operated by the Company.
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