AmBase Corporation operates principally as a holding company managing primarily cash assets and a contested equity stake in a New York City luxury real estate project at 111 West 57th Street. The property’s foreclosure led to a full impairment of the investment in 2017, contributing to sustained operating losses. Ongoing legal disputes surround this pivotal asset and have created material uncertainty around recoveries. Capital constraints loom large, pushing management toward litigation funding agreements and potential securities offerings. Without significant litigation success or capital infusion, AmBase's going concern status remains precarious.