AmBase Corporation
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          AMBASE CORPORATION ANNOUNCES SENIOR JUDGE SMITH OF THE U.S.
           COURT OF FEDERAL CLAIMS RENDERS A DECISION IN AMBASE'S AND
                     CARTERET'S SUPERVISORY GOODWILL CASE.


Greenwich,  CT - August 26, 2003 - AmBase Corporation  ("AmBase") announces
Senior  Judge  Smith of the  United  States  Court of Federal  Claims  renders a
decision  in AmBase's  and  Carteret's  Supervisory  Goodwill  case.  Additional
details to follow.