Delaware
(State of incorporation)
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95-2962743
(I.R.S. Employer Identification No.)
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YES
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X
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NO
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(Check one):
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Large Accelerated Filer
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Accelerated Filer
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Non-Accelerated Filer
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Smaller Reporting Company
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X
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YES
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NO
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X
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PART I
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FINANCIAL INFORMATION
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Page
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Item 1.
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Consolidated Financial Statements (unaudited)
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1
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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14
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Item 4.
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Controls and Procedures
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17
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PART II
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OTHER INFORMATION
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Item 1.
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Legal Proceedings
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19
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Item 1A.
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Risk Factors
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19
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Item 2.
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Unregistered Sales of Equity and Securities and Use of Proceeds
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19
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Item 3.
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Defaults Upon Senior Securities
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19
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Item 4.
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Mine Safety Disclosures
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19
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Item 5.
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Other Information
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19
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Item 6.
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Exhibits
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19
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Signatures
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20
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Third Quarter Ended September 30,
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Nine Months Ended
September 30,
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||||||||||||||
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2012
|
2011
|
2012
|
2011
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Compensation and benefits
|
$
|
309
|
$
|
314
|
$
|
964
|
$
|
982
|
||||||||
Professional and outside services
|
128
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58
|
333
|
195
|
||||||||||||
Property operating and maintenance
|
22
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17
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66
|
67
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||||||||||||
Depreciation
|
12
|
12
|
36
|
36
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||||||||||||
Insurance
|
20
|
6
|
38
|
25
|
||||||||||||
Other operating
|
42
|
29
|
92
|
76
|
||||||||||||
Total operating expenses
|
533
|
436
|
1,529
|
1,381
|
||||||||||||
Operating income (loss)
|
(533
|
)
|
(436
|
)
|
(1,529
|
)
|
(1,381
|
)
|
||||||||
|
||||||||||||||||
Interest income
|
1
|
1
|
5
|
6
|
||||||||||||
Realized gains (losses) on sales of investment securities
|
6
|
3
|
31
|
18
|
||||||||||||
Unrealized gains (losses) on trading securities
|
6
|
(30
|
)
|
-
|
(30
|
)
|
||||||||||
Other income
|
-
|
14
|
17
|
119
|
||||||||||||
Income (loss) before income taxes
|
(520
|
)
|
(448
|
)
|
(1,476
|
)
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(1,268
|
)
|
||||||||
|
||||||||||||||||
Income tax expense
|
11
|
9
|
33
|
39
|
||||||||||||
Net income (loss)
|
$
|
(531
|
)
|
$
|
(457
|
)
|
$
|
(1,509
|
)
|
$
|
(1,307
|
)
|
||||
|
||||||||||||||||
Net income (loss) per common share - basic
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
||||
Net income (loss) per common share - assuming dilution
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
||||
|
||||||||||||||||
Weighted average common shares outstanding - basic
|
43,174
|
43,075
|
43,108
|
43,075
|
||||||||||||
Weighted average common shares outstanding - assuming dilution
|
43,174
|
43,075
|
43,108
|
43,075
|
||||||||||||
|
Assets:
|
September 30,
2012
|
December 31,
2011
|
||||||
Cash and cash equivalents
|
$
|
1,690
|
$
|
7,615
|
||||
Investments securities - held to maturity
|
5,199
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-
|
||||||
Investments securities - trading carried at fair value
|
-
|
212
|
||||||
Total investment securities
|
5,199
|
212
|
||||||
Real estate owned:
|
||||||||
Land
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554
|
554
|
||||||
Buildings
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1,900
|
1,900
|
||||||
Real estate owned, gross
|
2,454
|
2,454
|
||||||
Less: accumulated depreciation
|
569
|
533
|
||||||
|
||||||||
Real estate owned, net
|
1,885
|
1,921
|
||||||
|
||||||||
Other assets
|
254
|
246
|
||||||
Total assets
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$
|
9,028
|
$
|
9,994
|
||||
|
||||||||
Liabilities and Stockholders' Equity:
|
||||||||
Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
200
|
$
|
227
|
||||
Other liabilities
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-
|
-
|
||||||
|
||||||||
Total liabilities
|
200
|
227
|
||||||
|
||||||||
Commitments and contingencies (Note 9)
|
||||||||
|
||||||||
Stockholders' equity:
|
||||||||
Common stock ($0.01 par value, 200,000,000 authorized, 46,410,007 issued and 43,755,410 outstanding in 2012 and 43,075,410 outstanding in 2011)
|
464
|
464
|
||||||
Additional paid-in capital
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548,304
|
548,164
|
||||||
Accumulated deficit
|
(538,261
|
)
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(536,752
|
)
|
||||
Treasury stock, at cost – 2,654,597 and 3,334,597 shares, respectively
|
(1,679
|
)
|
(2,109
|
)
|
||||
Total stockholders' equity
|
8,828
|
9,767
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
9,028
|
$
|
9,994
|
|
Nine Months Ended September 30,
|
|||||||
(in thousands)
|
2012
|
2011
|
||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(1,509
|
)
|
$
|
(1,307
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
|
||||||||
Depreciation
|
36
|
36
|
||||||
Realized (gains) losses on sales of investment securities
|
(31
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)
|
(18
|
)
|
||||
Unrealized (gains) losses on trading securities
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-
|
30
|
||||||
Stock-based compensation expense
|
-
|
-
|
||||||
Changes in other assets and liabilities:
|
||||||||
Accrued interest receivable - investment securities
|
(2
|
)
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-
|
|||||
Other assets
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(8
|
)
|
(522
|
)
|
||||
Accounts payable and accrued liabilities
|
(27
|
)
|
(27
|
)
|
||||
Other liabilities
|
-
|
(2
|
)
|
|||||
Net cash provided (used) by operating activities
|
(1,541
|
)
|
(1,810
|
)
|
||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Maturities of investment securities - held to maturity
|
17,100
|
23,795
|
||||||
Purchases of investment securities - held to maturity
|
(22,297
|
)
|
(22,695
|
)
|
||||
Sales of investment securities
|
594
|
555
|
||||||
Purchases of investment securities
|
(351
|
)
|
(761
|
)
|
||||
Proceeds from (investment in) real estate limited partnership
|
-
|
21
|
||||||
Net cash provided (used) by investing activities
|
(4,954
|
)
|
915
|
|||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Stock options exercised
|
570
|
-
|
||||||
Net cash provided (used) by financing activities
|
570
|
-
|
||||||
|
||||||||
Net change in cash and cash equivalents
|
(5,925
|
)
|
(895
|
)
|
||||
Cash and cash equivalents at beginning of year
|
7,615
|
1,334
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,690
|
$
|
439
|
||||
|
||||||||
Supplemental cash flow disclosure:
|
||||||||
Income taxes paid
|
$
|
27
|
$
|
41
|
||||
|
|
September 30, 2012
|
December 31, 2011
|
||||||||||||||||||||||
(in thousands)
|
Carrying Value
|
Cost or Amortized Cost
|
Fair Value
|
Carrying Value
|
Cost or Amortized Cost
|
Fair Value
|
||||||||||||||||||
Held to Maturity:
|
||||||||||||||||||||||||
U.S. Treasury Bills
|
$
|
5,199
|
$
|
5,199
|
$
|
5,200
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
|
$
|
5,199
|
$
|
5,199
|
$
|
5,200
|
$
|
-
|
$
|
-
|
$
|
-
|
|
September 30, 2012
|
December 31, 2011
|
||||||||||||||||||||||
(in thousands)
|
Carrying Value
|
Cost or Amortized Cost
|
Fair Value
|
Carrying Value
|
Cost or Amortized Cost
|
Fair Value
|
||||||||||||||||||
Trading:
|
||||||||||||||||||||||||
Equity Securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
212
|
$
|
224
|
$
|
212
|
||||||||||||
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
212
|
$
|
224
|
$
|
212
|
(in thousands)
Held to Maturity:
|
September 30, 2012
|
December 31, 2011
|
||||||
Gross unrealized gains (losses)
|
$
|
1
|
$
|
-
|
||||
|
|
Third Quarter Ended
|
Nine Months Ended
|
||||||||||||||
(in thousands)
|
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
||||||||||||
Cost basis
|
$
|
-
|
$
|
224
|
$
|
-
|
$
|
224
|
||||||||
Current value
|
-
|
194
|
-
|
194
|
||||||||||||
Unrealized gains (losses)
|
$
|
-
|
$
|
(30
|
)
|
$
|
-
|
$
|
(30
|
)
|
|
Third Quarter Ended
|
Nine Months Ended
|
||||||||||||||
(in thousands)
|
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
||||||||||||
|
||||||||||||||||
Net sale proceeds
|
$
|
89
|
$
|
3
|
$
|
594
|
$
|
555
|
||||||||
Cost basis
|
(83
|
)
|
-
|
(563
|
)
|
(537
|
)
|
|||||||||
Realized gains (losses)
|
$
|
6
|
$
|
3
|
$
|
31
|
$
|
18
|
($ in thousands)
|
Third Quarter Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
||||||||||||
Company matching contributions
|
$
|
5
|
$
|
4
|
$
|
20
|
$
|
16
|
||||||||
Employer match %
|
33
|
%
|
33
|
%
|
33
|
%
|
33
|
%
|
(shares in thousands)
|
Number of Shares Under Option
|
Weighted Average Exercise Price
|
||||||
Outstanding at January 1, 2012
|
816
|
$
|
0.88
|
|||||
Expired
|
(136
|
)
|
1.09
|
|||||
Exercised
|
(680
|
)
|
0.84
|
|||||
Outstanding at September 30, 2012
|
-
|
|||||||
Exercisable at September 30, 2012
|
-
|
(in thousands)
|
September 30,
2012
|
September 30,
2011
|
||||||
Unamortized compensation cost relating to non-vested stock
options
|
$
|
-
|
$
|
-
|
||||
Stock based compensation expense recorded for the year-to-date
period
|
$
|
-
|
$
|
-
|
||||
Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share
|
-
|
816
|
||||||
Common shares reserved for issuance
|
5,000
|
|||||||
Shares available for future stock option grants
|
4,320
|
|||||||
Intrinsic value of options outstanding
|
$
|
-
|
||||||
Intrinsic value of options exercisable
|
$
|
-
|
Tax Year Originating
|
Tax Year Expiring
|
September 30, 2012
|
|||
1997
|
2012
|
$
|
1,100,000
|
||
1998
|
2018
|
5,400,000
|
|||
1999
|
2019
|
4,000,000
|
|||
2000
|
2020
|
2,600,000
|
|||
2001
|
2021
|
4,000,000
|
|||
2002
|
2022
|
3,200,000
|
|||
2003
|
2023
|
1,800,000
|
|||
2004
|
2024
|
700,000
|
|||
2006
|
2026
|
2,800,000
|
|||
2007
|
2027
|
12,700,000
|
|||
2008
|
2028
|
4,600,000
|
|||
2009
|
2029
|
2,400,000
|
|||
2010
|
2030
|
1,900,000
|
|||
2011
|
2031
|
1,900,000
|
|||
|
|
$
|
49,100,000
|
Tax Year Originating
|
Tax Year Expired
|
September 30, 2012
|
|||
1994
|
2009
|
$
|
2,200,000
|
||
1995
|
2010
|
5,300,000
|
|||
|
|
$
|
7,500,000
|
|
September 30, 2012
|
|||
AMT Credits
|
$
|
21,000,000
|
|
September 30, 2012
|
December 31, 2011
|
||||||
Net deferred tax asset
|
$
|
38,000,000
|
$
|
38,000,000
|
||||
Valuation allowance
|
(38,000,000
|
)
|
(38,000,000
|
)
|
||||
Net deferred tax asset recognized
|
$
|
-
|
$
|
-
|
|
American Stock Transfer and Trust Company
59 Maiden Lane
New York, NY 10038
Attention: Shareholder Services
(800) 937-5449 or (718) 921-8200 Ext. 6820
|
|
|
AmBase Corporation
100 Putnam Green, 3rd Floor
Greenwich, CT 06830
Attn: Shareholder Services
|
|
Item 1.
|
LEGAL PROCEEDINGS
|
|
Item 1A.
|
RISK FACTORS
|
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
|
|
|
|
None.
|
|
|
|
|
Item 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
|
|
|
|
|
None.
|
|
|
|
|
Item 4.
|
MINE SAFETY DISCLOSURES
|
|
|
|
|
|
Not applicable.
|
|
|
|
|
Item 5.
|
OTHER INFORMATION
|
|
|
|
|
|
None.
|
|
|
|
|
Item 6.
|
EXHIBITS
|
|
Exhibit 31.1
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
Exhibit 31.2
|
Rule 13a-14(a) Certification of Chief Financial Officer
|
Exhibit 32.1
|
Section 1350 Certification of Chief Executive Officer
|
Exhibit 32.2
|
Section 1350 Certification of Chief Financial Officer
|
|
|
Exhibit 101.1
|
The following financial statements from AmBase Corporation's quarterly report on Form 10-Q for the quarter ended September 30, 2012 formatted in XBRL: (i) Consolidated Statement of Operations (unaudited); (ii) Consolidated Balance Sheets (unaudited); (iii) Consolidated Statements of Cash Flow (unaudited); and (iv) Notes to Consolidated Financial Statements (unaudited).
|
|
/s/ John P. Ferrara
|
|
By
|
JOHN P. FERRARA
Vice President, Chief Financial Officer and Controller
(Duly Authorized Officer and Principal Financial and
Accounting Officer)
|
|
|
|
|
Date:
|
November 14, 2012
|
|
|
|
|
|
Exhibit 31.1
|
|||
|
|
|
|
|
|||
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
|
|||||||
|
|
|
|
|
|||
I, Richard A. Bianco, certify that:
|
|
|
|
||||
|
|
|
|
|
|||
1.
|
I have reviewed this quarterly report on Form 10-Q of AmBase Corporation;
|
||||||
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
||||||
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
||||||
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
||||||
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
|
|||||
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|||||
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|||||
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|||||
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
||||||
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|||||
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.
|
|||||
|
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/s/ Richard A. Bianco
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Richard A. Bianco
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Chairman, President and Chief Executive Officer
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AmBase Corporation
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Date: November 14, 2012
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Exhibit 31.2
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CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
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I, John P. Ferrara, certify that:
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1.
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I have reviewed this quarterly report on Form 10-Q of AmBase Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.
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/s/ John P. Ferrara
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John P. Ferrara
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Vice President, Chief Financial Officer, and Controller
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AmBase Corporation
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Date: November 14, 2012
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Exhibit 32.1
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CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002
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In connection with the annual report of AmBase Corporation (the "Company") on Form 10-Q for the period ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard A. Bianco, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ Richard A. Bianco
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Richard A. Bianco
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Chairman, President and Chief Executive Officer
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AmBase Corporation
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Date: November 14, 2012
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Exhibit 32.2
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CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002
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In connection with the quarterly report of AmBase Corporation (the "Company") on Form 10-Q for the period ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Ferrara, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
|||||
(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
||||
(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ John P. Ferrara
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John P. Ferrara
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Vice President and Chief Financial Officer
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AmBase Corporation
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Date: November 14, 2012
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Income Taxes (Details) (USD $)
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9 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
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Dec. 31, 2011
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
NOLs Carryforward Utilization For Prior Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 1994 [Member]
NOLs Carryforward Utilization For Prior Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 1995 [Member]
NOLs Carryforward Utilization For Prior Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 1997 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 1998 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 1999 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2000 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2001 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2002 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2003 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2004 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2006 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2007 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2008 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2009 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
|
Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2010 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
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Sep. 30, 2012
Internal Revenue Service (IRS) [Member]
Year 2011 [Member]
NOLs Carryforward Utilization For Future Tax Year Member [Member]
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Operating Loss Carryforwards [Line Items] | ||||||||||||||||||||
Tax year expiring | 2009 | 2010 | 2012 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | ||||
Operating Loss Carryforwards | $ 49,100,000 | $ 7,500,000 | $ 2,200,000 | $ 5,300,000 | $ 1,100,000 | $ 5,400,000 | $ 4,000,000 | $ 2,600,000 | $ 4,000,000 | $ 3,200,000 | $ 1,800,000 | $ 700,000 | $ 2,800,000 | $ 12,700,000 | $ 4,600,000 | $ 2,400,000 | $ 1,900,000 | $ 1,900,000 | ||
Estimated remaining initial tax basis related to Company's investment in Carteret/Carteret FSB | 158,000,000 | |||||||||||||||||||
Approximate amount of tax basis related to Company's investment in Carteret/Carteret FSB to be utilized in connection with the filing of the 1992 Amended Return | 56,000,000 | |||||||||||||||||||
Approximate tax basis related to Company's investment in Carteret/Carteret FSB remaining after recognition of the 1992 Amended Return | 102,000,000 | |||||||||||||||||||
Tax Credit Carryforward [Line Items] | ||||||||||||||||||||
AMT Credits | 21,000,000 | |||||||||||||||||||
Net deferred tax asset | 38,000,000 | 38,000,000 | ||||||||||||||||||
Valuation allowance | (38,000,000) | (38,000,000) | ||||||||||||||||||
Net deferred tax asset recognized | $ 0 | $ 0 |
Property Owned
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
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Property Owned [Abstract] | |
Property Owned | Note 4 –Real Estate Owned The Company owns one commercial office building in Greenwich, Connecticut that contains approximately 14,500 square feet. The Company utilizes approximately 3,500 square feet for its executive offices; the remaining space is currently unoccupied and available for lease. Depreciation expense for the building is calculated on a straight-line basis over 39 years. Tenant improvements, if any, would be depreciated over the lesser of the remaining life of the tenants' lease or the estimated useful lives of the improvements. The building is carried at cost, net of accumulated depreciation. Although the portion of the building not being utilized by the Company is currently unoccupied and available for lease, based on the Company's analysis, the Company believes the property's fair value exceeds the property's current carrying value. The Company's impairment analysis includes a comprehensive range of factors including but not limited to: the location of the property; property condition; current market conditions; comparable sales; current market rents in the area; new building zoning restrictions; raw land values; new building construction costs; building operating costs; leasing values; and cap rates for comparable buildings in the area. Varying degrees of weight are given each factor. Based on the Company's analysis these factors taken together and/or considered individually form the basis for the Company's analysis that no impairment condition exists. The Company performs impairment tests if events or circumstances indicate that the property's carrying value may not be recoverable. As noted above, based on the Company's analysis the Company believes the carrying value of the property as of September 30, 2012, has not been impaired and; therefore, the carrying value of the asset is fully recoverable by the Company. |