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FOR RELEASE:  Immediately                        CONTACT:  Shareholder Services
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 AMBASE ANNOUNCES TAX COURT HAS ISSUED FAVORABLE RULING IN THE NETHERLANDS
                ANTILLES ("NV") WITHHOLDING OBLIGATION CASE


Greenwich,  CT - May 24,  2001 -  Richard  A.  Bianco,  the  Chairman  and Chief
Executive Officer of AmBase  Corporation (the "Company")  announced this morning
that Judge Gale of the United States Tax Court has issued a long awaited opinion
on the Netherlands Antilles ("NV") Withholding  Obligation Case and the Internal
Revenue Service ("IRS") has lost the decision in this court. A further statement
will follow.