SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment #1
Ambase Corporation
(Name of Issuer)
Common Stock, $.01 par value
(Title of class of securities)
023164106
(CUSIP Number)
Peter A. Nussbaum, Esq.
Schulte Roth & Zabel LLP
900 Third Avenue
New York, New York 10022
(212) 756-2000
(Name, address and telephone number of person authorized to
receive notices and communications)
April 1, 1998
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d- 1(b)(3) or (4), check
the following box [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a
previous statement on file reporting beneficial ownership of more than
five percent of the class of securities described in Item 1; and (2)
has filed no amendment subsequent thereto reporting beneficial
ownership of five percent or less of such class.) (See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).
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SCHEDULE 13D/A
CUSIP No. 023164106 Page 2 of 6 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gotham Partners, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a) [x]
GROUP* (b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,523,424
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 0
9 SOLE DISPOSITIVE POWER
REPORTING 1,523,424
PERSON
WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,523,424
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(11)
3.42%
14 TYPE OF REPORTING PERSON*
PN
<PAGE>
SCHEDULE 13D/A
CUSIP No. 023164106 Page 3 of 6 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gotham Partners II, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a) [x]
GROUP* (b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
NUMBER OF 7 SOLE VOTING POWER
SHARES 23,576
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY EACH 0
9 SOLE DISPOSITIVE POWER
REPORTING 23,576
PERSON
WITH 10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
23,576
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.05%
14 TYPE OF REPORTING PERSON*
PN
<PAGE>
Page 4 of 6 Pages
Item 1. Security and Issuer
This Amendment No. 1 amends and supplements the Statement on Schedule 13D (the
"Statement") relating to the Common Stock, $.01 par value ("Common Stock"), of
Ambase Corporation, a Delaware corporation (the "Company") previously filed by
Gotham Partners, L.P., a New York limited partnership ("Gotham"), and Gotham
Partners II, L.P., a New York limited partnership ("Gotham II"). Capitalized
terms used and not defined in this Amendment have the meanings set forth in
the Statement.
Except as specifically provided herein, this Amendment does not modify
any of the information previously reported in the Statement.
Item 3 is hereby amended to add the following information.
Item 3. Source and Amount of Funds or Other Consideration
The aggregate sale price of the Common Stock sold by Gotham and Gotham II
and reported in this Amendment No. 1 was $4,070,456 and $36,507, respectively.
Item 5 is hereby amended to add the following information.
Item 5. Interest in Securities of the Issuer
(a) Gotham owns 1,523,424 Common Stock as of the date of this
Amendment, representing an aggregate of approximately 3.42% of the
outstanding Common Stock of the Company. Gotham II owns 23,576 Common Stock
as of the date of this Amendment, representing an aggregate of
approximately .05% of the outstanding Common Stock of the Company. The
percentages used in this paragraph are calculated based upon 44,533,519
outstanding Common Stock of the Company, as of January 30, 1998, as reported
in the Company's Form 10-K for the year ended December 31, 1997. None of
Section H, Karenina, DPB, Mr. Ackman or Mr. Berkowitz beneficially own any
Common Stock (other than the Common Stock beneficially owned by Gotham and
Gotham II).
(c) The tables below set forth information with respect to all sales of
Common Stock by Gotham and Gotham II during the past 60 days. In each case,
the transactions took place on the over-the-counter market.
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Page 5 of 6 Pages
(c) The tables below set forth information with respect to all sales of
Common Stock by Gotham and Gotham II. In each case, the transactions were
effected through open-market purchases.
Gotham
Date Common Stock Price per
Sold Share ($)
02/04/98 -6,938 3.879
02/06/98 -34,692 3.969
02/09/98 -26,762 3.939
03/26/98 -69,384 3.949
03/27/98 -33,701 3.949
03/30/98 -34,692 3.979
03/30/98 -49,560 3.955
04/01/98 -495,600 4.009
04/02/98 -14,868 3.990
Gotham II
02/04/98 -62 3.879
02/06/98 -308 3.969
02/09/98 -238 3.939
03/26/98 -616 3.949
03/27/98 -299 3.949
03/30/98 -308 3.979
03/30/98 -440 3.955
04/01/98 -4,400 4.009
04/02/98 -132 3.990
Except as described above, none of Gotham, Gotham II, Section H,
Karenina, DPB, Mr. Ackman or Mr. Berkowitz has effected any
transactions in the securities of the Company during the past sixty
days.
<PAGE>
Page 6 of 6 Pages
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
April 2, 1998
GOTHAM PARTNERS, L.P.
By: Section H Partners, L.P.
its general partner
By: Karenina Corp.,
a general partner of Section H Partners, L.P.
By: /s/ William A. Ackman
William A. Ackman
President
GOTHAM PARTNERS II, L.P.
By: Section H Partners, L.P.
its general partner
By: Karenina Corp.,
a general partner of Section H Partners, L.P.
By: /s/ William A. Ackman
William A. Ackman
President
