Washington, D. C. 20549

                           Form 10-QSB

(Mark One)
[ X ]	Quarterly report under section 13 or 15(d) of the
        Securities Exchange Act of 1934 for the quarterly period
        ended:  March 31, 2006

[   ]	Transition report under section 13 or 15(d) of the Securities
        Exchange Act of 1934 for the transition period
        from                    to                    .
            --------------------  --------------------

                   Commission File No:  33-9640-LA

               (Name of small business in its charter)

               Colorado	                           90-0249312
              ----------                          ------------
(State or other jurisdiction of                  (IRS Employer Id. No.)

                11921 Brinley Avenue, Louisville, KY  40243
             (Address of Principal Office including Zip Code)

                Issuer's telephone Number:  (502) 410-6900

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities Exchange
Act of 1934 during the preceding  12 months (or for such shorter period
that the Registrant was  required  to  file such  reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes (X) No ( )

Indicate  by check  mark whether  the Registrant is a shell company (as
defined in Rule 12 b-2 of the Exchange Act). Yes [X]  No [ ]

	State the number of shares outstanding of each of the  issuer's
classes of common equity, as of the latest practicable date:

  Common Stock, $.001 par value, 69,870,517 shares at March 31, 2006

Transitional Small Business Disclosure Format (Check one):
Yes [ ] No [ X ].

               FORM 10-QSB  -  QUARTER ENDED MARCH 31, 2006


                    PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements..........................................2
	Condensed Balance Sheets at March 31, 2006
         (unaudited) and December 31, 2005............................3
        Condensed Statements of Operations for the Three Months
         Ended March 31, 2006 and March 31, 2005 (unaudited)..........4
        Condensed Statement of Stockholders' Deficit for the
         Three Months Ended March 31, 2006 (unaudited)................5
        Condensed Statements of Cash Flows for the Three Months
         Ended March 31, 2006 and March 31, 2005 (unaudited)..........6
	Notes to Condensed Financial Statements.......................7

Item 2.	Management's Discussion and Analysis..........................9

Item 3.	Controls and Procedures......................................11

                     PART II - OTHER INFORMATION

Item 6.	Exhibits.....................................................11




                    PART I - FINANCIAL INFORMATION


The unaudited condensed balance sheet of the Registrant as of March 31,
2006, the audited balance sheet at December 31, 2005, and the unaudited
condensed statements of operations, stockholders' deficit, and cash
flows for the three month periods ended March 31, 2006 and March 31,
2005 follow.  The unaudited condensed financial statements reflect all
adjustments that are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented.


                       CONDENSED BALANCE SHEETS

                                           March 31, 2006  December 31,
                                             [unaudited]       2005
                                            -------------  ------------

Current assets -
  Cash                                      $         649  $        649
                                            -------------  ------------
      Total current assets                            649           649
  Equipment, net                                   14,801        15,939
                                            -------------  ------------
      Total assets                          $      15,450  $     16,588
                                            =============  ============

   Liabilities and Stockholders' Deficit

Current liabilities
  Accrued expenses                          $     139,376  $    425,564
  Accrued interest                              4,651,998     4,433,871
  Due to related parties                        4,314,492     4,211,671
  Notes payable in default                      6,311,460     6,311,460
  Redeemable Series B,D and E Preferred
    Stock, inclusive of accrued premium
    and penalties of $10,072,802 and
    $9,679,052 in 2006 and 2005,
    respectively                               15,322,802    14,929,052
  Estimated liability for claims and
    litigation                                  1,874,845     1,588,657
                                            -------------  ------------
        Total current liabilities              32,614,973    31,900,275
                                            -------------  ------------
Stockholders' deficit
  Preferred stock, no par value; 10,000,000
   shares authorized, 545,250 shares of
   Series A through E issued and
   outstanding in 2006 and 2005	                  135,076       135,076
  Common stock, par value $.001 per share;
   500,000,000 shares authorized, 69,870,517
   shares issued and outstanding in 2006
   and 2005                                        69,870        69,870
  Additional paid-in capital                   14,872,987    14,872,987
  Accumulated deficit                         (47,677,456)  (46,961,620)
                                            -------------  ------------
        Total stockholders' deficit           (32,599,523)  (31,883,687)
                                            -------------  ------------
        Total liabilities and
         stockholders' deficit	            $      15,450  $     16,588
                                            =============  ============

See notes to condensed financial statements.



                                                 Three Months Ended
                                                      March 31,
                                                2006          RESTATED
                                            -------------  ------------
Revenues                                    $          --  $         --

Operating Expenses:
  Administrative expenses                          70,314        81,993
  Depreciation and amortization	                    1,138         1,138
  Interest expense                                644,384       642,505
                                            -------------  ------------
        Total operating expenses                  715,836       725,636
                                            -------------  ------------
Net loss                                    $    (715,836) $   (725,636)
                                            =============  ============

Net loss per common share -
basic and fully-diluted                     $       (0.01) $      (0.01)
                                            =============  ============
Wighted average number of
common shares outstanding -
basic and fully-diluted                        69,870,517    69,870,517
                                            =============  ============

See notes to condensed financial statements.



	         Preferred Stock		            Additional		      Total
	         Series A - E	        Common Stock	    Paid-in	Accumulated   Stockholders'
	         Shares     Amount   Shares       Amount    Capital	Deficit	      Deficit

                 ---------  -------  ----------   -------   ----------  ------------  -----------

December 31,
2005               545,250 $135,076  69,870,512  $ 69,870 $ 14,872,987 $(46,961,620)  $(31,883,687)


Net loss -
three months
ended March 31,
2006                     -        -           -         -	     -	   (715,836)      (715,836)
                   ----------------  --------------------  -----------  -----------    -----------
March 31, 2006     545,250 $135,076  69,870,512  $ 69,870 $ 14,872,987 $(47,677,456)  $(32,599,523)
                   ================  ====================  ===========  ===========    ===========

See notes to condensed financial statements.


                       STATEMENTS OF CASH FLOWS

                                                 Three Months Ended
                                                      March 31,
                                                2006          RESTATED
                                            -------------  ------------
Cash flows from operating activities -
  Net loss                                  $    (715,836) $   (725,636)
Adjustments to reconcile net loss to net
 cash used in operating activities
  Depreciation and amortization expense             1,138         1,138
  Changes in operating assets and
    Accrued expenses                             (286,188)       35,000
    Estimated liability for claims and
     litigation	                                  286,188            --
    Accrued interest                              218,127       248,755
    Accrued premium and penalties on
     Redeemable Preferred Stock	                  393,750       393,750
                                            -------------  ------------
Net cash used in operating activities            (102,821)      (46,993)
                                            -------------  ------------
Cash flows from financing activities
 Net proceeds from related parties                102,821        55,000
                                            -------------  ------------
Net cash provided by financing activities         102,821        55,000
                                            -------------  ------------
Net change in cash                                     --         8,007
Cash at beginning of period                           649         6,845
                                            -------------  ------------

Cash at end of period                       $         649  $     14,852
                                            =============  ============



See notes to condensed financial statements.



Note 1 - Basis of presentation

The interim financial statements included herein are presented in
accordance with accounting principles generally accepted in the United
States of America and have been prepared by the Registrant, without
audit, pursuant to the rules and regulations of the Securities and
Exchange Commission (the "SEC").  Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although
the Registrant believes that the disclosures are adequate to make the
information presented not misleading.

These statements reflect all adjustments, consisting of normal
recurring adjustments, which, in the opinion of management, are
necessary for fair presentation of the information contained therein.
The Registrant's operating results for the three months ended March 31,
2006, and 2005 are not necessarily indicative of the results that may
be or were expected for the years ended December 31, 2006, and 2005.
It is suggested that these interim financial statements be read in
conjunction with the audited financial statements and notes thereto of
the Registrant included in its Form 10-KSB for the period ended
December 31, 2005

Note 2 - Restatement

During 2005, the Company's management determined that previously
reported financial position and results of operations were materially
misstated as a result of an accounting error attributable to the
failure, since March 2002, to accrue interest, penalties and redemption
premium on the Company's defaulted notes payable and Series B, D and E
Preferred Stock. Management has analyzed and corrected the Company's
internal financial reporting system.  The following is a summary of the
affect of this restatement on the three months ended March 31, 2005:

                                   As Previously Net Effect of As
Three Months Ended March 31,2005   Reported      Restatement   Restated
                                   ------------- ------------- --------
Interest expense                   $     30,628       611,877   642,505
Net loss                               (113,759)     (611,877) (725,636)
Net loss per share:
  basic and fully diluted                 (0.00)        (0.01)    (0.01)

Note 2 - Related Party Transactions

As previously reported, and by virtue of beneficial ownership of:  (i)
11,689,729 shares of the Company's common stock, (ii) 900,000 common
shares issuable upon conversion of


outstanding shares of Series A Convertible preferred stock, and (iii)
45,000,000 common share voting equivalents attributable to outstanding
shares of Series C preferred stock, or 49.7% of the Registrant's total
capitalization, the Registrant may be deemed to be controlled by
Midwest Merger Management, LLC, a Kentucky limited liability company
and its affiliates ("Midwest").

In addition to the foregoing interest, effective December 31, 2005,
Midwest acquired the 6% Secured Convertible Note formerly owned by
Brentwood Capital Corp.  The amount including accrued interest due
under the note at December 31, 2005 is $2,199,669.80, which may be
converted into common stock at the rate of $0.01 per share.  If Midwest
converted that note into its common shares at December 31, 2005,
Midwest's ownership of the Company would increase to 82.6%.

In connection with its ongoing support of the Registrant's efforts to
reorganize, Midwest has advanced it an aggregate of $4,314,492 to fund
its activities through and including the end of this fiscal quarter.
At March 31, 2006, the aggregate indebtedness to Midwest was as

    6% Secured Convertible Note                  $2,199,670
    Working capital advances	                  2,114,822

The Registrant intends to settle its aggregate obligations to Midwest
in the course of its planned reorganization with a profitable privately
owned business (see Note 6 and 7).

Note 3 - Per Share Results

The common share equivalents associated with the Registrant's issued
and outstanding convertible notes and Preferred Stock were not included
in computing per share results as their effects were anti-dilutive.

Note 4 - Income Taxes (Benefits)

At December 31, 2005, the Registrant had available approximately
$34,700,000 of net operating loss carry-forwards, which expire between
December 31, 2008 and December 31, 2021, that may be used to reduce
future taxable income.

Note 5 - Series B, D and E Preferred Stock

Pursuant to the provisions of their respective indentures, the Series
B, D and E Preferred Stock are entitled to receive a redemption
premium of 12% annually.  The provisions of the Series B, D and E
Preferred Stock also allow the holders to redeem their shares upon the
occurrence of certain events including the Registrant's inability to
issue free trading common stock to such holders because the shares have
not been registered under the Securities Act.  During such periods of
non-compliance, the Series B, D and E Preferred indentures entitle
their holders to specified penalties.  As the effectiveness of a
registration statement under the Securities Act is outside of
Registrant's control, the Series B, D and E


Preferred Stock, together with accrued premium and penalties, have been
classified on the Registrant's balance sheet at December 31, 2005 and
March 31, 2006, as a liability.

Note 6 - Going Concern

The Registrant's condensed consolidated financial statements have been
presented on the basis that it is a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the
normal course of business.

As shown in the accompanying financial statements, the Registrant had
negative working capital at March 31, 2006, of $(32,614,324).  In
addition, the Registrant has incurred an accumulated deficit of
$(47,677,456) through March 31, 2006.  The Registrant is dependent upon
the efforts of Midwest to fund its continued survival.  The
Registrant's ability to continue to receive this level of support from
Midwest is uncertain.  The condensed consolidated financial statements
do not include any adjustments that might be necessary if the
Registrant is unable to continue as a going concern (see Note 7).

Note 7 - Subsequent Event

On August 29, 2006 the Company reported on Form 8-K that it had been
served, on August 28, 2006, with notice that three of its creditors
filed an Involuntary Petition for relief under Chapter 7 of the U.S.
Bankruptcy Code in the United States Court for the Western District of
Kentucky in Louisville, KY on August 23, 2006 (Case Number 06-32184).
The Company has 20 days from the date of service to examine the
veracity of the claims of the three petitioners, of which one is
Midwest, and respond to the Petition before the Bankruptcy Court.

On September 18, 2006 we responded to the Petition acknowledging that
we are indebted to the Petitioners. However, the Company has been
paying its creditors as agreed or is seeking and agreeable basis for
payment with the remaining creditors. To that extent, the Company has
requested the Bankruptcy Court supervision sought by the Petitioners be
pursuant to Chapter 11 instead of Chapter 7 of the Bankruptcy Code. We
plan to vigorously defend our plans to combine with a profitable,
privately owned business and have no reason to believe that Midwest's
participation in the involuntary petition precludes its continued
support of our efforts.


The following discussion contains forward-looking statements regarding
the Registrant, its business, prospects and results of operations that
are subject to certain risks and uncertainties posed by many factors
and events that could cause the Registrant's actual business, prospects
and results of operations to differ materially from those that may be
anticipated by such forward-looking statements.  Factors that may
affect such forward-looking statements include, without limitation, the
Registrant's ability to resolve the affairs of its creditors and other
investors; or to locate and thereafter negotiate and consummate a
business combination with a profitable privately owned company.

When used in this discussion, words such as "believes," "anticipates,"
"expects," "intends," and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of
identifying forward-looking statements.  Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this report.  The Registrant undertakes no
obligation to revise any forward-looking statements in order to reflect
events or circumstances that may subsequently arise.  Readers are urged
to carefully review and consider the various disclosures made by us in


this report and other reports filed with the SEC that attempt to advise
interested parties of the risks and factors that may affect the
Registrant's business.

Three Months Ended March 31, 2006 and 2005:

Revenue - As a direct result of the Registrant's inability to continue
its failing freight transportation services beyond November 2000, the
Registrant had no revenues during the three months ended March 31, 2006
("3M6") or the three months ended March 31, 2005 ("3M5").  The
Registrant continues working through the restructure of its debt and
the mitigation of outstanding claims and litigation.

Expenses and Income Taxes - Operating expenses for 3M6 were $715,836
compared to $725,636 (Restated) for 3M5.  This level of expenses is
consistent with the Registrant's strategy of redirecting its focus
toward becoming a candidate to acquire or merge with a profitable,
privately-held business operation.  Accordingly, the Registrant's
recurring administrative expenses include: (i) accrued interest on its
defaulted notes and accrued premium and penalties on its Series B, D
and E preferred stock, (ii) professional fees (legal and accounting)
and management fees associated with the resolution of the Registrant's
affairs with its former creditors and investors, maintenance of
reporting requirements and good standing, (iii) ancillary expenses, and
(iv) minimum franchise taxes.

Net Loss - As a result of the foregoing, the Registrant experienced a
net loss of $(715,836) for 3M6 compared to a net loss of $(725,636) for
3M5 (Restated).  When related to the weighted average number of common
shares outstanding during each period, per share results were a net
loss of $(0.01) for both periods.

Liquidity and Capital Resources

The Registrant does not have any capital resources.  Consistent with
the inability to continue its failed freight transportation services
business beyond November 2000, and its subsequent disposition of its
remaining interest in that operation in connection with funding the GE
Credit Corp. settlement in September 2002, the Registrant's principal
activity has been centered in resolving the claims of its former
creditors so it may seek a new business combination.  In this
connection, Midwest has agreed to provide Registrant with reasonable
legal, accounting and administrative resources to resolve its affairs
and conduct its search for a business combination candidate.

Accordingly, the Registrant is entirely dependent upon: (i) Midwest
providing the Registrant with certain advisory services in connection
with the resolution of its affairs on favorable terms; (ii) the
willingness of Midwest to provide the Registrant with certain office
and administrative facilities and to fund virtually all of the
Registrant's settlements with its creditors; and (iii) the Registrant's
successful implementation of a business combination with a profitable
operating company.  There can be no assurances that Midwest will be
successful in resolving all or substantially all of Registrant's
affairs, that it will fund any further settlements, or that the
combined efforts of Midwest and the Registrant will lead to a
successful business combination.


Nonetheless, Midwest has advanced the Registrant $4,314,492 at March
31, 2006, $102,821 of which evidences its continued support during 3M6.

Item 3.	Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

The Registrant maintains controls and procedures designed to ensure
that information required to be disclosed in the reports that the
Registrant files or submits under the Securities Exchange Act of 1934,
as amended, is recorded, processed, summarized and reported within the
time periods specified in the rules and forms of the Securities and
Exchange Commission. Based upon their evaluation of those controls and
procedures performed as of the end of the period covered by this
report, the Chief Executive and Chief Financial officers of the
Registrant concluded that the Registrant's disclosure controls and
procedures were effective as more further described in Rule 13a-15(c)
of the Securities Exchange Act of 1934.

(b) Changes in Internal Controls

The Registrant made no significant changes in its internal controls or
in other factors that could significantly affect these controls
subsequent to the date of the evaluation of those controls by the Chief
Executive and Chief Financial officers.

                        PART II - OTHER INFORMATION


   31.1 - Certification Pursuant to Section 302 of the Sarbanes-Oxley
          Act of 2002
   31.2 - Certification Pursuant to Section 906 of the Sarbanes-Oxley
          Act of 2002


In accordance with Section 13 or 15(d) of the Exchange Act, the
Registrant has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

American Business Corporation

By:   /s/  Anthony R. Russo
Chief Executive Officer, and Director

By:   /s/  Anthony R. Russo
Chief Financial Officer

Dated:  September 20, 2006


                             EXHIBIT 31.1



I, Anthony R. Russo, the Registrant's Chief Executive and Chief
Financial Officer, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of American
   Business Corporation;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly 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 quarterly report; and

4. I am responsible for establishing and maintaining disclosure
   controls and procedures (as defined in Exchange Act Rules 13a-15(e)
   and 15d-15(e)) for the Registrant and have:

   a) Designed and recently commenced the implementation of such
disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under my supervision, to ensure that
material information relating to the Registrant, including its
consolidated subsidiaries, is made known to me by others within those
entities, particularly during the period in which this quarterly report
is being prepared; and

   b) Evaluated the increasing effectiveness of the Registrant's
disclosure controls and procedures and presented in this report my
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.

Dated:  September 20, 2006

/s/     Anthony R. Russo
Chief Executive Officer
and Chief Financial Officer


                           EXHIBIT 32.1


                OF THE SARBANES-OXLEY ACT OF 2002

    In connection with the Quarterly Report of American Business
Corporation on Form 10-QSB for the quarterly period ended March 31,
2006, as filed with the Securities and Exchange Commission on September
20, 2006 (the "Report"), the undersigned, in the capacities and on the
dates indicated below, hereby certifies pursuant to 18 U.S.C. section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2003, that:

    (1) The Report fully complies with requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

    (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
American Business Corporation.

Date:  September 20, 2006

/s/     Anthony R. Russo
Chief Executive Officer
and Chief Financial Officer