The charge was actually a counterclaim to a $20-million wrongful termination and defamation suit brought by Wiederhorn, the trial for which is scheduled to begin Oct. 2. Wilshire has not yet decided whether to appeal the counterclaim ruling.

Wilshire Financial fell into bankruptcy in March of 1999, and after debt restructuring, two of the company's major creditors gained control of the board. Founder and CEO Widerhorn and his senior executive Mendelsohn were fired in August of that year but retain control of the publicly traded Wilshire Real Estate Investment Trust.

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