Fog Cutter is a Portland-based, publicly traded investment groupspecializing in mortgage and real estate related assets. It wasformed by former Wilshire Financial operators Andrew Wiederhorn andLawrence Mendelsohn. Its share price is hovering in the $2 range,as it has been since January of 2000.

At the end of September, the net book value of Fog Cutter was$4.32 per share with total assets of $125.0 million. Subsequent tothe quarter end, a $25 million loan owned by Fog Cutter was repaidin full. The total proceeds from the repayment were $25.1 million,of which $18.8 million was used to repay borrowings.

On October 31, Fog Cutter completed the final $0.10 per shareinstallment of the $0.40 per share dividend declared in September1998 for shareholders of record as of September 30, 1998, but neverdistributed in full. The company also declared a new $0.13 pershare dividend, which was paid on Nov. 1, to shareholders of recordas of Oct. 26.

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