-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E4E2aA6vuUBrH87Q8zvufANPNYJHEX1wqxfQrmqhjWxt3S8ZLeKEAIfhpSodt4UF r6BC2ecIfFt9/0aFPVb3YQ== 0000899140-08-000298.txt : 20080201 0000899140-08-000298.hdr.sgml : 20080201 20080201132353 ACCESSION NUMBER: 0000899140-08-000298 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080201 DATE AS OF CHANGE: 20080201 GROUP MEMBERS: BOSTON PROVIDENT ADMINISTRATION, INC. GROUP MEMBERS: ORIN S. KRAMER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FOG CUTTER CAPITAL GROUP INC CENTRAL INDEX KEY: 0001048566 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 522081138 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-54067 FILM NUMBER: 08567398 BUSINESS ADDRESS: STREET 1: 1631 SW COLUMBIA STREET CITY: PORTLAND STATE: OR ZIP: 97201 BUSINESS PHONE: 5037216500 MAIL ADDRESS: STREET 1: 1310 S W 17TH ST CITY: PORTLAND STATE: OR ZIP: 97201 FORMER COMPANY: FORMER CONFORMED NAME: WILSHIRE REAL ESTATE INVESTMENT TRUST INC DATE OF NAME CHANGE: 19971027 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON PROVIDENT, L.P. CENTRAL INDEX KEY: 0000931328 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 600 MADISON AVENUE STREET 2: 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-421-3737 MAIL ADDRESS: STREET 1: 600 MADISON AVENUE STREET 2: 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: KRAMER SPELLMAN L P ET AL DATE OF NAME CHANGE: 19941013 SC 13G/A 1 f4114818.txt AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* Fog Cutter Capital Group Inc. ----------------------------- (Name of Issuer) Common Stock, $0.0001 par value ------------------------------- (Title of Class of Securities) 971892104 --------- (CUSIP Number) December 31, 2007 ----------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *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 the 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). - ------------------- ------------------ CUSIP No. 971892104 13G Page 2 of 8 Pages - ------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Boston Provident, L.P. - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ------ ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 729,200 BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 729,200 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 729,200 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT - ------------------- ------------------ CUSIP No. 971892104 13G Page 3 of 8 Pages - ------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Boston Provident Administration, Inc. - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ------ ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 17,700 BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 17,700 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 17,700 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* CO - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT - ------------------- ------------------ CUSIP No. 971892104 13G Page 4 of 8 Pages - ------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Orin S. Kramer - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 29,000 NUMBER OF ------ ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 746,900 BY ------ ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 29,000 WITH ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 746,900 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 775,900 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.8% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT Item 1(a) Name of Issuer: The name of the issuer is Fog Cutter Capital Group Inc. (the "Company") Item 1(b) Address of Issuer's Principal Executive Offices: The Company's principal executive office is located at 1410 SW Jefferson Street, Portland, Oregon 97201. Items 2(a) Name of Person Filing: This statement is filed by: (i) Boston Provident, L.P., a Delaware limited partnership (the "General Partner"), with respect to shares of Common Stock (the "Shares") of the Company beneficially owned by Boston Provident Partners, L.P. ("BP Fund") and BP Institutional Partners, L.P. ("BP Institutional"), (ii) Boston Provident Administration, Inc., a Delaware corporation (the "Manager"), with respect to Shares beneficially owned by TW Partners, Ltd. ("TW Fund") and (iii) Orin S. Kramer, a United States citizen, with respect to Shares beneficially owned by him, the General Partner, BP Fund, BP Institutional, the Manager and TW Fund. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosure herein with respect to persons other than the Reporting Persons is made on information and belief after making inquiry to the appropriate party. Item 2(b) Address of Principal Business Office: The address of the principal business office of each of the Reporting Persons is 600 Madison Avenue, 18th Floor, New York, New York 10022. Item 2(c) Citizenship: Each of the General Partner and the Manager is organized under the laws of the State of Delaware. Mr. Kramer is a citizen of the United States. Item 2(d) Title of Class of Securities: Common Stock, $0.0001 par value ("Common Stock") Item 2(e) CUSIP Number: 971892104 Page 5 of 8 Item 3 Not Applicable Item 4 Ownership: The percentages used herein are calculated based upon the 7,957,428 Shares issued and outstanding as of October 31, 2007 as reported on the Company's quarterly report on Form 10-Q filed with the Securities and Exchange Commission for the fiscal quarter ended September 30, 2007. As of the close of business on December 31, 2007: 1. Boston Provident, L.P. (a) Amount beneficially owned: 729,200 (b) Percent of class: 9.2% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 729,200 (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 729,200 2. Boston Provident Administration, Inc. (a) Amount beneficially owned: 17,700 (b) Percent of class: Less than 0.2% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 17,700 (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 17,700 3. Orin S. Kramer (a) Amount beneficially owned: 775,900 (b) Percent of class: 9.8% (c)(i) Sole power to vote or direct the vote: 29,000 (ii) Shared power to vote or direct the vote: 746,900 (iii) Sole power to dispose or direct the disposition: 29,000 (iv) Shared power to dispose or direct the disposition: 746,900 The General Partner and the Manager do not directly own any Shares. By virtue of the General Partner's position as the general partner of BP Fund and BP Institutional, the General Partner possesses voting and dispositive power over the Shares held by BP Fund and BP Institutional. Pursuant to an investment management agreement, the Manager maintains voting and dispositive power with respect to the Shares held by TW Fund. Mr. Kramer controls each of the General Partner and the Manager and also maintains sole voting and dispositive power with respect to 29,000 Shares. Page 6 of 8 Each of the General Partner, the Manager and Mr. Kramer (except with respect to the 29,000 Shares) disclaim beneficial ownership of any of the securities covered by this statement. Item 5 Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [ ] Item 6 Ownership of More than Five Percent on Behalf of Another Person: Not Applicable Item 7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company: Not Applicable Item 8 Identification and Classification of Members of the Group: Not Applicable Item 9 Notice of Dissolution of Group: Not Applicable Item 10 Certification: By signing below the signatory certifies that, to the best of his knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 7 of 8 SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 1, 2008 BOSTON PROVIDENT, L.P. By: OSK LLC By: /s/ Orin S. Kramer ------------------------------- Name: Orin S. Kramer Title: Managing Member BOSTON PROVIDENT ADMINISTRATION, INC. By: /s/ Orin S. Kramer ------------------------------- Name: Orin S. Kramer Title: President ORIN S. KRAMER /s/ Orin S. Kramer - ---------------------------------- Page 8 of 8 -----END PRIVACY-ENHANCED MESSAGE-----