FirstCity Liquidating Trust (FCFCL) Message Board

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Strategies & Market Trends : FirstCity Liquidating Trust (FCFCL)

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To: leigh aulper who wrote ()	1/15/1998 7:07:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces Fourth Quarter 1997 Results HOUSTON, Jan. 15 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates increased from $81.9 million at September 30, 1997 to $91.3 million at December 31, 1997. The quarter-to-quarter increase resulted primarily from two distinct events, each contributing about equally to the growth in value: -- Settlement of a professional liability claim in favor of the Trust. (This claim should not be confused with the Trust's fidelity bond claim, which is in the early stages of litigation.) -- An upward revaluation of the Trust's investment in the First City Tower resulting from a combination of a favorable refinancing of the debt, current appraisals, cash flow and profitability. The First City Tower is conservatively valued on the books at $20 million as of December 31, 1997. Separately, the Trust has scheduled its first distribution to Class B Certificate holders. The distribution of $7 per Class B Certificate ($17.2 million in total) will be payable on January 30, 1998 to holders of record on January 23, 1998. The balance of the Class A Certificate was paid off in December 1997. FirstCity Liquidating Trust reconfirmed that its value for the Class C Certificates is zero, and that it is unlikely that they will ever have any value.

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