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Non-Tech : Golden State (GSB) formerly Glendale Savings
GSB 9.4800.0%Aug 28 5:00 PM EST
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To: Paul Lee who wrote ()10/8/1998 6:00:00 PM
From: Paul Lee   of 75
 
Golden State Bancorp Inc. Announces Stock Repurchase Program and Amount of Damages Claim for Subsidiary Goodwill Lawsuit

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 8, 1998--Golden State Bancorp Inc. (NYSE:GSB), parent company of California Federal Bank

("Cal Fed"), today announced that its board of directors has authorized the company to repurchase from time to time up to $150 million worth of shares of its common stock through open market purchases on the New York Stock Exchange and in privately negotiated transactions.

Golden State also announced that Cal Fed has filed with the U.S. Court of Federal Claims its expert witnesses damages reports in its pending Goodwill Litigation against the U.S. Government. In such reports Cal Fed claims three alternative damages amounts: $1.642 billion in expectation (including lost profits) damages; $1.595 billion in restitution damages; and $725 million in reliance damages. The trial in Cal Fed's damages case is currently scheduled to begin in Washington D.C. on December 7, 1998.

Cal Fed is a diversified financial services company whose principal business consists of (i) operating retail deposit branches to serve consumers in California and, to a lesser extent, in Nevada; (ii) originating or purchasing, on a nationwide basis, 1-4 unit residential loans and, to a lesser extent, certain commercial real estate and consumer loans, for investment, and (iii) conducting mortgage banking activities, including originating and servicing 1-4 unit residential loan for others.

Golden State Bancorp Inc. is a holding company whose only significant asset is its ownership of all the common stock of Cal Fed.
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