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 ()	10/17/1998 8:28:00 AM
From: leigh aulper	of 16

Liquidating Trust Announces Third Quarter Results HOUSTON--(BUSINESS WIRE)--Oct. 15, 1998--FirstCity Liquidating Trust (OTC BB:FCFCL) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates decreased from $69.9 million at June 30, 1998 to $58.1 million at September 30, 1998. The quarter-to-quarter decrease resulted primarily from a July 15, 1998 distribution of $17.2 million partially offset by a $5 million increase in the value of the remaining non-cash assets. The increase in asset valuation resulted from a $5 million write-up (to $26 million) in the value of the First City Tower Partnership investment. Management of the Trust believes the write-up was warranted after receiving a summary judgment in favor of the Trust in the First City Tower-related litigation. As previously announced, a cash distribution of $4.9 million, or $2.00 per share, to Class B Certificate holders is payable today, October 15, 1998 and will bring the valuation to $53.2 million. The Trust reconfirmed that its value for the Class C Certificates was zero and that it was unlikely that the Class C Certificates would have any value.

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