California Federal Bank Assigns a Fair Market Value to Secondary
Participation Interests
SAN FRANCISCO, Jan. 15 /PRNewswire/ -- California Federal Bank, A Federal Savings Bank, assigned a fair market
value for federal income tax reporting purposes to its Secondary Contingent Litigation Participation Recovery Interests
(CALGL) as of January 3, 1997. The value was $10.414 per unit. There are 5,080,061 units outstanding.
The "new" California Federal Bank resulted from the January 3, 1997, merger of First Nationwide Bank and California
Federal Bank. Holders of Cal Fed Bancorp Inc common stock received, as part of the merger consideration, one Secondary
Contingent Litigation Participation Recovery Interest for each ten common shares of Cal Fed Bancorp held on January 3,
1997. The secondary participation interests represent the right to participate in a portion of the net cash proceeds, if any,
recovered in California Federal Bank's pending breach of contract lawsuit against the federal government. A copy of the
offering circular for the secondary participation interests is on file with the Office of Thrift Supervision.
With assets of approximately $30 billion, California Federal Bank operates 235 branches in four states: California, Florida,
Nevada and Texas. SOURCE California Federal Bank
Wednesday January 15 8:20 PM EDT
Note: These are now trading at $16+ |
