All are former directors of the bankrupt Wilshire Financial Services Group. They join existing board members Andrew Wiederhorn, Larry Mendelsohn and Jordan Schnitzer and replace Pat Terrell and David Egelhoff, who have both resigned. Terrell remains a significant shareholder.

All directors had connections to Wilshire Financial Services Group, which for bankruptcy in 1999. When the company came out the other side, it terminated Wiederhorn and Mendelsohn, but then had to pay a settlement the next year related to the termination.

Coleman and Dale-Johnson both served as a director for both Wilshire Financial Services Group and of its subsidiary, First Bank of Beverly Hills. Kotler, an attorney, previously served on the board of First Bank of Beverly Hills and of Gird Savings Bank, another Wilshire Financial subsidiary.Fog Cutter's share price stood at $2.47 on Wednesday afternoon, unchanged from Tuesday.