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Delisted Fog Cutter Capital Will Request Review

PORTLAND-The locally based company is delisted after a Nasdaq Listing Qualifications Panel denies the company's appeal of a Nasdaq staff determination primarily related to the company's continued affiliation with Andrew Wiederhorn, who plead guilty in June to two felony charges unrelated to the company.

By Brian K. Miller | Updated on October 14, 2004

PORTLAND-As of today, Fog Cutter Capital Group Inc. is no longer listed on the Nasdaq. The locally based investment firm was delisted after a Nasdaq Listing Qualifications Panel denied the company’s appeal of a Nasdaq staff determination.Although not mentioned in the company’s press release, the delisting was primarily related to the company’s continued affiliation with Andrew Wiederhorn, who plead guilty in June to two felony charges unrelated to the company, is on a leave of absence while serving a federal prison sentence, but remains on the company payroll.Fog Cutter says it will request a review of the Panel’s decision by the Nasdaq Listing and Hearing Review Council. In the meantime, it says Fog Cutter stock will continue to be traded on the OTC Pink Sheets while it seeks to establish relationships with market makers to provide additional trading opportunities. “We are disappointed and believe strongly that the Panel came to the wrong conclusion,” says Fog Cutter chief executive Donald Berchtold. “We will continue to appeal this decision and hope that the appeal will lead to a just result.” Fog Cutter Capital Group’s strategy is to develop, strengthen and expand its restaurant and commercial real estate mortgage brokerage operations and continue acquiring real estate investments with favorable risk-adjusted returns.

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