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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 2000
Commission file number 0-28706
FIRST ALLIANCE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 33-0721183
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(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
17305 VON KARMAN AVENUE, IRVINE, CALIFORNIA 92614
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (949) 224-8500
(Former name or former address, if changed since last report): Not Applicable
ITEM 5. OTHER EVENTS
As previously reported, on March 23, 2000, First Alliance Corporation
(the "Company") and several of its subsidiaries filed a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Central District of California. Since the March
23, 2000 petition date, the Company has operated as a debtor in possession and
is in compliance with all bankruptcy reporting requirements, including the
filing of Monthly Operating Reports.
Since the petition date, the Company has been principally engaged in
dealing with bankruptcy-related matters, and, together with its outside
advisors, formulating a substantially modified business strategy in an effort to
expeditiously formulate, confirm and consummate a plan to sell and market the
Company's business units and related assets. The Company, which at its peak
employed over 450 people, presently has approximately 70 full-time employees.
The Company plans to further reduce its staff to the minimum number of employees
necessary to wind up the Company's affairs. In addition, the Company's remaining
management, financial and accounting staff now devote a significant portion of
their time to developing and implementing the Company's asset marketing and
sales plan and to administering the bankruptcy proceeding including, among other
things, preparing detailed financial budgets, formulating and preparing
disclosure materials relating to the bankruptcy proceeding, analyzing accounts
payable and receivables, assembling data for the Company's schedules of assets
and liabilities and statement of financial affairs which are required to be
filed with the Bankruptcy Court and preparing the Monthly Operating Reports for
the Bankruptcy Court and Office of the United States Trustee.
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As a result of the above, the Company has requested that the Securities
and Exchange Commission allow it to follow a modified reporting procedure in
lieu of the periodic reports required under the Securities Exchange Act of 1934,
as amended. Such modified reporting procedures would include filing under cover
Form 8-K copies of the Monthly Operating Reports for each bankrupt entity as
required to be filed with the Bankruptcy Court and Office of the United States
Trustee. The Company has filed its Monthly Operating Reports for the month of
May 2000 with the Bankruptcy Court and Office of the United States Trustee. A
copy of these reports for each bankrupt entity is attached hereto as Exhibits
99.1, 99.2, 99.3 and 99.4.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Exhibits:
(99.1) Monthly Operating Report for the month of May - First
Alliance Corporation, a Delaware Corporation, SA
00-12371 LR
(99.2) Monthly Operating Report for the month of May - First
Alliance Mortgage Company, a California Corporation,
SA 00-12370 LR
(99.3) Monthly Operating Report for the month of May - First
Alliance Mortgage Company, Minnesota , a Minnesota
Corporation, SA 00-12372 LR
(99.4) Monthly Operating Report for the month of May - First
Alliance Portfolio Services, a Nevada Corporation, SA
00-12373 LR
(b) Pro forma financial information - not applicable
(c) Exhibits - not applicable
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Date: June 30, 2000
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FIRST ALLIANCE CORPORATION
By: /S/ Francisco Nebot
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Francisco Nebot
President and
Chief Financial Officer
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