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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) February 23, 1998
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COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
333-44155 13-7140975
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(Commission File Number) (I.R.S. Employer Identification No.)
E.A. Delle Donne Corporate Center, Montgomery Building,
1011 Centre Road, Wilmington, Delaware 19805
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(Address of Principal Executive Offices) (Zip Code)
302 636-330
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
The Registrant has issued the press release, dated February 23,
1998, attached as an exhibit hereto describing a recent development in the
case brought by Coast Federal Savings, FSB ("Coast Federal"), against the
United States Government relating to the Government's alleged breach of the
agreement, entered into in 1987 in connection with Coast Federal's
acquisition of Central Savings and Loan Association, to treat certain
amounts as a permanent addition to Coast Federal's regulatory capital.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
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99.1 Press release of the Registrant, dated February 23, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
COAST FEDERAL LITIGATION CONTINGENT PAYMENT RIGHTS TRUST
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(Registrant)
Dated: February 23, 1998 By: /s/ James F. Barritt
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Name: James F. Barritt
Title: Litigation Trustee
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INDEX TO EXHIBITS
Exhibit
No. Document Description
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99.1 Press release of the Registrant, dated February 23, 1998
Contact: Brock Hill
(818) 316-8410
FOR RELEASE MONDAY, FEBRUARY 23, 1998
BY 8:30 A.M., EST
COAST LITIGATION TRUST ANNOUNCES GOVERNMENT CONCESSION ON LIABILITY
PASADENA, Calif., February 23, 1998 - The Coast Federal Litigation
Contingent Payment Rights Trust (NASDAQ:CCPRZ) announced today that on
February 20, 1998 the United State Government, as defendant in COAST
FEDERAL BANK, FEDERAL SAVINGS BANK V. THE UNITED STATES, Civil Action No.
92-466C in the United State Court of Federal Claims, filed its response to
Coast Federal's Motion For Entry of Judgement. In its response, the
Government sated that "at this point, entry of an order regarding the
Government's liability would be appropriate. We believe that such an order
should reflect the Government's concession that a contract existed with
respect to Coast's claim for a capital credit to its net worth, and that
the Government acted inconsistently with the contract." In a footnote, the
Government stated that "[o]f course, only issues of whether a contract
existed, and whether the Government acted inconsistently with that
contract, are resolved by the Motion For Partial Summary Judgment.
Specifically, the Government does not in any way concede the issues of
whether Coast was damaged by the Government's actions, and/or whether the
Government's action caused any damages that Coast may assert. The
Government also reserves the right to raise any defenses that it may become
aware of during the course of future discovery, which the Government has no
reason to know of at this time."
As part of its response to Coast Federal's motion, the Government
submitted a proposed Order for Chief Judge Loren A. Smith's signature which
states in part, "[o]rdered that plaintiff's motion for partial summary
judgment is granted and that plaintiff is granted summary judgment with
respect to its claim for a capital credit to its net worth, which is
contained in Count I of its complaint."
The Trust's Litigation Trustees emphasized that, as the
Government's response states, the Government's concession of liability is
not a concession by the Government that Coast Federal was damaged by the
Government's breach of its contract with Coast Federal, nor has there been
any determination as to the amount of damages, if any, that Coast Federal
may have sustained as a result of the breach. Such determination is
expected to require substantial additional proceedings, including a trial
on the damages issues and possible appellate proceedings. The Litigation
Trustees have not determined how Coast Federal will respond to the
Government's response or proposed Order.
The Trust, established as part of the transaction pursuant to
which Coast Savings Financial, Inc., merged with an into H.F. Ahmanson &
Co., holds Ahmanson's commitment to pay to the Trust the net after-tax
proceeds, if any, received by Coast Federal, or its successor, in the
litigation. The Litigation Trustees are authorized to direct Coast
Federal's pursuit of its claim against the Government. Certificates
representing undivided interests in the assets of the Trust, and therefore
interests in Ahmanson's commitment, were publicly issued by the Trust to
the holders of Coast Savings' common stock immediately prior to the
effectiveness of the merger on February 13, 1998, which certificates trade
on The NASDAQ National Market under the symbol CCPRZ.##
