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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) March 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 March 24, 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 March 24, 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: March 24, 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 March 24, 1998
Contact: Brock Hill
(818) 731-8370
FOR IMMEDIATE RELEASE
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COAST LITIGATION TRUST ANNOUNCES JUDGE'S ENTRY OF
ORDER REGARDING GOVERNMENT LIABILITY
PASADENA, Calif., March 24, 1998 - The Coast Federal Litigation
Contingent Payment Rights Trust (NASDAQ:CCPRZ) announced today that on
March 23, 1998 Chief Judge Loren A. Smith entered an order in Coast Federal
Bank, Federal Savings Bank v. The United States, Civil Action No. 92-466C
in the United States Court of Federal Claims, granting plaintiff's motion
for partial summary judgment as to liability with respect to the
plaintiff's claim for a capital credit to its net worth.
The order entered by Judge Smith only addresses the issue of the
liability of the United States Government for breach of its contract to
grant a capital credit to Coast Federal. The order does not address the
issue of what damages, if any, Coast Federal may have sustained as a result
of the Government's breach. Such determination is expected to require
substantial additional proceedings, including a trial and possible
appellate proceedings.
The Trust, established as part of the transaction pursuant to
which Coast Savings Financial, Inc., merged with and into H.F. Ahmanson &
Co., holds Ahmanson's commitment to pay the Trust the net after-tax
proceeds, if any, received by Coast Federal, or its successor, in the
litigation. 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 Coast Savings' merger with
Ahmanson on February 13, 1998, which certificates trade on The NASDAQ
National Market under the symbol CCPRZ.##
