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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) September 30, 1999
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)
302 636-3300
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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 September 30, 1999
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 September 30, 1999
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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: September 30, 1999 By: /s/Robert L. Hunt II
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Name: Robert L. Hunt II
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 September 30, 1999
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EXHIBIT 99.1
Contact: Brock Hill
(626) 535-1932
COAST LITIGATION TRUST
ANNOUNCES FILING OF EXPERT WITNESS REPORTS
PASADENA, Calif., September 30, 1999 - The Coast Federal Litigation
Contingent Payment Rights Trust (NASDAQ:CCPRZ) announced today that final
reports of its expert witnesses have been filed with the Court of Federal
Claims (the "Court of Claims") on behalf of the plaintiff in Coast Federal Bank,
Federal Savings Bank ("Coast Federal") v. The United States (Civil Action No.
92-466C in the United States Court of Federal Claims (the "Litigation")). Coast
Federal's principal expectation damages analysis calculates damages to be
$1,396.6 million. An alternative methodology calculates damages to be $782.1
million. No calculations for either restitution or reliance damages were
included in the reports. The expert reports are attached as exhibits to a filing
made on September 29, 1999 on behalf of Coast Federal with the Court of Claims
in Washington, D.C.
The reports describe the amounts and methods of calculation of the damages
which the experts believe Coast Federal suffered as a result of the government's
breach of its contract with Coast Federal regarding the treatment for regulatory
capital purposes of a $298 million capital credit received by Coast Federal in
connection with its supervisory acquisition of Central Savings and Loan
Association in 1987. The breach of contract arose from the government's adoption
of the Financial Institution Reform, Recovery and Enforcement Act of 1989
("FIRREA") and regulations implementing the legislation. The government's
liability for the breach has previously been established by the Court of Claims.
Within the next 90 days, the government will have the opportunity to depose
the expert witnesses who prepared the reports and, within the next 120 days, the
government is expected to file its own experts' reports on damages in response
to the conclusions set forth in the reports of Coast Federal's experts. The
government has argued in other supervisory capital cases relating to FIRREA that
have gone to trial on the issue of damages that some or all of the damages
alleged by the plaintiffs in those cases were too speculative to permit a
recovery. The courts in each of those cases declined to award damages under some
or all of the plaintiffs' damage theories. For these and other reasons, there
can be no assurance as to the type or amount, if any, of damages that Coast
Federal may recover. Without limiting the generality of the foregoing, there can
be no assurance that Coast Federal will obtain any monetary or other recovery in
the Litigation.
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 or its successor'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.##
