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Exhibit 99.1
Contact: Brock Hill
(626) 535-1932
COAST LITIGATION TRUST ANNOUNCES CHANGE IN DATE
FOR ORAL ARGUMENT ON MOTION AND CROSS-MOTION FOR SUMMARY JUDGMENT
PASADENA, California, October 3, 2000 - The Coast Federal Litigation
Contingent Payment Rights Trust (the "Trust") (NASDAQ:CCPRZ) announced today
that, in connection with Coast Federal Bank, Federal Savings Bank ("Coast
Federal") v. The United States (Civil Action No. 92-466C (the "Litigation") in
the United States Court of Federal Claims (the "Claims Court")), the oral
argument on the government's motion and Coast Federal's cross-motion for summary
judgment scheduled for October 11, 2000 had, by Order dated October 2, 2000 of
Judge Hewitt of the Claims Court, been rescheduled for October 20, 2000 at 9:00
a.m. in the National Courts Building, 717 Madison Place N. W., Washington, DC
20005.
The Trust also announced today that on September 27, 2000, the
government filed with the Claims Court its reply memorandum in support of its
motion for summary judgement, and that Coast Federal has been granted until
October 6, 2000 to file its reply in support of its cross-motion for partial
summary judgment.
The Trust, established as part of the transaction pursuant to which
Coast Savings Financial, Inc. ("Coast Savings"), 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.##
