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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): December 2, 1999
AAMES FINANCIAL CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware 0-19604 95-340340
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
350 South Grand Avenue, 52nd Floor
Los Angeles, California 90071
(Address of Principal Executive Offices)
(323) 210-5000
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(Registrant's Telephone Number, Including Area Code)
NA
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant issued on November 2,
1999 which contains information meeting the requirements of this Item 5 and
is incorporated herein by this reference. A copy of the press release is
attached to this Form 8-K as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99 Press release issued December 2, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.
AAMES FINANCIAL CORPORATION
Dated: December 2, 1999 By: /s/ John F. Madden, Jr.
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John F. Madden, Jr.
Assistant Secretary
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
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99 Press release issued December 2, 1999
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EXHIBIT 99
[LOGO]
FINANCIAL CORPORATION
Contact: David Sklar
Aames Financial Corporation
(323) 210-5311
For Immediate Release
AAMES FINANCIAL CORPORATION APPOINTS DAVID H. ELLIOTT TO THE BOARD OF DIRECTORS
LOS ANGELES, CA., December 2, 1999 - Aames Financial Corporation (NYSE: AAM),
a leader in subprime home equity lending, announced today that David H.
Elliott has been appointed to the Board of Directors of the Company. The
Company also announced that Mr. Elliott was appointed to the Audit Committee
and the Stock Option Committee of the Board of Directors.
Mr. Elliott has three decades of experience in the insurance and financial
guarantee industries and is the chairman of the executive committee of the
board of directors of MBIA, Inc. and the former chairman of the board and
chief executive officer of MBIA, Inc. and its largest operating company, MBIA
Insurance Corporation.
"We are excited that David has joined the Board of Directors," said A. Jay
Meyerson, the Company's Chief Executive Officer. "David brings valuable
experience from the financial and insurance industries, as well as leadership
abilities to Aames that will be useful in our effort to achieve our
strategic objectives of positioning Aames as a prudent, profitable, and
innovative leader in the home equity industry."
In 1986, Mr. Elliott was appointed president and chief operating officer
of MBIA, Inc. and was later appointed as a director. He became chief
executive officer of MBIA, Inc. on January 1, 1992, and added the title of
chairman two years later. Mr. Elliott relinquished the chief executive
officer position in
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January 1999 and the chairmanship in May 1999. Mr. Elliott remains as a
member of the board of directors and the chairman of the executive committee
of MBIA, Inc.
"I look forward to working with the management team at Aames and playing
an active role in the Company," said Mr. Elliott. "As a member of the Board
of Directors and the Audit and Stock Option Committees, I hope to be able to
contribute to the future success of the Company."
Mr. Elliott will fill the vacancy created by the resignation of Neil B.
Kornswiet from the Board on November 30, 1999. The Company also announced
that Mr. Kornswiet is no longer employed by the Company.
Aames Financial Corporation is a leading home equity lender that, as of
September 30, 1999, operates 101 retail branches, and 35 broker offices,
serving customers across the country.
From time to time the Company may publish forward-looking statements relating
to such matters as anticipated financial performance, business prospects and
similar matters. The Private Securities Litigation Reform Act of 1995
provides a safe harbor for forward-looking statements. In order to comply
with the terms of the safe harbor, the Company notes that a variety of
factors could cause the Company's actual results and experience to differ
materially from the anticipated results or other expectations expressed in
the Company's forward-looking statements. The risks and uncertainties that
may affect the operations, performance and results of the Company's business
include the following: negative cash flow and continued access to outside
sources of cash to fund operations; third party rights to terminate mortgage
servicing; high delinquencies and losses in our securitization trusts;
dependence on funding sources; Year 2000 compliance and technological
enhancements; prepayment risk; changes in interest rates; basis risk;
prolonged interruptions or reductions in the secondary market for mortgage
loans; timing of loan sales; dependence on broker network; competition;
concentration of operations in California; economic conditions; contingent
risks on loans we sell; government regulation; changes in federal income tax
laws; our ability to pay dividends and the concentrated ownership of our
controlling stockholder. For a more complete discussion of these risks and
uncertainties, see "Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations - Risk Factors" in the
Company's Annual Report on Form 10-K and 10-K/A for the fiscal year ended
June 30, 1999 and "Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations - Risk Factors" in Form 10-Q for the
quarter ended September 30, 1999, and subsequent Company Filings with the
United States Securities and Exchange Commission.
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