SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13D-1(A) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13D-2(A)
(AMENDMENT NO. 2)*
Bank Plus Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
0644461073
------------------------------------------------------
(CUSIP Number)
Jeffrey S. Lambert
Strome Investment Management L.P.
100 Wilshire Blvd., 15th Floor
Santa Monica, CA 90401
(310) 917-6600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 30, 2000
---------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box |_|.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
CUSIP No. CUSIP No. 001947100 Page 2 of 18 Pages
- ----------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Investment Management L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
#95-4450882
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,745,000
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,745,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,745,000
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN, IA
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 001947100 Page 3 of 18 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SSCO, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
#95-4450883
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,745,000
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,745,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,745,000
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO, HC
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 001947100 Page 4 of 18 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Mark E. Strome
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,745,000
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,745,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,745,000
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN, HC
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 001947100 Page 5 of 18 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Partners L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
#95-4372590
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 199,400
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
199,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
199,400
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN, IA
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 001947100 Page 6 of 18 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Offshore Limited
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,162,600
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,162,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,600
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 001947100 Page 7 of 18 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Hedgecap Fund, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
#95-4385662
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 327,800
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
327,800
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
327,800
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 001947100 Page 8 of 18 Pages
- ------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Hedgecap Limited
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|x| (b)|_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)|_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 55,200
EACH
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
55,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
55,200
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 001947100 Page 9 of 18 Pages
- ------------------- ------------------
INTRODUCTION
This Amendment No. 2 relates to the Schedule 13D filed on behalf of (i)
Strome Partners, L.P. ("SP"), (ii) Strome Offshore Limited ("SOFF"), (iii)
Strome Hedgecap Fund, L.P. ("SHCF"), (iv) Strome Hedgecap Limited ("SHCL"), (v)
Strome Investment Management, L.P. ("SIM"), (vi) SSCO, Inc. ("SSCO"), and (vii)
Mark E. Strome ("Strome"), collectively the "Reporting Persons" with the
Securities and Exchange Commission on December 1, 1999, and amended on February
22, 2000 (the "Schedule 13D"). Items 1, 3, 4, 5 and 7 of the Schedule 13D are
amended and supplemented as follows:
ITEM 1. SECURITY AND ISSUER.
The number of issued and outstanding shares of Stock as of March 23, 2000,
as set forth in the Company's Annual Report on Form 10-K for the period ended
December 31, 1999, is 19,441,886.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The net investment cost (including commissions, if any) of the
shares of Stock beneficially owned by SP is $1,050,734.05. The source of funds
for this consideration was working capital.
The net investment cost (including commissions, if any) of the
shares of Stock beneficially owned by SOFF is $6,184,590.89. The source of funds
for this consideration was working capital.
The net investment cost (including commissions, if any) of the
shares of Stock beneficially owned by SHCF is $1,744,426.89. The source of funds
for this consideration was working capital.
The net investment cost (including commissions, if any) of the
shares of Stock beneficially owned by SHCL is $293,506.24. The source of funds
for this consideration was working capital.
ITEM 4. PURPOSE OF TRANSACTION.
As previously disclosed, certain of the Reporting Persons provided notice
pursuant to the Company's By-Laws of their intention to nominate two individuals
for election to the Board of Directors of the Company at the 2000 Annual Meeting
of Stockholders (the "2000 Annual Meeting"). On March 30, 2000, the Reporting
Persons entered into an Agreement (the
<PAGE>
CUSIP No. 001947100 Page 10 of 18 Pages
- ------------------- -------------------
"Agreement") with the Company pursuant to which the Company agreed, among other
things, to nominate Jeffrey E. Susskind and Thomas E. King, subject to the
non-objection of the OTS, for election as directors of the Company at the 2000
Annual Meeting, and the Reporting Persons agreed, among other things, to refrain
from (i) taking certain actions with respect to the Company, including making
any additional acquisitions of Company stock and (ii) certain other actions,
including calling a special meeting of stockholders, until the termination of
the Agreement. The Reporting Persons have agreed to withdraw their notice of
intention to nominate directors at the 2000 Annual Meeting. The Agreement is
attached hereto as Exhibit A and incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date hereof, the Reporting persons have the following
interest in the securities of the Company:
(i) SP beneficially owns 199,400 shares of Stock and is the
beneficial owner of 1.0% of the Stock.
(ii) SOFF beneficially owns 1,162,600 shares of Stock and is
the beneficial owner of 6.0% of the Stock.
(iii) SHCF beneficially owns 327,800 shares of Stock and is
the beneficial owner of 1.7% of the Stock.
(iv) SHCL beneficially owns 55,200 shares of Stock and is the
beneficial owner of 0.3% of the Stock.
(v) SIM, (y) as general partner of and discretionary
investment adviser to SP and SHCF and (z) discretionary
investment adviser to SOFF and SHCL, beneficially owns
1,745,000 shares of Stock and is the beneficial owner of
9.0% of the Stock.
(vi) SSCO, as the general partner of SIM beneficially owns
1,745,000 shares of Stock and is the beneficial owner of
9.0% of the Stock.
(vii) Strome, as a settlor and trustee of the The Mark E.
Strome Living Trust dated 1/16/97, which trust is the
controlling shareholder of SSCO, beneficially owns
1,745,000 shares of Stock and is the beneficial owner of
9.0% of the Stock.
The Reporting Persons in the aggregate may be deemed to own an
aggregate of 9.0% of the Stock.
<PAGE>
CUSIP No. 001947100 Page 11 of 18 Pages
- ------------------- -------------------
(b)
SP SOFF SHCF SHCL SIM SSCO STROME
-- ---- ---- ---- --- ---- ------
SOLE POWER 0 0 0 0 0 0 0
TO VOTE/
DIRECT VOTE
SHARED 199,400 1,162,600 327,800 55,200 1,745,000 1,745,000 1,745,000
POWER TO
VOTE/
DIRECT VOTE
SOLE POWER 0 0 0 0 0 0 0
TO DISPOSE/
DIRECT
DISPOSITION
SHARED 199,400 1,162,600 327,800 55,200 1,745,000 1,745,000 1,745,000
POWER TO
DISPOSE/
DIRECT
DISPOSITION
(c) The trading dates, number of shares purchased or sold and the
price per share for all transactions by the Reporting Persons since February 22,
2000, are set forth below. All such transactions were open market transactions
and were effected on the NASDAQ National Market. No other transactions were
effected by the Reporting Persons during such period.
- --------------------------------------------------------------------------------
TRADE DATE BOUGHT (SOLD) PRICE
- --------------------------------------------------------------------------------
SP 02/28/00 (25,000) $2.5849
- --------------------------------------------------------------------------------
SP 03/01/00 (1,600) $2.3037
- --------------------------------------------------------------------------------
SP 03/08/00 (5,000) $1.8974
- --------------------------------------------------------------------------------
SP 03/09/00 (5,000) $1.7099
- --------------------------------------------------------------------------------
SP 03/13/00 (800) $1.7724
- --------------------------------------------------------------------------------
SP 03/13/00 (5,000) $1.7724
- --------------------------------------------------------------------------------
SP 03/15/00 (5,000) $1.7724
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 001947100 Page 12 of 18 Pages
- ------------------- -------------------
- --------------------------------------------------------------------------------
SP 03/16/00 (5,000) $1.7724
- --------------------------------------------------------------------------------
SP 03/21/00 (5,000) $1.8349
- --------------------------------------------------------------------------------
SP 03/22/00 (5,000) $1.7724
- --------------------------------------------------------------------------------
SP 03/23/00 (5,000) $1.7724
- --------------------------------------------------------------------------------
SP 03/28/00 (5,000) $1.7412
- --------------------------------------------------------------------------------
SP 03/29/00 (5,000) $1.5849
- --------------------------------------------------------------------------------
SP 03/31/00 (20,000) $1.5849
- --------------------------------------------------------------------------------
SOFF 03/01/00 (6,400) $2.3037
- --------------------------------------------------------------------------------
SOFF 03/13/00 (3,200) $1.7724
- --------------------------------------------------------------------------------
SHCF 03/01/00 (1,700) $2.3037
- --------------------------------------------------------------------------------
SHCF 03/13/00 (850) $1.7724
- --------------------------------------------------------------------------------
SHCL 03/01/00 (300) $2.3037
- --------------------------------------------------------------------------------
SHCL 03/13/00 (150) $1.7724
- --------------------------------------------------------------------------------
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
EXHIBIT A Agreement between Reporting Persons and Bank Plus Corporation, dated
March 30, 2000.
<PAGE>
CUSIP No. 001947100 Page 13 of 18 Pages
- ------------------- -------------------
SIGNATURE.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Dated: April 4, 2000
Strome Partners, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------
Jeffrey S. Lambert
Chief Operating Officer
Strome Offshore Limited
By: /s/ Jeffrey S. Lambert
--------------------------
Jeffrey S. Lambert
Director
Strome Hedgecap Fund
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------
Jeffrey S. Lambert
Chief Operating Officer
Strome Hedgecap Limited
By: /s/ Jeffrey S. Lambert
--------------------------
Jeffrey S. Lambert
Director
Strome Investment Management, L.P.
By: SSCO, Inc., general partner
By: /s/ Jeffrey S. Lambert
--------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------
Jeffrey S. Lambert
Chief Operating Officer
/s/ Jeffrey S. Lambert
- ----------------------
Mark E. Strome
<PAGE>
CUSIP No. 001947100 Page 14 of 18 Pages
- ------------------- -------------------
EXHIBIT A
March 30, 2000
Strome Partners, L.P. ("SPLP")
Strome Offshore Limited ("Offshore")
Strome Hedgecap Fund, L.P. ("Hedgecap Fund")
Strome Hedgecap Limited ("Hedgecap Limited")
Strome Investment Management, L.P. ("Management")
SSCO, Inc. ("SSCO")
Mark E. Strome ("Strome")
Re: Standstill Agreement
--------------------
Gentlemen:
Each of you is either a stockholder of Bank Plus Corporation (the
"Company") or an affiliate or officer of a stockholder of the Company
(collectively, the "Strome Stockholders"). On December 17, 1999, certain of the
Strome Stockholders notified the Company of their intention to call a special
meeting of stockholders of the Company to expand the size of the Company's Board
of Directors (the "Board") and to elect as additional directors of the Company a
slate of nominees selected by the Strome Stockholders and possibly other
stockholders. On February 18, 2000, certain of the Strome Stockholders, through
Cede & Co., notified the Company of their intention to nominate two individuals
for election as directors at the Company's 2000 annual meeting of stockholders
(the "2000 Annual Meeting"). At or before the 2000 Annual Meeting, Lilly V. Lee
and Waldo H Burnside will cease to be directors of the Company. In order to
avoid the time and expense of a protracted proxy contest, the parties agree as
follows:
1. Subject to the non-objection of the Office of Thrift Supervision
(the "OTS") pursuant to 12 C.F.R. ss.563.585 (thE "OTS Non-Objection") and the
satisfaction of the provisions of Section 2 hereof, the Board will nominate
Jeffrey E. Susskind and Thomas E. King (together with Substitute Nominees, as
defined below, the "Strome Designees") for election as directors of the Company
at the 2000 Annual Meeting for terms expiring at the Company's annual meetings
of stockholders in 2003 and 2002, respectively (although the Company reserves
the right to nominate Mr. King for a term expiring in 2003). The Company shall,
upon execution of this Agreement, notify the OTS in accordance with 12 C.F.R.
ss.563.560 et seq. of the nomination of the Strome Designees to the Board, and
shall promptly take any and all other actions necessary or appropriate,
including the filing of any required notices, forms or other instruments with
the OTS and any other regulatory authority having jurisdiction thereof, the
approval or non-objection of which is required for the Strome Designees to serve
on the Board. The Strome Stockholders shall cause the Strome Designees to
provide such information as may reasonably be requested by the Company in order
for the Company to fulfill its obligations under with 12 C.F.R. ss.563.560 et
seq.
<PAGE>
CUSIP No. 001947100 Page 15 of 18 Pages
- ------------------- -------------------
If the OTS objects to the inclusion of Mr. Susskind or Mr. King on
the Board, the Board and the Strome Stockholders shall work in good faith to
designate a replacement nominee (the "Substitute Nominee") as a director of the
Company acceptable to both the Strome Stockholders and the Board. The nomination
of the Substitute Nominee to the Board shall be subject to OTS Non-Objection.
2. The Strome Stockholders acknowledge and agree that the terms of
this Agreement and the transactions contemplated hereby will not be used to
facilitate an acquisition of control of the Company by the Strome Stockholders.
As a condition to the nomination of the Strome Designees to the Board, each of
such individuals shall execute and deliver to the Company his written
resignation from the Board and from the boards of directors of any direct or
indirect subsidiaries of the Company, effective five calendar days following
written notice from the Company to the Strome Stockholders and the Strome
Designees of a breach by any of the Strome Stockholders of any provision of
paragraph 3 of this Agreement, which notice shall describe such breach in
reasonable detail.
3. Subject to paragraph 4 below, each of the Strome Stockholders
executing this Agreement below hereby agrees that, from the date hereof through
April 30, 2001, each of the Strome Stockholders shall not, individually or
collectively, (a) acquire, offer to acquire, or agree to acquire, directly or
indirectly, by purchase or otherwise, any voting securities, direct or indirect
rights or options to acquire any voting securities, or securities or instruments
convertible into voting securities, of the Company if, after giving effect to
the acquisition of such voting securities (whether or not actually acquired),
the Strome Stockholders would beneficially own (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange
Act")) in excess of 9.62% of the outstanding voting securities of the Company;
provided, however, that any increase in the Strome Stockholders' percentage
ownership of voting securities of the Company due to a redemption or repurchase
by the Company of its voting securities shall not be deemed to be an acquisition
of the Company's voting securities; (b) make, or in any way participate,
directly or indirectly, in any "solicitation" of "proxies" to vote (as such
terms are used in the proxy rules of the Securities and Exchange Commission)
securities of the Company, or seek to advise or influence any person or entity
with respect to any voting of any securities of the Company on any matter
submitted, or to be submitted to, the stockholders of the Company; (c) call, or
participate in calling, any special meeting of the stockholders of the Company;
(d) form, join or in any way participate in a "group" (other than the Strome
Stockholders) within the meaning of Section 13(d)(3) of the Exchange Act with
respect to any voting securities of the Company; (e) make any public
announcement with respect to or make or submit a proposal or offer (with or
without conditions) for the securities or assets of the Company or any
extraordinary transaction involving the Company or any of its subsidiaries; (f)
otherwise act alone or in concert with others to seek to control the management,
Board of Directors or policies of the Company (other than by virtue of the
participation of the Strome Designees on the Board); (g) make any filing or
application with any governmental agency seeking control or a rebuttal of a
presumption of control of the Company or Fidelity Federal Bank, a FSB (the
"Bank"), under federal laws and regulations, including, without limitation,
<PAGE>
CUSIP No. 001947100 Page 16 of 18 Pages
- ------------------- -------------------
12 C.F.R. Part 574, except for a filing seeking a rebuttal of a presumption of
control of the Company or the Bank in response to an assertion by the OTS that
such a filing is necessitated by virtue of the Strome Stockholders' 9.62%
beneficial ownership of the Company's voting securities and the addition of the
Strome Designees to the Board; or (h) propose any of the foregoing unless and
until such proposal is specifically invited or approved by the Company.
4. The Strome Stockholders hereby withdraw their notice to the
Company of their intention to nominate candidates for election as directors of
the Company at the 2000 Annual Meeting. Notwithstanding anything to the contrary
in paragraph 3 hereof, each of the Strome Stockholders shall vote all of its
securities of the Company in favor of the director nominees (who shall include
the Strome Designees) proposed by the Board at the 2000 Annual Meeting.
5. All parties hereto agree and acknowledge that the Board is
placing material reliance on the terms of this Agreement as a basis of and
condition to the Board's appointment of the Strome Designees as directors of the
Company.
6. Each of the Strome Stockholders hereby acknowledges and agrees
that it is aware that the United States securities laws may prohibit any person
who has material non-public information about a company from purchasing or
selling securities of that company.
7. This Agreement shall terminate upon the earliest to occur of the
following: (i) the failure of the Strome Designees to be approved by the OTS as
directors of the Company within 60 days of receipt by the Company from both
Strome Designees of completed and executed forms and disclosures necessary for
submission to the OTS; (ii) the failure of the Strome Designees to be elected
directors of the Company at the 2000 Annual Meeting; (iii) the resignation, on
or after the 60th day preceding the first anniversary of the date on which the
Company first mails proxy materials to stockholders for the 2000 Annual Meeting,
of the Strome Designees from the Board and from the boards of directors of any
direct or indirect subsidiaries of the Company on which they serve; or (iv)
April 30, 2001. No rights or obligations shall survive the termination of this
Agreement except for claims arising from, or in connection with, the breach of
this Agreement.
8. It is understood and agreed that monetary damages would not be a
sufficient remedy for any breach or threatened breach of this Agreement. Each
party hereto shall be entitled to equitable relief by way of injunction or
specific performance if any other party or any of their respective officers,
directors, investment bankers, attorneys, accountants or other representatives
breach, or threaten to breach, any of the provisions of this Agreement, such
remedy by way of equitable relief being cumulative, and not exclusive, of any
other remedies and/or rights that the complaining party shall be entitled to
exercise. It is further understood and agreed that no failure or delay by any
party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any right, power or
privilege hereunder.
<PAGE>
CUSIP No. 001947100 Page 17 of 18 Pages
- ------------------- -------------------
9. In the event of any dispute between the parties hereto regarding
the performance or interpretation of this Agreement, the prevailing party shall
be entitled to its reasonable attorneys' fees, costs and other expenses, in
addition to any other relief to which such party may be entitled.
10. This Agreement shall be governed in all respects, including
validity, interpretation and effect, by the internal laws of the State of
Delaware, without regard to the principles of conflict of laws.
11. All the terms and provisions of this Agreement shall inure to
the benefit of and shall be enforceable by the successors and assigns of the
parties hereto.
12. This Agreement contains the entire understanding of the parties
with respect to its subject matter. There are no restrictions, agreements,
promises, representations, warranties, covenants or understandings other than
those expressly set forth herein. This Agreement may be amended only by a
written instrument duly executed by the parties or their respective successors
or assigns.
13. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given (and shall be deemed to have
been duly given if so given) by hand delivery, cable, telecopy (confirmed in
writing) or telex, or by mail (registered or certified, postage prepaid, return
receipt requested) to the respective parties as follows:
If to the Company:
Bank Plus Corporation With a copy to:
4565 Colorado Boulevard Gibson, Dunn & Crutcher LLP
Los Angeles, CA 91209-1631 333 South Grand Avenue
Attention: General Counsel Los Angeles, CA 90071
Attention: Dhiya El-Saden, Esq.
If to the Strome Stockholders:
c/o Strome Investment Management, L.P. With a copy to:
100 Wilshire Boulevard Cadwalader, Wickersham & Taft
15th Floor 100 Maiden Lane
Santa Monica , CA 90401 New York, NY 10038
Attention: Jeffrey S. Lambert Attention: Dennis J. Block, Esq.
or to such other address as the person to whom notice is given may have
previously furnished to the others in writing in the manner set forth above.
14. This Agreement may be executed in counterparts, each of which
shall be an original, but each of which together shall constitute one and the
same Agreement.
<PAGE>
CUSIP No. 001947100 Page 18 of 18 Pages
- ------------------- -------------------
Kindly confirm that the foregoing represents our understanding and agreement in
respect of this matter by signing below where indicated and returning the signed
copy.
Sincerely,
BANK PLUS CORPORATION
By: /s/ Mark Mason
------------------------------
Mark K. Mason
President and Chief Executive Officer
The undersigned Strome Stockholders hereby agree to the foregoing this ___ day
of March, 2000.
STROME PARTNERS, L.P. STROME HEDGECAP FUND, L.P.
By Strome Investment Management,L.P. By Strome Investment Management, L.P.
general partner general partner
By SSCO, Inc., general partner By SSCO, Inc., general partner
By: /s/ Mark E. Strome By: /s/ Mark E. Strome
------------------- ---------------------
STROME OFFSHORE LIMITED STROME HEDGECAP LIMITED
By: /s/ Mark E. Strome By: /s/ Mark E. Strome
------------------- ---------------------
STROME INVESTMENT MANAGEMENT, L.P. SSCO, INC.
By SSCO, Inc., general partner By: /s/ Mark E. Strome
-------------------
By: /s/ Mark E. Strome
-------------------
By: /s/ Mark E. Strome
-------------------
MARK E. STROME
