content: SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, DC 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) January 31, 2001.
  
                            Fog Cutter Capital Group Inc.
                 (Exact Name of Registrant as Specified in Charter)
  
  
           Maryland                       0-23911              52-2081138
   (State or Other Jurisdiction           (Commission          (IRS Employer
         of Incorporation)                File Number)         Identification No.)
  
                     1631 SW Columbia Street, Portland, OR 97201
                 (Address of principal executive offices) (Zip Code)
  
          Registrant's telephone number, including area code (503) 721-6500
  
                        Wilshire Real Estate Investment Inc.
                                    (Former Name)
  
  
  <PAGE>
  
  
  Item 5.        Other Events.
  
       On January 31, 2001, Wilshire Real Estate Investment Inc. (the "Company")
  announced that it had changed its name to "Fog Cutter Capital Group Inc." and
  that effective February 1, 2001, the Company's NASDAQ ticker symbol (currently
  "WREI") will change to "FCCG". In addition, the Company announced that it will
  concentrate on the acquisition of assets where its expertise in intensive asset
  management, mortgage and real estate credit analysis and financial structuring
  can create value.
  
  Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
  
  (c)      Exhibits.
  
           The following exhibit is filed as part of this report:
  
           99.1   Press Release dated January 31, 2001.
  
  
  <PAGE>
  
  
  
                                     SIGNATURES
  
  
       Pursuant to the requirements of the Securities Exchange Act of 1934, Fog
  Cutter Capital Group Inc. has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.
  
  Date:  January 31, 2001
  
                                            FOG CUTTER CAPITAL GROUP INC.
  
  
                                            By: /s/ Lawrence A. Mendelsohn
                                                --------------------------
                                                Lawrence A. Mendelsohn
                                                President
  
  
                                            By: /s/ Chris Tassos
                                                ----------------
                                                Chris Tassos
                                                Executive Vice President and Chief
                                                  Financial Officer
  
  
  <PAGE>
  
  
                                                                      Exhibit 99.1
  For Immediate Release
  ---------------------
  February 1, 2001
  
  Contact:
  Andrew Wiederhorn or Lawrence Mendelsohn (503) 721-6500
  Dan Lavey, The Gallatin Group (503) 220-0780
  
  
                  WILSHIRE REAL ESTATE INVESTMENT INC. CHANGES NAME
                          TO FOG CUTTER CAPITAL GROUP INC.
  
     The new name reflects a business strategy of more opportunistic investment
               and structuring of diverse real estate related assets
  
  PORTLAND, Ore. - Effective January 25, 2001, Wilshire Real Estate Investment
  Inc. (Nasdaq: WREI), an opportunistic investment group specializing in mortgage
  and real estate related assets, has changed its name to Fog Cutter Capital Group
  Inc. Also, effective February 1, 2001, the company's NASDAQ ticker symbol
  (currently WREI) will change to FCCG.
  
  The name change, recently approved by the company's board of directors, is
  designed to reflect Fog Cutter's business strategy of opportunistically
  investing, structuring and managing real estate related assets such as
  mortgage-backed securities, mezzanine real estate loans and real estate, as well
  as the acquisition of companies engaged in investing in such assets.
  
  Fog Cutter Capital Group Inc. will concentrate on the acquisition of assets
  where its expertise in intensive asset management, mortgage and real estate
  credit analysis and financial structuring can create value. Further, the Company
  expects that many of these assets, particularly in corporate acquisitions, will
  be in conjunction with partners. As a result, the Company has restructured both
  the asset and liability structure of its balance sheet and has begun arranging
  and investing in transactions steered by its planned core business.
  
  On December 22, 2000 the Company, through a Jersey, Channel Islands subsidiary,
  BEP Islands Limited, and two subsidiaries of its partners (Merrill Lynch Inc.
  and The Greenwich Group Intl.) offered to purchase Bourne End Properties Plc, a
  quoted company registered in England and Wales, at 69 pence per share in cash,
  or approximately (pound)42 million. Bourne End is a specialist investor in
  retail property, currently owning nine town shopping centers in England and
  Scotland. The shopping centers range in size from 80,000 square feet to
  approximately 340,000 square feet. As of January 26, 2001, 97.45% of Bourne End
  had shareholders accepted the offer.
  
  During the year ended December 31, 2000, the Company significantly reduced
  all of its mortgage backed securities related short-term, mark-to-market-based
  financing. Such financing has generally been replaced by two securitized,
  long-term, non-recourse, and non-mark-to-market-structured transactions.
  Additionally, the Company sold the majority of its U.S. income property
  portfolio.
  
  
  <PAGE>
  
  
             Forward Looking Statements
  
             The Private Securities Litigation Reform Act of 1995 provides a "safe
  harbor" for forward-looking statements so long as those statements are
  identified as forward-looking and are accompanied by meaningful cautionary
  statements identifying important factors that could cause actual results to
  differ materially from those projected in such statements. All of the statements
  contained in this release, which are not identified as historical, should be
  considered forward-looking. In connection with certain forward-looking
  statements contained in this release and those that may be made in the future by
  or on behalf of the company which are identified as forward-looking, the company
  notes that there are various factors that could cause actual results to differ
  materially from those set forth in any such forward-looking statements. Such
  factors include but are not limited to, the real estate market, the availability
  of real estate assets at acceptable prices, the availability of financing,
  interest rates, and European markets. Accordingly, there can be no assurance
  that the forward-looking statements contained in this release will be realized
  or that actual results will not be significantly higher or lower. The
  forward-looking statements have not been audited by, examined by, or subjected
  to agreed-upon procedures by independent accountants, and no third party has
  independently verified or reviewed such statements. Readers of this release
  should consider these facts in evaluating the information contained herein. The
  inclusion of the forward-looking statements contained in this release should not
  be regarded as a representation by the company or any other person that the
  forward-looking statements contained in this release will be achieved. In light
  of the foregoing, readers of this release are cautioned not to place undue
  reliance on the forward-looking statements contained herein.
  
  <PAGE>
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text: SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, DC 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) January 31, 2001.
  
                            Fog Cutter Capital Group Inc.
                 (Exact Name of Registrant as Specified in Charter)
  
           Maryland                       0-23911              52-2081138
   (State or Other Jurisdiction           (Commission          (IRS Employer
         of Incorporation)                File Number)         Identification No.)
  
                     1631 SW Columbia Street, Portland, OR 97201
                 (Address of principal executive offices) (Zip Code)
  
          Registrant's telephone number, including area code (503) 721-6500
  
                        Wilshire Real Estate Investment Inc.
                                    (Former Name)
  Item 5.        Other Events.
  
       On January 31, 2001, Wilshire Real Estate Investment Inc. (the "Company")
  announced that it had changed its name to "Fog Cutter Capital Group Inc." and
  that effective February 1, 2001, the Company's NASDAQ ticker symbol (currently
  "WREI") will change to "FCCG". In addition, the Company announced that it will
  concentrate on the acquisition of assets where its expertise in intensive asset
  management, mortgage and real estate credit analysis and financial structuring
  can create value.
  
  Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
  
  (c)      Exhibits.
  
           The following exhibit is filed as part of this report:
  
           99.1   Press Release dated January 31, 2001.
  SIGNATURES
  
       Pursuant to the requirements of the Securities Exchange Act of 1934, Fog
  Cutter Capital Group Inc. has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.
  
  Date:  January 31, 2001
  
                                            FOG CUTTER CAPITAL GROUP INC.
  
                                            By: /s/ Lawrence A. Mendelsohn
                                                --------------------------
                                                Lawrence A. Mendelsohn
                                                President
  
                                            By: /s/ Chris Tassos
                                                ----------------
                                                Chris Tassos
                                                Executive Vice President and Chief
                                                  Financial Officer
  Exhibit 99.1
  For Immediate Release
  ---------------------
  February 1, 2001
  
  Contact:
  Andrew Wiederhorn or Lawrence Mendelsohn (503) 721-6500
  Dan Lavey, The Gallatin Group (503) 220-0780
  
                  WILSHIRE REAL ESTATE INVESTMENT INC. CHANGES NAME
                          TO FOG CUTTER CAPITAL GROUP INC.
  
     The new name reflects a business strategy of more opportunistic investment
               and structuring of diverse real estate related assets
  
  PORTLAND, Ore. - Effective January 25, 2001, Wilshire Real Estate Investment
  Inc. (Nasdaq: WREI), an opportunistic investment group specializing in mortgage
  and real estate related assets, has changed its name to Fog Cutter Capital Group
  Inc. Also, effective February 1, 2001, the company's NASDAQ ticker symbol
  (currently WREI) will change to FCCG.
  
  The name change, recently approved by the company's board of directors, is
  designed to reflect Fog Cutter's business strategy of opportunistically
  investing, structuring and managing real estate related assets such as
  mortgage-backed securities, mezzanine real estate loans and real estate, as well
  as the acquisition of companies engaged in investing in such assets.
  
  Fog Cutter Capital Group Inc. will concentrate on the acquisition of assets
  where its expertise in intensive asset management, mortgage and real estate
  credit analysis and financial structuring can create value. Further, the Company
  expects that many of these assets, particularly in corporate acquisitions, will
  be in conjunction with partners. As a result, the Company has restructured both
  the asset and liability structure of its balance sheet and has begun arranging
  and investing in transactions steered by its planned core business.
  
  On December 22, 2000 the Company, through a Jersey, Channel Islands subsidiary,
  BEP Islands Limited, and two subsidiaries of its partners (Merrill Lynch Inc.
  and The Greenwich Group Intl.) offered to purchase Bourne End Properties Plc, a
  quoted company registered in England and Wales, at 69 pence per share in cash,
  or approximately (pound)42 million. Bourne End is a specialist investor in
  retail property, currently owning nine town shopping centers in England and
  Scotland. The shopping centers range in size from 80,000 square feet to
  approximately 340,000 square feet. As of January 26, 2001, 97.45% of Bourne End
  had shareholders accepted the offer.
  
  During the year ended December 31, 2000, the Company significantly reduced
  all of its mortgage backed securities related short-term, mark-to-market-based
  financing. Such financing has generally been replaced by two securitized,
  long-term, non-recourse, and non-mark-to-market-structured transactions.
  Additionally, the Company sold the majority of its U.S. income property
  portfolio.
  Forward Looking Statements
  
             The Private Securities Litigation Reform Act of 1995 provides a "safe
  harbor" for forward-looking statements so long as those statements are
  identified as forward-looking and are accompanied by meaningful cautionary
  statements identifying important factors that could cause actual results to
  differ materially from those projected in such statements. All of the statements
  contained in this release, which are not identified as historical, should be
  considered forward-looking. In connection with certain forward-looking
  statements contained in this release and those that may be made in the future by
  or on behalf of the company which are identified as forward-looking, the company
  notes that there are various factors that could cause actual results to differ
  materially from those set forth in any such forward-looking statements. Such
  factors include but are not limited to, the real estate market, the availability
  of real estate assets at acceptable prices, the availability of financing,
  interest rates, and European markets. Accordingly, there can be no assurance
  that the forward-looking statements contained in this release will be realized
  or that actual results will not be significantly higher or lower. The
  forward-looking statements have not been audited by, examined by, or subjected
  to agreed-upon procedures by independent accountants, and no third party has
  independently verified or reviewed such statements. Readers of this release
  should consider these facts in evaluating the information contained herein. The
  inclusion of the forward-looking statements contained in this release should not
  be regarded as a representation by the company or any other person that the
  forward-looking statements contained in this release will be achieved. In light
  of the foregoing, readers of this release are cautioned not to place undue
  reliance on the forward-looking statements contained herein.