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  <p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, DC 20549</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  
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  </font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of earliest event reported) <b>May&nbsp;15, 2008</b></font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Fog Cutter Capital Group Inc.</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Charter)</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-23911</font></b></p></td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">52-2081138</font></b></p></td>
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p></td>
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p></td>
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    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p></td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;"><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p></td>
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  <p style="color:windowtext;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1410 SW Jefferson Street, Portland, OR 97201</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices) (Zip Code)</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code <b>(503) 721-6500</b></font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="97%" valign="top" style="padding:0in .7pt 0in .7pt;width:97.66%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 203.425)</font></p></td>
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    <td width="97%" valign="top" style="padding:0in .7pt 0in .7pt;width:97.66%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
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    <td width="97%" valign="top" style="padding:0in .7pt 0in .7pt;width:97.66%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p></td>
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    <td width="97%" valign="top" style="padding:0in .7pt 0in .7pt;width:97.66%;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
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  <h1 style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
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  <p style="border:none;color:windowtext;margin:0in 0in .0001pt;padding:0in;"><font size="3" face="Times New Roman">&nbsp;</font></p>
  
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  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>
  
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  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\aayrape\08-11338-2\task2944135\11338-2-ba.htm',USER='aayrape',CD='May 15 16:48 2008' -->
  
  
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  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.02.&#160; Results of Operations and Financial
  Condition.</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On May&nbsp;15, 2008, Fog Cutter Capital
  Group Inc. (OTCBB: FCCG) issued an earnings release announcing the results of
  operations and financial condition for the three months ended March&nbsp;31,
  2008.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Financial Statements and
  Exhibits.</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Exhibits</font></i><font size="2" style="font-size:10.0pt;">.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following exhibit is
  filed as part of this report:</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">99</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Press Release Dated May&nbsp;15,
  2008 &#151; &#147;Fog Cutter Capital Group Inc. Reports First Quarter 2008 Operating
  Results&#148;</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt .5in;text-align:center;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
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  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\aayrape\08-11338-2\task2944135\11338-2-ba.htm',USER='aayrape',CD='May 15 16:48 2008' -->
  
  
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  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; May&nbsp;16, 2008</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOG CUTTER CAPITAL
    GROUP INC.</font></p>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:45.56%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ R. Scott Stevenson</font></p>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.56%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Scott Stevenson</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.56%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President
    and Chief</font></p>
    </td>
   </tr>
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    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.34%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.56%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
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  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;Index</font></p>
  
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>
    </td>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="84%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:84.3%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.28%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:84.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
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    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99</font></p>
    </td>
    <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.28%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in .7pt 0in .7pt;width:84.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release Dated
    May&nbsp;15, 2008 &#151; &#147;Fog Cutter Capital Group Inc. Reports First Quarter 2008
    Operating Results&#148;</font></p>
    </td>
   </tr>
  </table>
  
  <p style="color:windowtext;margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt 1.5in;text-align:center;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
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  <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
  99</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.2%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR:</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="80%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:80.58%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOG CUTTER
    CAPITAL GROUP INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.2%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="80%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:80.58%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
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    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONTACT:</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="80%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:80.58%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fog Cutter
    Capital Group Inc.</font></p>
    </td>
   </tr>
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    <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.2%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.6%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(503) 721-6500</font></p>
    </td>
    <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.98%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew A.
    Wiederhorn, Chairman and CEO</font></p>
    </td>
   </tr>
   <tr>
    <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.2%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.6%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(503) 721-6500</font></p>
    </td>
    <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.98%;">
    <p style="color:windowtext;margin:0in -27.0pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Scott
    Stevenson, Chief Financial Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h1 style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
  Immediate Release</font></u></b></h1>
  
  <h1 style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <h1 style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOG
  CUTTER CAPITAL GROUP INC. REPORTS FIRST QUARTER 2008 OPERATING RESULTS</font></b></h1>
  
  <h1 style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PORTLAND, Ore. &#151; May&nbsp;15,
  2008 &#151; Fog Cutter Capital Group Inc. (OTCBB: FCCG.OB) reported a net loss of
  $0.4 million or $0.05 per share for the three months ended March&nbsp;31,
  2008.&#160; <font style="color:#333333;"><font color="black" face="Times New Roman" style="color:windowtext;">These
  results compare to a net loss of $3.7 million or $0.46 per share for the first
  quarter of 2007.</font></font></font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font style="color:#333333;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Company&#146;s Fatburger business segment continues to operate
  in a growth stage, which is anticipated will yield long term value.&#160; </font></font><font size="2" style="font-size:10.0pt;">Thus far during 2008, Fatburger has opened five new
  franchise locations and acquired ownership of two existing franchise
  restaurants.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:#333333;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Company is continuing its
  strategy to dispose of its non-core businesses in order to focus on the
  Fatburger expansion.&#160; On February&nbsp;15,
  2008, the Company sold its interest in Fog Cap Retail Investors LLC, a wholly
  owned subsidiary that owned a portfolio of leased real estate consisting of 72
  freestanding retail locations throughout the United States.&#160; The Company recorded a $4.2 million gain on
  the sale.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fatburger
  Operations</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:#333333;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Fatburger,
  &#147;The Last Great Hamburger Stand&#148;&#174;, opened its first restaurant in Los Angeles
  in 1952.&#160; At March&nbsp;31, 2008, there
  were 96 Fatburger restaurants located in 15 states, Canada, and the Company&#146;s
  first store in China.&#160; Since that date,
  one more franchise restaurant has opened, bringing the total number of
  restaurants to 97.&#160; Fatburger also caters
  local events with its &#147;Fatmobile&#148; facility.&#160;
  The Company expects to open an additional 10 to 20 franchise and company
  owned restaurants during the rest of 2008.&#160;
  Fatburger specializes in fresh, made to order hamburgers and other
  specialty sandwiches.&#160; French fries,
  homemade onion rings, hand-scooped ice cream shakes and soft drinks round out
  the menu.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2007,
  the Company opened its first Fatburger restaurant in China, located in the
  Venetian&#174; Macao-Resort-Hotel.&#160; Fatburger
  plans to open additional locations in China, including locations in Hong Kong,
  Macao, Shenzhen, Beijing and Shanghai.&#160;
  Fatburger also recently signed its first development agreement to open
  locations this year in Dubai and elsewhere in the United Arab Emirates.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font style="color:#333333;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Fatburger
  plans to open additional restaurants throughout the United States and
  internationally through a combination of company owned restaurants and franchised
  locations.&#160; Franchisees currently own and
  operate 55 of the Fatburger locations and the company has agreements for 245
  new franchise locations.&#160; </font></font><font size="2" style="font-size:10.0pt;"><br>
  <font style="color:#333333;"><font color="black" face="Times New Roman" style="color:windowtext;">For the three months ended March&nbsp;31, 2008, company-owned
  restaurant sales increased 4.0% to $7.9 million compared to the same period in
  2007.</font></font></font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:#333333;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Other Operations</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:#333333;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In addition to restaurant
  operations through Fatburger, the Company currently conducts operations in
  three other business segments: (1)&nbsp;manufacturing activities conducted
  through its DAC International subsidiary; (2)&nbsp;real estate operations; and (3)&nbsp;software
  development and sales conducted through its Centrisoft Corporation subsidiary.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Manufacturing
  Operations</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:#333333;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Company&#146;s manufacturing
  activities are conducted through DAC International, a supplier of computer
  controlled lathes and milling machinery for the production of eyeglass,
  contact, and intraocular lenses.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="color:windowtext;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jtaylora\08-11338-2\task2944384\11338-2-mk.htm',USER='jtaylora',CD='May 15 18:25 2008' -->
  
  
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  <div style="font-family:Times New Roman;">
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Real
  Estate Operations</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;31, 2008
  the Company owned two apartment buildings through equity participating loans to
  special purpose Spanish corporations.&#160;
  The properties consist of 33 residential and commercial units located in
  Barcelona, Spain.&#160; The two buildings were
  acquired subject to below market leases and the Company has relocated most of
  these tenants and is now selling the properties for redevelopment.&#160; These properties are classified as Held for
  Sale.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Software
  Development and Sales</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:#333333;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Company&#146;s Centrisoft
  subsidiary develops and sells software that controls and enhances the
  productivity of enterprise networks and provides first level security against
  unauthorized applications and users.&#160;
  Centrisoft is marketing its software to potential customers primarily
  through re-seller relationships.</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forward
  Looking Statements</font></b></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:normal;">Certain statements contained herein and certain statements contained in
  future filings by the Company with the SEC may not be based on historical facts
  and are &#147;Forward-Looking Statements&#148; within the meaning of Section&nbsp;27A of
  the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities
  Exchange Act of 1934, as amended.&#160;
  Forward-Looking Statements are based on various assumptions and events
  (some of which are beyond the Company&#146;s control) and may be identified by
  reference to a future period or periods, or by the use of forward-looking
  terminology, such as &#147;may,&#148; &#147;will,&#148; &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;continue,&#148;
  or similar terms or variations on those terms, or the negative of those
  terms.&#160; Actual results could differ
  materially from those set forth in Forward-Looking Statements due to a variety
  of factors, including, but not limited to the Risk Factors identified herein
  and the following:</font></i></b></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">economic
  factors, particularly in the market areas in which the Company operates;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">the financial
  and securities markets and the availability of and costs associated with
  sources of liquidity;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">competitive
  products and pricing;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">the real
  estate market, including the residential real estate market in Barcelona,
  Spain;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">the ability to
  sell assets to maintain liquidity;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">fiscal and
  monetary policies of the U.S. Government;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">changes in
  prevailing interest rates;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">changes in
  currency exchange rates;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">acquisitions
  and the integration of acquired businesses;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">performance of
  retail/consumer markets, including consumer preferences and concerns about
  diet;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">effective
  expansion of the Company&#146;s restaurants in new and existing markets;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">profitability
  and success of franchisee restaurants;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">availability
  of quality real estate locations for restaurant expansion;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">the market for
  Centrisoft&#146;s software products;</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">credit risk
  management; and</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:normal;">&#183;</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">asset/liability
  management</font></i></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:normal;">Except as may be required by law, the Company does not undertake, and
  specifically disclaims any obligation, to publicly release the results of any
  revisions which may be made to any Forward-Looking Statements to reflect the
  occurrence of anticipated or unanticipated events or circumstances after the
  date of such statements.&#160; The following
  financial results should be read in conjunction with the Form&nbsp;10-Q filed
  with the Securities and Exchange Commission on May&nbsp;15, 2008.</font></i></b></p>
  
  <p align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <div align="left" style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">
  
  <hr size="3" width="100%" noshade color="#010101" align="left">
  
  </font></b></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jtaylora\08-11338-2\task2944384\11338-2-mk.htm',USER='jtaylora',CD='May 15 18:25 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOG CUTTER CAPITAL GROUP INC.</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(dollars in thousands, except share data)</font></i></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="72%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31, 2008<br>
    (unaudited)</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,<br>
    2007</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assets</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current Assets:</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash
    equivalents</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">954</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,131</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts
    receivable</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,217</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,491</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes
    receivable, current portion</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">578</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">566</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans to senior
    executives</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,147</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,105</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,505</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investments in
    real estate, held for sale, net</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,005</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,658</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current assets
    held for sale</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other current
    assets</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">398</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">536</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total current
    assets</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,257</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,100</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes receivable</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property, plant
    and equipment, net</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,979</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,203</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment in
    equity investee</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intangible
    assets, net</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,917</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,986</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,526</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,526</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other assets
    held for sale</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other assets</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,804</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,887</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,725</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,769</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liabilities and Stockholders&#146; Equity</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liabilities:</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts payable
    and accrued liabilities</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,348</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,260</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current
    liabilities associated with assets held for sale</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,232</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Obligations
    under capital leases on real estate held for sale</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,994</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowings and
    notes payable, current portion</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,009</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,914</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Obligations
    under capital leases, current portion</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">140</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">141</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total current
    liabilities</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,497</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,541</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowings and
    notes payable</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,235</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,355</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Obligations
    under capital leases</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,917</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,929</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred income</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,186</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,247</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
    liabilities</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38,835</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51,072</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitments and
    contingencies</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minority
    interests in consolidated subsidiaries</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,001</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">701</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders&#146;
    Equity:</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred stock,
    $.0001 par value; 25,000,000 shares authorized; no shares issued and
    outstanding</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common stock,
    $.0001 par value; 200,000,000 shares authorized; 11,757,073 shares issued as
    of March&nbsp;31, 2008 and December&nbsp;31, 2007; 7,954,928 shares
    outstanding as of March&nbsp;31, 2008 and December&nbsp;31, 2007</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">171,286</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">170,956</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accumulated
    deficit</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(157,386</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(156,949</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasury stock,
    3,802,145 common shares as of March&nbsp;31, 2008 and December&nbsp;31, 2007,
    at cost</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,011</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0.375pt .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12,011</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0.375pt .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
    stockholders&#146; equity</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,889</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.36%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,996</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="72%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:72.18%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
    liabilities and stockholders&#146; equity</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,725</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.06%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,769</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
  </table>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="color:windowtext;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jtaylora\08-11338-2\task2944384\11338-2-mk.htm',USER='jtaylora',CD='May 15 18:25 2008' -->
  
  
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  <div>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOG CUTTER CAPITAL GROUP INC.</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSOLIDATED STATEMENTS OF OPERATIONS</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Unaudited)</font></p>
  
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(dollars in thousands, except share data)</font></i></p>
  
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="75%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="21%" colspan="5" valign="bottom" style="padding:0in .7pt 0in .7pt;width:21.04%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Quarter Ended</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="21%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.04%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31,</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2008</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2007</font></b></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenue:</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restaurant and
    manufacturing sales</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,268</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,919</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restaurant
    franchise and royalty fees</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">645</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">539</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total revenue</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,913</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,458</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating costs and expenses:</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restaurant and
    manufacturing cost of sales</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,014</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,786</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engineering and
    development</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">361</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">386</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and
    amortization</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">480</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">476</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating
    costs and expenses</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,855</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,648</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General and administrative expenses:</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation and
    employee benefits</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,102</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,034</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Professional
    fees</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">885</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">654</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,986</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,006</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total general
    and administrative expenses</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,973</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,694</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-operating income (expense):</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest expense</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(733</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(639</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other income,
    net</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">447</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
    non-operating income (expense)</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(249</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0.375pt .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(515</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0.375pt .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss before provision for income taxes, minority
    interests, and equity in income of equity investees</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,164</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,399</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minority interest in earnings</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity in income of equity investee</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax benefit</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss from continuing operations</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,829</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,364</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income from discontinued operations (including gain
    on sale of $4,217 in 2008 and $2,492 in 2007)</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,392</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,713</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net loss</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(437</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0.75pt .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,651</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0.75pt .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic loss per share from continuing operations</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.60</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.80</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic earnings per share from discontinued
    operations</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.55</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.34</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic loss per share</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.05</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.3%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
    </td>
    <td width="8%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:8.34%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.46</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic weighted average shares outstanding</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,954,928</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,957,428</font></p>
    </td>
    <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" style="padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.76%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.64%;">
    <p align="right" style="color:windowtext;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="75%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:75.48%;">
    <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends declared per share</font></p>
    </td>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-11338_28k.htm", "description": "8-K", "secsgml_size_bytes": 208009}]
metadata_filer: {"company-data": {"conformed-name": "FOG CUTTER CAPITAL GROUP INC", "cik": "0001048566", "assigned-sic": "6798", "irs-number": "522081138", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23911", "film-number": "08842683"}, "business-address": {"street1": "1631 SW COLUMBIA STREET", "city": "PORTLAND", "state": "OR", "zip": "97201", "phone": "5037216500"}, "mail-address": {"street1": "1310 S W 17TH ST", "city": "PORTLAND", "state": "OR", "zip": "97201"}, "former-company": {"former-conformed-name": "WILSHIRE REAL ESTATE INVESTMENT TRUST INC", "date-changed": "19971027"}}
text: UNITED STATES
  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)
  May 15, 2008
  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.)
  1410 SW Jefferson Street, Portland, OR 97201
  (Address of principal executive offices) (Zip Code)
  Registrant's telephone number, including area code
  (503) 721-6500
  Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item 2.02.  Results of Operations and Financial
  Condition.
  On May 15, 2008, Fog Cutter Capital
  Group Inc. (OTCBB: FCCG) issued an earnings release announcing the results of
  operations and financial condition for the three months ended March 31,
  2008.
  Item 9.01.
  Financial Statements and
  Exhibits.
  (d)
  Exhibits
  .
  The following exhibit is
  filed as part of this report:
  99
  Press Release Dated May 15,
  2008 — "Fog Cutter Capital Group Inc. Reports First Quarter 2008 Operating
  Results"
  2
  SIGNATURE
  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:  May 16, 2008
  FOG CUTTER CAPITAL
    GROUP INC.
  By:
  /s/ R. Scott Stevenson
  R. Scott Stevenson
  Senior Vice President
    and Chief
  Financial Officer
  3
  Exhibit Index
  Exhibit Number
  Description
  99
  Press Release Dated
    May 15, 2008 — "Fog Cutter Capital Group Inc. Reports First Quarter 2008
    Operating Results"
  4
  EXHIBIT
  99
  FOR:
  FOG CUTTER
    CAPITAL GROUP INC.
  CONTACT:
  Fog Cutter
    Capital Group Inc.
  (503) 721-6500
  Andrew A.
    Wiederhorn, Chairman and CEO
  (503) 721-6500
  R. Scott
    Stevenson, Chief Financial Officer
  For
  Immediate Release
  FOG
  CUTTER CAPITAL GROUP INC. REPORTS FIRST QUARTER 2008 OPERATING RESULTS
  PORTLAND, Ore. — May 15,
  2008 — Fog Cutter Capital Group Inc. (OTCBB: FCCG.OB) reported a net loss of
  $0.4 million or $0.05 per share for the three months ended March 31,
  2008.
  These
  results compare to a net loss of $3.7 million or $0.46 per share for the first
  quarter of 2007.
  The Company's Fatburger business segment continues to operate
  in a growth stage, which is anticipated will yield long term value.
  Thus far during 2008, Fatburger has opened five new
  franchise locations and acquired ownership of two existing franchise
  restaurants.
  The Company is continuing its
  strategy to dispose of its non-core businesses in order to focus on the
  Fatburger expansion.  On February 15,
  2008, the Company sold its interest in Fog Cap Retail Investors LLC, a wholly
  owned subsidiary that owned a portfolio of leased real estate consisting of 72
  freestanding retail locations throughout the United States.  The Company recorded a $4.2 million gain on
  the sale.
  Fatburger
  Operations
  Fatburger,
  "The Last Great Hamburger Stand"®, opened its first restaurant in Los Angeles
  in 1952.  At March 31, 2008, there
  were 96 Fatburger restaurants located in 15 states, Canada, and the Company's
  first store in China.  Since that date,
  one more franchise restaurant has opened, bringing the total number of
  restaurants to 97.  Fatburger also caters
  local events with its "Fatmobile" facility. 
  The Company expects to open an additional 10 to 20 franchise and company
  owned restaurants during the rest of 2008. 
  Fatburger specializes in fresh, made to order hamburgers and other
  specialty sandwiches.  French fries,
  homemade onion rings, hand-scooped ice cream shakes and soft drinks round out
  the menu.
  In September 2007,
  the Company opened its first Fatburger restaurant in China, located in the
  Venetian® Macao-Resort-Hotel.  Fatburger
  plans to open additional locations in China, including locations in Hong Kong,
  Macao, Shenzhen, Beijing and Shanghai. 
  Fatburger also recently signed its first development agreement to open
  locations this year in Dubai and elsewhere in the United Arab Emirates.
  Fatburger
  plans to open additional restaurants throughout the United States and
  internationally through a combination of company owned restaurants and franchised
  locations.  Franchisees currently own and
  operate 55 of the Fatburger locations and the company has agreements for 245
  new franchise locations.
  For the three months ended March 31, 2008, company-owned
  restaurant sales increased 4.0% to $7.9 million compared to the same period in
  2007.
  Other Operations
  In addition to restaurant
  operations through Fatburger, the Company currently conducts operations in
  three other business segments: (1) manufacturing activities conducted
  through its DAC International subsidiary; (2) real estate operations; and (3) software
  development and sales conducted through its Centrisoft Corporation subsidiary.
  Manufacturing
  Operations
  The Company's manufacturing
  activities are conducted through DAC International, a supplier of computer
  controlled lathes and milling machinery for the production of eyeglass,
  contact, and intraocular lenses.
  Real
  Estate Operations
  As of March 31, 2008
  the Company owned two apartment buildings through equity participating loans to
  special purpose Spanish corporations. 
  The properties consist of 33 residential and commercial units located in
  Barcelona, Spain.  The two buildings were
  acquired subject to below market leases and the Company has relocated most of
  these tenants and is now selling the properties for redevelopment.  These properties are classified as Held for
  Sale.
  Software
  Development and Sales
  The Company's Centrisoft
  subsidiary develops and sells software that controls and enhances the
  productivity of enterprise networks and provides first level security against
  unauthorized applications and users. 
  Centrisoft is marketing its software to potential customers primarily
  through re-seller relationships.
  Forward
  Looking Statements
  Certain statements contained herein and certain statements contained in
  future filings by the Company with the SEC may not be based on historical facts
  and are "Forward-Looking Statements" within the meaning of Section 27A of
  the Securities Act of 1933, as amended, and Section 21E of the Securities
  Exchange Act of 1934, as amended. 
  Forward-Looking Statements are based on various assumptions and events
  (some of which are beyond the Company's control) and may be identified by
  reference to a future period or periods, or by the use of forward-looking
  terminology, such as "may," "will," "believe," "expect," "anticipate," "continue,"
  or similar terms or variations on those terms, or the negative of those
  terms.  Actual results could differ
  materially from those set forth in Forward-Looking Statements due to a variety
  of factors, including, but not limited to the Risk Factors identified herein
  and the following:
  ·
  economic
  factors, particularly in the market areas in which the Company operates;
  ·
  the financial
  and securities markets and the availability of and costs associated with
  sources of liquidity;
  ·
  competitive
  products and pricing;
  ·
  the real
  estate market, including the residential real estate market in Barcelona,
  Spain;
  ·
  the ability to
  sell assets to maintain liquidity;
  ·
  fiscal and
  monetary policies of the U.S. Government;
  ·
  changes in
  prevailing interest rates;
  ·
  changes in
  currency exchange rates;
  ·
  acquisitions
  and the integration of acquired businesses;
  ·
  performance of
  retail/consumer markets, including consumer preferences and concerns about
  diet;
  ·
  effective
  expansion of the Company's restaurants in new and existing markets;
  ·
  profitability
  and success of franchisee restaurants;
  ·
  availability
  of quality real estate locations for restaurant expansion;
  ·
  the market for
  Centrisoft's software products;
  ·
  credit risk
  management; and
  ·
  asset/liability
  management
  Except as may be required by law, the Company does not undertake, and
  specifically disclaims any obligation, to publicly release the results of any
  revisions which may be made to any Forward-Looking Statements to reflect the
  occurrence of anticipated or unanticipated events or circumstances after the
  date of such statements.  The following
  financial results should be read in conjunction with the Form 10-Q filed
  with the Securities and Exchange Commission on May 15, 2008.
  FOG CUTTER CAPITAL GROUP INC.
  CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
  (dollars in thousands, except share data)
  March 31, 2008
  (unaudited)
  December 31,
  2007
  Assets
  Current Assets:
  Cash and cash
    equivalents
  $
  954
  $
  1,131
  Accounts
    receivable
  1,217
  1,491
  Notes
    receivable, current portion
  578
  566
  Loans to senior
    executives
  —
  1,147
  Inventories
  3,105
  2,505
  Investments in
    real estate, held for sale, net
  9,005
  19,658
  Current assets
    held for sale
  —
  66
  Other current
    assets
  398
  536
  Total current
    assets
  15,257
  27,100
  Notes receivable
  42
  46
  Property, plant
    and equipment, net
  9,979
  10,203
  Investment in
    equity investee
  200
  —
  Intangible
    assets, net
  4,917
  4,986
  Goodwill
  9,526
  9,526
  Other assets
    held for sale
  —
  21
  Other assets
  1,804
  1,887
  Total assets
  $
  41,725
  $
  53,769
  Liabilities and Stockholders' Equity
  Liabilities:
  Accounts payable
    and accrued liabilities
  $
  16,348
  $
  13,260
  Current
    liabilities associated with assets held for sale
  —
  1,232
  Obligations
    under capital leases on real estate held for sale
  —
  9,994
  Borrowings and
    notes payable, current portion
  9,009
  12,914
  Obligations
    under capital leases, current portion
  140
  141
  Total current
    liabilities
  25,497
  37,541
  Borrowings and
    notes payable
  6,235
  6,355
  Obligations
    under capital leases
  1,917
  1,929
  Deferred income
  5,186
  5,247
  Total
    liabilities
  38,835
  51,072
  Commitments and
    contingencies
  Minority
    interests in consolidated subsidiaries
  1,001
  701
  Stockholders'
    Equity:
  Preferred stock,
    $.0001 par value; 25,000,000 shares authorized; no shares issued and
    outstanding
  —
  —
  Common stock,
    $.0001 par value; 200,000,000 shares authorized; 11,757,073 shares issued as
    of March 31, 2008 and December 31, 2007; 7,954,928 shares
    outstanding as of March 31, 2008 and December 31, 2007
  171,286
  170,956
  Accumulated
    deficit
  (157,386
  )
  (156,949
  )
  Treasury stock,
    3,802,145 common shares as of March 31, 2008 and December 31, 2007,
    at cost
  (12,011
  )
  (12,011
  )
  Total
    stockholders' equity
  1,889
  1,996
  Total
    liabilities and stockholders' equity
  $
  41,725
  $
  53,769
  FOG CUTTER CAPITAL GROUP INC.
  CONSOLIDATED STATEMENTS OF OPERATIONS
  (Unaudited)
  (dollars in thousands, except share data)
  Quarter Ended
  March 31,
  2008
  2007
  Revenue:
  Restaurant and
    manufacturing sales
  $
  10,268
  $
  9,919
  Restaurant
    franchise and royalty fees
  645
  539
  Total revenue
  10,913
  10,458
  Operating costs and expenses:
  Restaurant and
    manufacturing cost of sales
  6,014
  5,786
  Engineering and
    development
  361
  386
  Depreciation and
    amortization
  480
  476
  Total operating
    costs and expenses
  6,855
  6,648
  General and administrative expenses:
  Compensation and
    employee benefits
  4,102
  5,034
  Professional
    fees
  885
  654
  Other
  3,986
  4,006
  Total general
    and administrative expenses
  8,973
  9,694
  Non-operating income (expense):
  Interest income
  37
  43
  Interest expense
  (733
  )
  (639
  )
  Other income,
    net
  447
  81
  Total
    non-operating income (expense)
  (249
  )
  (515
  )
  Loss before provision for income taxes, minority
    interests, and equity in income of equity investees
  (5,164
  )
  (6,399
  )
  Minority interest in earnings
  83
  35
  Equity in income of equity investee
  200
  —
  Income tax benefit
  52
  —
  Loss from continuing operations
  (4,829
  )
  (6,364
  )
  Income from discontinued operations (including gain
    on sale of $4,217 in 2008 and $2,492 in 2007)
  4,392
  2,713
  Net loss
  $
  (437
  )
  $
  (3,651
  )
  Basic loss per share from continuing operations
  $
  (0.60
  )
  $
  (0.80
  )
  Basic earnings per share from discontinued
    operations
  $
  0.55
  $
  0.34
  Basic loss per share
  $
  (0.05
  )
  $
  (0.46
  )
  Basic weighted average shares outstanding
  7,954,928
  7,957,428
  Dividends declared per share
  $
  —
  $
  —