<HTML>

<head>
<TITLE>FOR IMMEDIATE RELEASE</TITLE>
</head>

<body>

<p ALIGN="CENTER"><font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

<p align="center"><font size="2">Washington D.C. 20549</font></p>

<p align="center"><b><font size="2">FORM 8-K</font></p>
</b>

<p align="center"><font size="2">CURRENT REPORT</font></p>

<p align="center"><font size="2">Pursuant to Section 13 or 15(d) of the <br>
Securities Exchange Act of 1934</font></p>

<p ALIGN="CENTER"><font size="2"><u>March 21, 2001</u><br>
Date of Report (Date of earliest event reported)</font></p>

<p ALIGN="CENTER"><font size="2"><u><b>POINT WEST CAPITAL CORPORATION</b></u> <br>
( Exact name of registrant as specified in its charter)</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
  <tr>
    <td width="33%"><p align="center"><font size="2"><u>Delaware </u></font></td>
    <td width="33%"><p align="center"><font size="2"><u>0-27736</u></font></td>
    <td width="34%"><p align="center"><font size="2"><u>94-3165263</u></font></td>
  </tr>
  <tr>
    <td width="33%"><p align="center"><font size="2">(State or other&nbsp; jurisdiction of
    incorporation)</font></td>
    <td width="33%"><p align="center"><font size="2">(Commission File Number)</font></td>
    <td width="34%"><p align="center"><font size="2">(IRS Employer Identification No.)</font></td>
  </tr>
</TABLE>
</center></div>

<p align="center"><font size="2"><u>1700 Montgomery Street, Suite 250, San Francisco, CA
94111</u><br>
(Address of principal executive offices) (Zip Code)</font></p>

<p ALIGN="CENTER"><font size="2">Registrant's telephone number, including area code:
(415)394-9467</font></p>

<p ALIGN="CENTER">&nbsp;</p>

<p><font size="2"><u><b>Item 5. Other Events</b></u> </font></p>

<p style="line-height: 30px"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
March 21,&nbsp; 2001 the company issued a press release announcing 2000 results and
financial condition and dismissal of SocietyPool Bankruptcy.</font></p>

<p><font size="2"><b><u>Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.</u></b></font></p>

<p style="line-height: 30px"><font size="2">(c)&nbsp;&nbsp;&nbsp; Exhibits</font></p>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.1 Text of Press Release
dated March 21,&nbsp; 2001.</font></p>

<p>&nbsp;</p>
<u><b>

<p ALIGN="CENTER"><font size="2">SIGNATURES</font></p>
</b></u>

<p style="line-height: 30px"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned thereunto duly
authorized.</font></p>
<div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="50%">
  <tr>
    <td width="100%"><font size="2"><b>POINT WEST CAPITAL CORPORATION </b></font></td>
  </tr>
  <tr>
    <td width="100%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
  </tr>
  <tr>
    <td width="100%"><font size="2">By:&nbsp; /s/ Alan B. Perper </font></td>
  </tr>
  <tr>
    <td width="100%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alan B. Perper</font></td>
  </tr>
  <tr>
    <td width="100%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</font></td>
  </tr>
</TABLE>
</div>

<p align="left"><font size="2">Date: March 22, 2001</font></p>
<u><b>

<p ALIGN="CENTER"><font size="2">EXHIBIT INDEX</font></p>
</b></u><div align="center"><center>

<table BORDER="1" CELLSPACING="1" CELLPADDING="8" WIDTH="582" height="84">
  <tr>
    <td WIDTH="155" VALIGN="top" height="30" style="vertical-align: text-bottom"><b><p
    align="center"><font size="2">Exhibit</font></b></p>
    <p align="center"><font size="2"><u><b>Number</b></u></font></td>
    <td WIDTH="263" VALIGN="TOP" height="30"><u><p ALIGN="CENTER"><font size="2">Document
    Description</u> </font></td>
    <td WIDTH="114" VALIGN="TOP" height="30"><p align="center"><font size="2"><b>Sequential
    Page</b></font></p>
    <p align="center"><font size="2"><u><b>Number</b></u></font></td>
  </tr>
  <tr>
    <td WIDTH="155" VALIGN="TOP" height="15"><p align="center"><font size="2">99.1</font></td>
    <td WIDTH="263" VALIGN="TOP" height="15"><p align="left"><font size="2">Text of Press
    Release dated March 21,&nbsp; 2001</font></td>
    <td WIDTH="114" VALIGN="TOP" height="15"><blockquote>
      <blockquote>
        <p align="center"><font size="2">5</font></p>
      </blockquote>
    </blockquote>
    </td>
  </tr>
</TABLE>
</center></div>

<p>&nbsp;</p>

<p class="MsoNormal" align="right"><font size="2"><font face="Courier">FOR IMMEDIATE
RELEASE</font> <br>
<font face="Courier">March 21, 2001 </font><br>
</p>

<p align="center">&nbsp;</p>
</font><font face="Courier"><b>

<p ALIGN="CENTER">POINT WEST CAPITAL CORPORATION<br>
ANNOUNCES 2000 RESULTS <br>
AND FINANCIAL CONDITION<br>
AND DISMISSAL OF SOCIETYPOOL BANKRUPTCY</p>
</b></font>

<p align="left">&nbsp;</p>
<font face="Courier">

<p ALIGN="JUSTIFY" style="line-height: 40px">SAN FRANCISCO- (March 21, 2001) Point West
Capital Corporation (Nasdaq Symbol: PWCC) today reported the following:</p>

<p>(Dollars in thousands, except per share amounts) </p>
</font>

<table BORDER="0" CELLSPACING="1" CELLPADDING="7" WIDTH="796" height="242"
style="border: medium none rgb(255,255,255)">
  <tr>
    <td WIDTH="273" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="16"></td>
    <td WIDTH="214" VALIGN="top" colspan="2" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="16"><font face="Courier"><p align="center">Three Months
    Ended</font></td>
    <td WIDTH="219" VALIGN="top" colspan="2" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="16"><font face="Courier"><p align="center">Twelve Months
    Ended</font></td>
  </tr>
  <tr>
    <td WIDTH="273" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"></td>
    <td WIDTH="214" VALIGN="top" colspan="2" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"><font face="Courier"><p align="center">December 31,</font></td>
    <td WIDTH="219" VALIGN="top" colspan="2" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"><font face="Courier"><p align="center">December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="273" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"></td>
    <td WIDTH="112" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"><font face="Courier"><p ALIGN="CENTER">2000</font></td>
    <td WIDTH="102" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"><font face="Courier"><p ALIGN="center">1999</font></td>
    <td WIDTH="99" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"><font face="Courier"><p ALIGN="CENTER">2000</font></td>
    <td WIDTH="120" VALIGN="top" style="background-color: rgb(255,255,255)"
    bordercolor="#FFFFFF" height="19"><font face="Courier"><p align="center">1999</font></td>
  </tr>
  <tr>
    <td WIDTH="273" VALIGN="bottom" HEIGHT="16" bordercolor="#FFFFFF"><font face="Courier"><p
    ALIGN="JUSTIFY">Net (loss) income</font></td>
    <td WIDTH="112" VALIGN="bottom" HEIGHT="16"><font face="Courier"><p ALIGN="JUSTIFY">$
    (8,657)</font></td>
    <td WIDTH="102" VALIGN="bottom" HEIGHT="16"><font face="Courier"><p ALIGN="JUSTIFY">$
    4,411</font></td>
    <td WIDTH="99" VALIGN="bottom" HEIGHT="16"><font face="Courier"><p ALIGN="JUSTIFY">$
    (15,566)</font></td>
    <td WIDTH="120" VALIGN="bottom" HEIGHT="16"><font face="Courier"><p ALIGN="left">$ 9,832</font></td>
  </tr>
  <tr>
    <td WIDTH="273" VALIGN="bottom" bordercolor="#FFFFFF" height="32"><font face="Courier"><p
    align="left">Basic (loss) income <br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share</font></td>
    <td WIDTH="112" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$
    (2.58)</font><font FACE="Courier" SIZE="2">(1)</font></td>
    <td WIDTH="102" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$ 1.32
    </font><font FACE="Courier" SIZE="2">(2)</font></td>
    <td WIDTH="99" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$
    (4.64)</font><font FACE="Courier" SIZE="2">(3)</font></td>
    <td WIDTH="120" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$ 2.95</font><font
    FACE="Courier" SIZE="2">(4)</font></td>
  </tr>
  <tr>
    <td WIDTH="273" VALIGN="bottom" bordercolor="#FFFFFF" height="32"><font face="Courier"><p
    ALIGN="JUSTIFY">Diluted (loss) income<br>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share</font></td>
    <td WIDTH="112" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$
    (2.58)(</font><font FACE="Courier" SIZE="2">1)</font></td>
    <td WIDTH="102" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$ 1.25
    </font><font FACE="Courier" SIZE="2">(5)</font></td>
    <td WIDTH="99" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$
    (4.64)</font><font FACE="Courier" SIZE="2">(3)</font></td>
    <td WIDTH="120" VALIGN="middle" height="32"><font face="Courier"><p ALIGN="JUSTIFY">$ 2.70</font><font
    FACE="Courier" SIZE="2">(6)</font></td>
  </tr>
</TABLE>

<p>&nbsp;</p>
<div align="left">

<table border="0" width="100%">
  <tr>
    <td width="3%"><font size="2">(1)</font></td>
    <td width="97%"><font size="2">Based on 3,352,624 weighted-average shares of common stock
    outstanding.</font></td>
  </tr>
  <tr>
    <td width="3%"><font size="2">(2)</font></td>
    <td width="97%"><font size="2">Based on 3,350,667 weighted-average shares of common stock
    outstanding.</font></td>
  </tr>
  <tr>
    <td width="3%"><font size="2">(3)</font></td>
    <td width="97%"><font size="2">Based on 3,352,534 weighted-average shares of common stock
    outstanding.</font></td>
  </tr>
  <tr>
    <td width="3%"><font size="2">(4)</font></td>
    <td width="97%"><font size="2">Based on 3,329,409 weighted-average shares of common stock
    outstanding.</font></td>
  </tr>
  <tr>
    <td width="3%"><font size="2">(5)</font></td>
    <td width="97%"><font size="2">Based on 3,525,610 weighted-average shares of common stock
    outstanding.</font></td>
  </tr>
  <tr>
    <td width="3%"><font size="2">(6)</font></td>
    <td width="97%"><font size="2">Based on 3,641,716 weighted-average shares of common stock
    outstanding.</font></td>
  </tr>
</TABLE>
</div><font face="Courier">

<p ALIGN="JUSTIFY" style="line-height: 40px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</p>

<p ALIGN="JUSTIFY" style="line-height: 40px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The $15.6 million net loss for the year 2000 is primarily attributable to $10.4 million of
net loss on securities recognized by Point West Ventures, which makes loans to and invests
in small businesses. This compares to $13.0 million of net gain on securities recognized
by Point West Ventures in 1999, which was the primary reason for the $9.8 million of net
income in 1999. Point West Ventures has focused on equity investments in businesses in the
areas of e-commerce, Internet and telecommunications. Point West Ventures&#146; net losses
on securities in 2000 resulted primarily from write-downs and write-offs of impaired
investments. These write-downs or write-offs were a result of deterioration of growth
prospects for some companies and the uncertainty that such companies will be able to raise
additional capital in light of the market downturn related to Internet and other
technology stocks. Also contributing to the Company&#146;s net loss for 2000 was a $2.0
million net loss from Allegiance during 2000 compared to a $480,000 net loss in 1999. </p>

<p ALIGN="JUSTIFY" style="line-height: 40px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Allegiance previously made loans to funeral homes and cemetery owners, but its external
financing source expired in December 2000. Therefore, Allegiance has suspended loan
origination activities. If Allegiance is unable to repay $9.1 million of outstanding
revolving debt by July 15, 2001, the holders of Allegiance&#146;s debt could declare an
event of default. Additionally, Allegiance has two non-performing loans in its loan
portfolio, which has caused payments to cease to Allegiance Capital and Point West Capital
for servicing and to Allegiance Capital for the residual equity it owns in the
securitization. Allegiance is attempting to work out the non-performing loans. If
Allegiance cannot, by April 15, 2001, resolve the non-performing loans to the satisfaction
of the holders of Allegiance&#146;s debt, those holders could declare an event of default.</p>

<p ALIGN="JUSTIFY" style="line-height: 40px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s consolidated financial statements included in its 2000 Form 10-K were
prepared assuming the Company will continue as a going concern.</p>

<p ALIGN="JUSTIFY" style="line-height: 40px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Finally, the Company announced that on March 13, 2001, a bankruptcy court granted Point
West Capital&#146;s motion to dismiss a bankruptcy petition with respect to SocietyPool,
one of the Company&#146;s consolidated entities, filed by two other members of
SocietyPool. Point West Capital is still in arbitration with two other members of
SocietyPool.</font><font FACE="Courier" SIZE="3"> </p>
</font><font face="Courier">

<p ALIGN="JUSTIFY" style="line-height: 40px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Further information regarding the Company, its results of operations and the other matters
discussed in this press release is contained in the Company's 2000 Form 10-K filed with
the Securities and Exchange Commission on March 14, 2001.</p>

<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is summary balance sheet information as of December 31, 2000:</p>
<div align="center"><center>

<table border="0" width="66%" height="396" style="line-height: 40px">
  <tr>
    <td width="81%" height="18" style="margin-left: 100">Cash and cash
    equivalents..................</td>
    <td width="22%" height="18" align="right">$ 2,987,686</td>
  </tr>
  <tr>
    <td width="81%" height="18">Restricted cash (1)........................</td>
    <td width="22%" height="18" align="right">$ 2,442,315</td>
  </tr>
  <tr>
    <td width="81%" height="18">Investment securities</td>
    <td width="22%" height="18" align="right"></td>
  </tr>
  <tr>
    <td width="81%" height="18"><blockquote>
      <p>Available-for-sale.....................</p>
    </blockquote>
    </td>
    <td width="22%" height="18" align="right">$&nbsp;&nbsp; 115,599</td>
  </tr>
  <tr>
    <td width="81%" height="20">Loans receivable, net of unearned income of </td>
    <td width="22%" height="20" align="right"></td>
  </tr>
  <tr>
    <td width="81%" height="18"><blockquote>
      <p ALIGN="JUSTIFY">$713,520 and net of an allowance for loan </p>
    </blockquote>
    </td>
    <td width="22%" height="18" align="right"></td>
  </tr>
  <tr>
    <td width="81%" height="16"><blockquote>
      <p>losses of $190,000.....................</p>
    </blockquote>
    </td>
    <td width="22%" height="16" align="right">$36,889,745</td>
  </tr>
  <tr>
    <td width="81%" height="18">Purchased life insurance policies..........</td>
    <td width="22%" height="18" align="right">$30,405,291</td>
  </tr>
  <tr>
    <td width="81%" height="18">Non-marketable securities..................</td>
    <td width="22%" height="18" align="right">$10,443,654</td>
  </tr>
  <tr>
    <td width="81%" height="18">Total assets...............................</td>
    <td width="22%" height="18" align="right">$85,633,207</td>
  </tr>
  <tr>
    <td width="81%" height="18">Revolving certificates.....................</td>
    <td width="22%" height="18" align="right">$9,133,287</td>
  </tr>
  <tr>
    <td width="81%" height="18">Term certificates..........................</td>
    <td width="22%" height="18" align="right">$23,897,245</td>
  </tr>
  <tr>
    <td width="81%" height="18">Securitized notes payable..................</td>
    <td width="22%" height="18" align="right">$35,276,369</td>
  </tr>
  <tr>
    <td width="81%" height="18">Debenture payable..........................</td>
    <td width="22%" height="18" align="right">$ 6,500,000</td>
  </tr>
  <tr>
    <td width="81%" height="18">Total liabilities..........................</td>
    <td width="22%" height="18" align="right">$75,862,444</td>
  </tr>
  <tr>
    <td width="81%" height="18">Accumulated comprehensive loss.............</td>
    <td width="22%" height="18" align="right">$ (109,522)</td>
  </tr>
  <tr>
    <td width="81%" height="18">Retained deficit...........................</td>
    <td width="22%" height="18" align="right">$(17,381,283)</td>
  </tr>
  <tr>
    <td width="81%" height="18">Total stockholders&#146; equity.................</td>
    <td width="22%" height="18" align="right">$ 9,770,763</td>
  </tr>
</TABLE>
</center></div>

<blockquote>
  <blockquote>
    <p style="letter-spacing: normal"><font FACE="Courier" SIZE="2">&nbsp;&nbsp; </font>&nbsp;
    </p>
  </blockquote>
</blockquote>
</font><div align="center"><center>

<table border="0" width="66%" style="font-size: 1pt">
  <tr>
    <td width="6%" valign="top" style="font-size: 1pt"><p align="left"><font size="1"
    face="Courier">(1)</font></p>
    <p align="left">&nbsp;</td>
    <td width="94%" style="font-size: 0pt"><font size="1" face="Courier">Restricted cash as of
    December 31, 2000 includes $2.0 million for SocietyPool. The balance of restricted cash is
    comprised of funds held by Allegiance Capital Trust and DPFC.</font></td>
  </tr>
</TABLE>
</center></div>

<p>&nbsp;</p>
<font FACE="Courier" SIZE="2">

<p ALIGN="JUSTIFY">(KEYWORD CALIFORNIA AND INDUSTRY KEYWORD: SPECIALTY FINANCE). </font></p>

<p><font FACE="Courier" SIZE="2">CONTACTS:&nbsp;&nbsp;&nbsp; POINT WEST CAPITAL
CORPORATION,&nbsp; SAN FRANCISCO. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alan B. Perper,
415/394-9467 <br>
</p>
</font>
</body>
</HTML>
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{"company-data": {"conformed-name": "POINT WEST CAPITAL CORP", "cik": "0001002813", "assigned-sic": "6199", "irs-number": "943165263", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27736", "film-number": "1576634"}, "business-address": {"street1": "1700 MONTGOMERY ST", "street2": "STE 250", "city": "SAN FRANCISCO", "state": "CA", "zip": "94111", "phone": "4153949467"}, "mail-address": {"street1": "1700 MONTGOMERY ST", "street2": "STE 250", "city": "SAN FRANCISCO", "state": "CA", "zip": "94111"}}
FOR IMMEDIATE RELEASE
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 21, 2001
Date of Report (Date of earliest event reported)
POINT WEST CAPITAL CORPORATION
( Exact name of registrant as specified in its charter)
Delaware
0-27736
94-3165263
(State or other  jurisdiction of
    incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1700 Montgomery Street, Suite 250, San Francisco, CA
94111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(415)394-9467
Item 5. Other Events
On
March 21,  2001 the company issued a press release announcing 2000 results and
financial condition and dismissal of SocietyPool Bankruptcy.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c)    Exhibits
99.1 Text of Press Release
dated March 21,  2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned thereunto duly
authorized.
POINT WEST CAPITAL CORPORATION
By:  /s/ Alan B. Perper
Alan B. Perper
President
Date: March 22, 2001
EXHIBIT INDEX
Exhibit
Number
Document
    Description
Sequential
    Page
Number
99.1
Text of Press
    Release dated March 21,  2001
5
FOR IMMEDIATE
RELEASE
March 21, 2001
POINT WEST CAPITAL CORPORATION
ANNOUNCES 2000 RESULTS
AND FINANCIAL CONDITION
AND DISMISSAL OF SOCIETYPOOL BANKRUPTCY
SAN FRANCISCO- (March 21, 2001) Point West
Capital Corporation (Nasdaq Symbol: PWCC) today reported the following:
(Dollars in thousands, except per share amounts)
Three Months
    Ended
Twelve Months
    Ended
December 31,
December 31,
2000
1999
2000
1999
Net (loss) income
$
    (8,657)
$
    4,411
$
    (15,566)
$ 9,832
Basic (loss) income
per share
$
    (2.58)
(1)
$ 1.32
(2)
$
    (4.64)
(3)
$ 2.95
(4)
Diluted (loss) income
Per share
$
    (2.58)(
1)
$ 1.25
(5)
$
    (4.64)
(3)
$ 2.70
(6)
(1)
Based on 3,352,624 weighted-average shares of common stock
    outstanding.
(2)
Based on 3,350,667 weighted-average shares of common stock
    outstanding.
(3)
Based on 3,352,534 weighted-average shares of common stock
    outstanding.
(4)
Based on 3,329,409 weighted-average shares of common stock
    outstanding.
(5)
Based on 3,525,610 weighted-average shares of common stock
    outstanding.
(6)
Based on 3,641,716 weighted-average shares of common stock
    outstanding.
The $15.6 million net loss for the year 2000 is primarily attributable to $10.4 million of
net loss on securities recognized by Point West Ventures, which makes loans to and invests
in small businesses. This compares to $13.0 million of net gain on securities recognized
by Point West Ventures in 1999, which was the primary reason for the $9.8 million of net
income in 1999. Point West Ventures has focused on equity investments in businesses in the
areas of e-commerce, Internet and telecommunications. Point West Ventures' net losses
on securities in 2000 resulted primarily from write-downs and write-offs of impaired
investments. These write-downs or write-offs were a result of deterioration of growth
prospects for some companies and the uncertainty that such companies will be able to raise
additional capital in light of the market downturn related to Internet and other
technology stocks. Also contributing to the Company's net loss for 2000 was a $2.0
million net loss from Allegiance during 2000 compared to a $480,000 net loss in 1999.
Allegiance previously made loans to funeral homes and cemetery owners, but its external
financing source expired in December 2000. Therefore, Allegiance has suspended loan
origination activities. If Allegiance is unable to repay $9.1 million of outstanding
revolving debt by July 15, 2001, the holders of Allegiance's debt could declare an
event of default. Additionally, Allegiance has two non-performing loans in its loan
portfolio, which has caused payments to cease to Allegiance Capital and Point West Capital
for servicing and to Allegiance Capital for the residual equity it owns in the
securitization. Allegiance is attempting to work out the non-performing loans. If
Allegiance cannot, by April 15, 2001, resolve the non-performing loans to the satisfaction
of the holders of Allegiance's debt, those holders could declare an event of default.
The Company's consolidated financial statements included in its 2000 Form 10-K were
prepared assuming the Company will continue as a going concern.
Finally, the Company announced that on March 13, 2001, a bankruptcy court granted Point
West Capital's motion to dismiss a bankruptcy petition with respect to SocietyPool,
one of the Company's consolidated entities, filed by two other members of
SocietyPool. Point West Capital is still in arbitration with two other members of
SocietyPool.
Further information regarding the Company, its results of operations and the other matters
discussed in this press release is contained in the Company's 2000 Form 10-K filed with
the Securities and Exchange Commission on March 14, 2001.
The following is summary balance sheet information as of December 31, 2000:
Cash and cash
    equivalents..................
$ 2,987,686
Restricted cash (1)........................
$ 2,442,315
Investment securities
Available-for-sale.....................
$   115,599
Loans receivable, net of unearned income of
$713,520 and net of an allowance for loan
losses of $190,000.....................
$36,889,745
Purchased life insurance policies..........
$30,405,291
Non-marketable securities..................
$10,443,654
Total assets...............................
$85,633,207
Revolving certificates.....................
$9,133,287
Term certificates..........................
$23,897,245
Securitized notes payable..................
$35,276,369
Debenture payable..........................
$ 6,500,000
Total liabilities..........................
$75,862,444
Accumulated comprehensive loss.............
$ (109,522)
Retained deficit...........................
$(17,381,283)
Total stockholders' equity.................
$ 9,770,763
(1)
Restricted cash as of
    December 31, 2000 includes $2.0 million for SocietyPool. The balance of restricted cash is
    comprised of funds held by Allegiance Capital Trust and DPFC.
(KEYWORD CALIFORNIA AND INDUSTRY KEYWORD: SPECIALTY FINANCE).
CONTACTS:    POINT WEST CAPITAL
CORPORATION,  SAN FRANCISCO.
Alan B. Perper,
415/394-9467