Item 5.                                                            Other Events and Required FD Disclosure

On July 20, 2004, Nasdaq notified Fog Cutter Capital Group Inc. of a staff determination to de-list the Corporation from the Nasdaq Stock Market, effective July 29, 2004 based on Nasdaq Rules 4300 and 4330(a)(3). Fog Cutter has requested an oral hearing by a Listing Qualifications Panel to review the staff’s determination. The Corporation will continue to be listed on the Nasdaq Stock Market while the Listing Qualification Panel’s decision is pending.