Fog Cutter Capital Group Inc., Portland, Ore., has reported a gain of $2.5 million for the first quarter from the sale of its commercial mortgage broker subsidiary, George Elkins Mortgage Banking Co.The sale to a division of MuniMae for $10.4 million took place at the end of February, and was driven by the decision of Fog Cutter's management to concentrate on its fast-food business, Fatburger. Fog Cutter held 51% of George Elkins, with the rest owned by management. For the quarter, Fog Cutter lost $3.7 million ($0.46 per share), up from a loss of $1.0 million ($0.12 per share) a year earlier. Fog Cutter can be found on the Internet at http://www.fccgi.com.
Processing Content
