http://sec.gov/Archives/edgar/data/828678/000110465906019492/a06-7709_18k.htm
In a press release of March 27, 2006, FirstCity Financial Corporation (“FirstCity”) announced that on March 21, 2006, it received notice of the issuance of an order granting partial summary judgment to FirstCity (the “Order”) by the 152nd District Court, Harris County, Texas (the “Court”) in Cause No. 2005-04492, Prudential Financial, Inc. v. JP Morgan Chase Bank, National Association, et. al. (the “Interpleader Suit”). The Interpleader Suit related to the ownership of certain proceeds from the demutualization of Prudential Insurance Company of America. The Order granted FirstCity’s motion for partial summary judgment and rendered judgment in favor of FirstCity as to the ownership of the demutualization proceeds. The Court’s Order additionally denied the claims of FCLT Loans Asset Corporation (“FLAC”) and Tony Blair, individually and as representative of the proposed class of employee beneficiaries to the demutualization proceeds. According to JP Morgan Chase Bank, National Association’s (“JP Morgan”) report dated as of the close of business on February 28, 2006, the demutualization proceeds total approximately $17.7 million. The demutualization proceeds are being held by JP Morgan pending resolution of all unresolved issues in the lawsuit. The order is interlocutory. The Court’s Order is not subject to appeal until the certain issues not addressed in the motions for summary judgment are resolved. FLAC has already indicated its intent to appeal a final judgment awarding the demutualization proceeds to FirstCity. The press release dated March 27, 2006, is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
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