UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.___)*
Fog Cutter Capital Group Inc.
-----------------------------
(Name of Issuer)
Common Stock, $0.0001 par value
-------------------------------
(Title of Class of Securities)
971892104
---------
(CUSIP Number)
June 13, 2007
-------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 971892104 13G Page 2 of 8 Pages
------------------- ------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Boston Provident, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 413,700
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
413,700
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
413,700
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
N/A
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.2%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT
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CUSIP No. 971892104 13G Page 3 of 8 Pages
------------------- ------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Boston Provident Administration, Inc.
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 10,300
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
10,300
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,300
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT
------------------- ------------------
CUSIP No. 971892104 13G Page 4 of 8 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Orin S. Kramer
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
29,000
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 424,000
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 29,000
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
424,000
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
453,000
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
N/A
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.7%
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12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Item 1(a) Name of Issuer:
--------------
The name of the issuer is Fog Cutter Capital Group Inc. (the
"Company")
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
The Company's principal executive office is located at 1410
SW Jefferson Street, Portland, Oregon 97201.
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) Boston Provident, L.P., a
Delaware limited partnership (the "General Partner"), with
respect to shares of Common Stock (the "Shares") of the
Company beneficially owned by Boston Provident Partners,
L.P. ("BP Fund") and BP Institutional Partners, L.P. ("BP
Institutional"), (ii) Boston Provident Administration, Inc.,
a Delaware corporation (the "Manager"), with respect to
Shares beneficially owned by TW Partners, Ltd. ("TW Fund")
and (iii) Orin S. Kramer, a United States citizen, with
respect to Shares beneficially owned by him, the General
Partner, BP Fund, BP Institutional, the Manager and TW Fund.
The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosure
herein with respect to persons other than the Reporting
Persons is made on information and belief after making
inquiry to the appropriate party.
The Reporting Persons have entered into a Joint Filing
Agreement, a copy of which is filed with this Schedule 13G
as Exhibit 99.1, pursuant to which they have agreed to file
this Schedule 13G jointly in accordance with the provisions
of Rule 13d-1(k) of the Securities Exchange Act of 1934, as
amended.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of each of the
Reporting Persons is 600 Madison Avenue, 18th Floor, New
York, New York 10022.
Item 2(c) Citizenship:
-----------
Each of the General Partner and the Manager is organized
under the laws of the State of Delaware. Mr. Kramer is a
citizen of the United States.
Item 2(d) Title of Class of Securities:
----------------------------
Page 5 of 8
Common Stock, $0.0001 par value ("Common Stock")
Item 2(e) CUSIP Number:
------------
971892104
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of April 30, 2007 as
reported on the Company's annual report on Form 10-Q filed
with the Securities and Exchange Commission for the fiscal
year ended May 11, 2007.
As of the close of business on June 21, 2007:
1. Boston Provident, L.P.
(a) Amount beneficially owned: 413,700
(b) Percent of class: 5.2%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 413,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
413,700
2. Boston Provident Administration, Inc.
(a) Amount beneficially owned: 10,300
(b) Percent of class: Less than 0.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 10,300
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
10,300
3. Orin S. Kramer
(a) Amount beneficially owned: 453,000
(b) Percent of class: 5.7%
(c)(i) Sole power to vote or direct the vote: 29,000
(ii) Shared power to vote or direct the vote: 424,000
(iii) Sole power to dispose or direct the disposition:
29,000
(iv) Shared power to dispose or direct the disposition:
424,000
The General Partner and the Manager do not directly own any
Shares. By virtue of the General Partner's position as the
general partner of BP Fund and BP Institutional, the General
Partner possesses voting and dispositive power over the
Shares held by BP
Page 6 of 8
Fund and BP Institutional. Pursuant to an investment
management agreement, the Manager maintains voting and
dispositive power with respect to the Shares held by TW
Fund. Mr. Kramer controls each of the General Partner and
the Manager and also maintains sole voting and dispositive
power with respect to 29,000 Shares. Each of the General
Partner, the Manager and Mr. Kramer (except with respect to
the 29,000 Shares) disclaim beneficial ownership of any of
the securities covered by this statement.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following:
[ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
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Person:
------
Not Applicable
Item 7 Identification and Classification of the
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Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best
of his knowledge and belief, the securities referred to
above were not acquired and are not held for the purpose of
or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any
transaction having that purpose or effect.
Page 7 of 8
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: June 25, 2007
BOSTON PROVIDENT, L.P.
By: OSK LLC
By: /s/ Orin S. Kramer
-----------------------------
Name: Orin S. Kramer
Title: Managing Member
BOSTON PROVIDENT ADMINISTRATION, INC.
By: /s/ Orin S. Kramer
-----------------------------
Name: Orin S. Kramer
Title: President
ORIN S. KRAMER
/s/ Orin S. Kramer
--------------------------------
Page 8 of 8