FPFX is one of the more interesting stories in micro cap investing right now. The story started in the late nineties when the major operating subsidiary of the company (fpfi) went into bankruptcy due to changes in the regulations about the way their loans had to be capitalized. The parent company, Firstplus Financial Group (fpfx) did NOT file bankruptcy and managed to get an unsecured claim against the former subsidiary for 50 million dollars! (with approximately 45 million shares outstanding and a current price of 0.15 you can see there is significant potential) The subsequent maneuvering by fpfx reads like a cheap novel,but the most important part is that the claim will be paid in part or in full and that is a verifiable fact. Now a group of shareholders, who may hold a majority of the outstanding shares, is attempting get control of fpfx at a court ordered shareholders meeting in Reno, Nevada on November 16, 2005. You can read the recent SEC filings by fpfx on the "pink sheets" website for details. The trustee for the bankrupt subsidiary (fpfi) already has over 7 million dollars of the 50 million dollar unsecured claim ready to transfer to fpfx when certain issues about just who is in charge are resolved. You certainly don't want to miss this one. Go to the fpfx board here on Raging Bull and read some of the older posts for intriguing details. Any skeptics can go to www.fpficreditorstrust.com and look at the most recent distributions (bottom of the page)to the class 4 unsecured creditors. You will see the FirstPlus Financial Group allowed claim is there and waiting to be distributed. You may also want to go to the company website at www.firstplusgroup.com for the company side of the issues. If nothing else, you will enjoy the read.
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
