FirstFed Financial Corporation (fka FFEDQ)

[Alyssa]

At a hearing held on Thursday, October 11, 2012 to consider
confirmation of the Modified Second Amended Chapter 11 Plan of
Reorganization Proposed by the Debtor and Holdco Advisors L.P., Dated
October 10, 2012 ("Plan"), the Bankruptcy Court ordered that the Plan
be confirmed.
4. Describe potential future developments which may have a significant
impact on the case:
There is a potential refund of over $130 million relating to loss
carrybacks from earlier tax years. The FDIC, in its capacity as
Receiver for the Debtor's bank subsidiary, has submitted a proof of
claim which, among other things, claims that the FDIC is entitled to
some or all of any such tax refund and may have other super priority
claims. If the FDIC's claim is successful, it will reduce or
potentially eliminate any assets available for distribution to
general unsecured creditors. The Plan provides, inter alia, for the
Reorganized Debtor to continue to pursue the Debtor's claims to the
refund against the FDIC. The Debtor reserves its rights with respect
to any such claims by the FDIC.