<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a2061297zex-99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

<PAGE>


                                                              EXHIBIT 99.1


                                   RESIGNATION


To the Board of Directors of
Fog Cutter Capital Group Inc.

         I hereby tender my resignation as a member of the Board of Directors of
Fog Cutter Capital Group Inc. (the "Company") and as a member of the Board of
Directors of all subsidiaries of the Company on which I serve, and hereby
further tender my resignation as a Trustee of the Fog Cutter Long Term Vesting
Trust of the Company, effective immediately in each case.

Dated: October 16, 2001


                                             /s/ David C. Egelhoff
                                             -------------------------
                                               David C. Egelhoff

</TEXT>
</DOCUMENT>