8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  -------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of report (Date of earliest event reported) November 1, 2002


                          Fog Cutter Capital Group Inc.
               --------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)



         Maryland                     0-23911                52-2081138
- -----------------------------      -------------          -------------------
 (State or Other Jurisdiction       (Commission             (IRS Employer
   of Incorporation)                File Number)          Identification No.)


                  1410 SW Jefferson Street, Portland,  OR   97201
               ---------------------------------------    ---------
               (Address of principal executive offices)   (Zip Code)


        Registrant's telephone number, including area code (503) 721-6500



Item 5. Other Events.

On November 1, 2002, the Board of Directors named Chris DeWolfe as a new member
of the Board. With the appointment of Mr. DeWolfe, the Board expanded the number
of directors from five to six.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c)   Exhibits.

      The following exhibits are filed as part of this report:

      Exhibit 1.1 Press Release dated November 4, 2002 announcing the
appointment of Chris DeWolfe as a member of the Board of Directors.





                                    SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, Fog
Cutter Capital Group Inc. has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Date:  November 5, 2002

                                          FOG CUTTER CAPITAL GROUP INC.


                                          By: /s/ R. Scott Stevenson
                                              -------------------------
                                              R. Scott Stevenson
                                              Senior Vice President and
                                              Chief Financial Officer

EX-1.1

                                                                     Exhibit 1.1


FOR IMMEDIATE RELEASE
- ---------------------


      FOG CUTTER CAPITAL GROUP INC. APPOINTS DEWOLFE TO BOARD OF DIRECTORS

PORTLAND, Oregon.--November 4, 2002- Fog Cutter Capital Group Inc. (Nasdaq:
FCCG), a diversified investment group specializing in mortgage and real estate
related assets, has announced the appointment of Chris DeWolfe as a member of
the Board of Directors.

Mr. DeWolfe has been a sales and marketing executive for the past 15 years, most
recently as the CEO and founder of ResponseBase LLC, an Internet direct
marketing company. He built ResponseBase into an extremely profitable
organization and sold the operation to eUniverse earlier this year. Prior to
forming ResponseBase, Mr. DeWolfe was the Vice President of Marketing at Xdrive
Technologies, where he was responsible for product marketing. Prior to that, he
managed the merchant commerce division of First Bank of Beverly Hills. Mr.
DeWolfe holds a BA in Finance from the University of Washington and an MBA in
Marketing from the University of Southern California.

Fog Cutter Capital Group Inc. focuses on investing, structuring and managing
real estate-related assets, including the acquisition of companies engaged in
real estate investment activities, mortgage-backed securities, mezzanine real
estate loans and other real estate related assets. The Company invests where its
expertise in intensive asset management, mortgage and real estate credit
analysis and financial structuring can create value. Many of these investments,
particularly in corporate acquisitions, are acquired in conjunction with
partners.

The Company seeks to invest directly or indirectly in real estate-related assets
that provide an appropriate risk-adjusted rate of return and the opportunity for
capital gains. The Company maintains a flexible approach with respect to the
nature of its investments, seeking to take advantage of opportunities as they
arise or are developed.

FORWARD LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements so long as those statements are identified as
forward-looking and are accompanied by meaningful cautionary statements
identifying important factors that could cause actual results to differ
materially from those projected in such statements. All of the statements
contained in this release, which are not identified as historical, should be
considered forward-looking. In connection with certain forward-looking
statements contained in this release and those that may be made in the future by
or on behalf of the




company which are identified as forward-looking, the company notes that there
are various factors that could cause actual results to differ materially from
those set forth in any such forward-looking statements. Such factors include but
are not limited to, the real estate market, the availability of real estate
assets at acceptable prices, the availability of financing, interest rates, and
European markets. Accordingly, there can be no assurance that the
forward-looking statements contained in this release will be realized or that
actual results will not be significantly higher or lower. The forward-looking
statements have not been audited by, examined by, or subjected to agreed-upon
procedures by independent accountants, and no third party has independently
verified or reviewed such statements. Readers of this release should consider
these facts in evaluating the information contained herein. The inclusion of the
forward-looking statements contained in this release should not be regarded as a
representation by the company or any other person that the forward-looking
statements contained in this release will be achieved. In light of the
foregoing, readers of this release are cautioned not to place undue reliance on
the forward-looking statements contained herein.