EXHIBIT 99.2

FOG CUTTER CAPITAL GROUP INC.

PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(dollars in thousands, except share data)

	Nine Months Ended September 30, 2007
	As Reported			Pro forma Adjustment			Pro forma
Revenue:
Restaurant and manufacturing sales	$	29,816					$	29,816
Restaurant franchise and royalty fees	1,706						1,706
Real estate rental income	2,851			(2,851		)	—
Total revenue	34,373			(2,851		)	31,522
Operating costs and expenses:
Restaurant and manufacturing cost of sales	17,010						17,010
Real estate operating expense	1,022			(1,022		)	—
Engineering and development	1,091						1,091
Depreciation and amortization	1,684			(335		)	1,349
Total operating costs and expenses	20,807			(1,357		)	19,450
General and administrative expenses:
Compensation and employee benefits	9,366						9,366
Professional fees	2,647						2,647
Fees paid to related parties	—						—
Other	12,539			(292		)	12,247
Total general and administrative expenses	24,552			(292		)	24,260
Non-operating income (expense):
Gain on sale of real estate	13			(13		)	—
Gain on sale of notes receivable	—						—
Interest income	197			(18		)	179
Interest expense	(2,704		)	1,109			(1,595		)
Other income (loss), net	(1,086		)	(20		)	(1,106		)
Total non-operating income (expense)	(3,580		)	1,058			(2,522		)
Loss before provision for income taxes, minority interests, and equity in income of equity investees	(14,566		)	(144		)	(14,710		)
							—
Minority interest in losses	676						676
Equity in earnings of equity investees	—						—
Income tax benefit	4,385						4,385
Income (loss) from continuing operations	(9,505		)	(144		)	(9,649		)
Basic earnings (loss) per share from continuing operations	$	(1.19	)	$	(0.02	)	$	(1.21	)
Basic weighted average shares outstanding	7,957,428						7,957,428
Diluted earnings (loss) per share from continuing operations	$	(1.19	)	$	(0.02	)	$	(1.21	)
Diluted weighted average shares outstanding	7,957,428						7,957,428