-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OGe3SIk5890Ctui9zwqf3gJkRB6VVMXQi2CsQMIYY9my7A0z68jFvYzf77NDeYiS
 qz0vYAqMZgetz70Q4n24sw==

<SEC-DOCUMENT>0001179110-03-003884.txt : 20030721
<SEC-HEADER>0001179110-03-003884.hdr.sgml : 20030721
<ACCEPTANCE-DATETIME>20030721121020
ACCESSION NUMBER:		0001179110-03-003884
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030718
FILED AS OF DATE:		20030721

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KOTLER KENNETH K
		CENTRAL INDEX KEY:			0001183441

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23911
		FILM NUMBER:		03794110

	BUSINESS ADDRESS:	
		STREET 1:		1410 SW JEFFERSON STREET
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97201-2548
	FORMER NAME:		
	FORMER CONFORMED NAME:	KETLER K KENNETH
	DATE OF NAME CHANGE:	20020828
</FORMER-NAME>

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOG CUTTER CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0001048566
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				522081138
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1631 SW COLUMBIA STREET
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97201
		BUSINESS PHONE:		5037216500

	MAIL ADDRESS:	
		STREET 1:		1310 S W 17TH ST
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WILSHIRE REAL ESTATE INVESTMENT TRUST INC
		DATE OF NAME CHANGE:	19971027
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-18</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001048566</issuerCik>
        <issuerName>FOG CUTTER CAPITAL GROUP INC</issuerName>
        <issuerTradingSymbol>FCCG</issuerTradingSymbol>
</issuer>
<reportingOwner><reportingOwnerId>
            <rptOwnerCik>0001183441</rptOwnerCik>
            <rptOwnerName>KOTLER KENNETH K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeSecurity><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-07-18</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>X</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>500</value>
</transactionShares>
<transactionValue><value>3.47</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>6500</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<derivativeSecurity><securityTitle><value>Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>3.47</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-07-18</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>X</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>500</value>
</transactionShares>
<transactionValue><value>0.00</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-06-28</value>
<footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2012-06-28</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeSecurity>
<footnotes><footnote id="F1">500 options vested on June 28, 2003. Of the remaining options 500 vest on June 28, 2004 and 500 on June 28, 2005.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ K. Kenneth Kotler</signatureName>
<signatureDate>2003-07-18</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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