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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JzOmgFFdTMjioxFq9IE+nHKSjp6tkwZatvFwowbFKt/PY7GSnGU9KwLEJp7tZhss
 92tEZ1KWGmN0lgI83bOQ5Q==

<SEC-DOCUMENT>0001179110-04-015654.txt : 20040730
<SEC-HEADER>0001179110-04-015654.hdr.sgml : 20040730
<ACCEPTANCE-DATETIME>20040730191920
ACCESSION NUMBER:		0001179110-04-015654
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040709
FILED AS OF DATE:		20040730

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WIEDERHORN ANDREW
		CENTRAL INDEX KEY:			0001033016

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23911
		FILM NUMBER:		04943450

	BUSINESS ADDRESS:	
		STREET 1:		C/O WILSHIRE FINANCIAL SERVICES GROUP
		STREET 2:		1776 SW MADISON STREET
		CITY:			PORTLAND
		STATE:			OR
		ZIP:			97205
		BUSINESS PHONE:		5032235600

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>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-07-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001048566</issuerCik>
        <issuerName>FOG CUTTER CAPITAL GROUP INC</issuerName>
        <issuerTradingSymbol>FCCG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001033016</rptOwnerCik>
            <rptOwnerName>WIEDERHORN ANDREW</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FOG CUTTER CAPITAL GROUP INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1410 SW JEFFERSON STREET</rptOwnerStreet2>
            <rptOwnerCity>PORTLAND</rptOwnerCity>
            <rptOwnerState>OR</rptOwnerState>
            <rptOwnerZipCode>97201-2548</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Co-Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Put Option (obligation to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.40</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-07-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>323000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-10-03</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2005-11-29</value>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>323000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>323000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On July 9, 2004, the Reporting Person entered into a letter agreement whereby he granted an option to the Clarence &amp; Joan Coleman Charitable Foundation to put to him 323,000 shares of the issuer's common stock. Notice of the exercise must be given at least 30 days prior to the closing of the put exercise, which closing will occur no earlier than October 31, 2005 and no later than November 29, 2005. The put option expires on October 31, 2005 if notice of the exercise is not received prior to that date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andrew A. Wiederhorn</signatureName>
        <signatureDate>2004-07-30</signatureDate>
    </ownerSignature>
</ownershipDocument>

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