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Strategies & Market Trends FirstCity Liquidating Trust (FCFCL)

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To: leigh aulper who wrote ()	3/21/1998 2:40:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces Distribution HOUSTON, March 20 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today that its Portfolio Committee has authorized a cash distribution to Class "B" certificate holders. The distribution is $11.50 per certificate ($28.3 million in total), payable on April 15, 1998 to holders of record as of April 1, 1998.

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To: leigh aulper who wrote ()	4/21/1998 1:39:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces First Quarter Results HOUSTON, April 21 /PRNewswire/ -- FirstCity Liquidating Trust announced today the net asset value of the Trust as reflected in the value of Class B Certificates increased from $91.3 million at December 31, 1997 to $97.1 million as of March 31, 1998. The quarter-to-quarter increase resulted primarily from a previously announced $22 million insurance settlement, less a $17.3 million cash distribution to Class B Certificate holders on January 30, 1998. Also previously announced, subsequent to the March 31, 1998 valuation, an additional cash distribution of $28.3 million was made to Class B Certificate holders on April 15, 1998. This distribution effectively brings the valuation down to $68.8 million as of the April 15, 1998 date.

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To: leigh aulper who wrote ()	6/16/1998 9:58:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces Distribution HOUSTON, June 16 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today that its Portfolio Committee has authorized a cash distribution to class B Certificate holders. The distribution is $7.00 per Certificate ($17.2 million in total), payable on July 15, 1998 to holders of record on July 1, 1998. FirstCity Liquidating Trust is the entity formed to liquidate the assets of the former First City Bancorporation of Texas, Inc. Its Class B and Class C certificates trade over the counter under the symbols FCFCL and FCFCZ, respectively.

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To: leigh aulper who wrote ()	7/17/1998 2:13:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces Second Quarter Results HOUSTON--(BUSINESS WIRE)--July 17, 1998---FirstCity Liquidating Trust announced today the net asset value of the Trust as reflected in the value of Class B Certificates at June 30, 1998 was $69.9 million as compared to $97.1 million as of March 31, 1998. The quarter-to-quarter change primarily reflects a $28.3 million cash distribution to Class B Certificate holders made on April 15, 1998. Also, subsequent to the June 30, 1998 valuation, an additional cash distribution of $17.2 million was made to Class B Certificate holders on July 15, 1998. This distribution effectively brings the valuation down to $52.7 million as of the July 15, 1998 date. The Trust reconfirmed that its value for the Class C Certificates was zero and that it was extremely unlikely that the Class C Certificates would ever have any value.

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To: leigh aulper who wrote ()	10/15/1998 10:56:00 PM
From: leigh aulper	of 16

Liquidating Trust Announces Third Quarter Results HOUSTON--(BUSINESS WIRE)--Oct. 15, 1998--FirstCity Liquidating Trust (OTC BB:FCFCL) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates decreased from $69.9 million at June 30, 1998 to $58.1 million at September 30, 1998/ The quarter-to-quarter decrease resulted primarily from a July 15, 1998 distribution of $17.2 million partially offset by a $5 million increase in the value of the remaining non-cash assets. The increase in asset valuation resulted from a $5 million write-up (to $26 million) in the value of the First City Tower Partnership investment. Management of the Trust believes the write-up was warranted after receiving a summary judgment in favor og the Trust in the First City Tower-related litigation. As previously announced, a cash distribution of $4.9 million, or $2.00 per share, to Class B Certificate holders is payable today, October 15, 1998 and will bring the waluation to $53/2 million. The Trust recoofirmed that its value for the Class C Certificates was zero and that it was unlikely that the Class C Certificates would have any value. The FirstCity Liquidating Trust is the entity formed to liquidate the assets of the former First City Bancorporation of Texas Inc. Its Class B aod Class C Certificates trade over the counter under the symbols FCFCL and FCFC[, respectively.

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To: leigh aulper who wrote ()	10/17/1998 8:28:00 AM
From: leigh aulper	of 16

Liquidating Trust Announces Third Quarter Results HOUSTON--(BUSINESS WIRE)--Oct. 15, 1998--FirstCity Liquidating Trust (OTC BB:FCFCL) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates decreased from $69.9 million at June 30, 1998 to $58.1 million at September 30, 1998. The quarter-to-quarter decrease resulted primarily from a July 15, 1998 distribution of $17.2 million partially offset by a $5 million increase in the value of the remaining non-cash assets. The increase in asset valuation resulted from a $5 million write-up (to $26 million) in the value of the First City Tower Partnership investment. Management of the Trust believes the write-up was warranted after receiving a summary judgment in favor of the Trust in the First City Tower-related litigation. As previously announced, a cash distribution of $4.9 million, or $2.00 per share, to Class B Certificate holders is payable today, October 15, 1998 and will bring the valuation to $53.2 million. The Trust reconfirmed that its value for the Class C Certificates was zero and that it was unlikely that the Class C Certificates would have any value.

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To: leigh aulper who wrote ()	4/27/1999 6:27:00 AM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces First Quarter 1999 Results HOUSTON, April 22 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates decreased from $55.3 million at December 31, 1998 to $47.5 million at March 31, 1999. The quarter-to-quarter decrease resulted primarily from a January 25, 1999 distribution of $8.6 million. As previously announced, a cash distribution of $9.8 million, or $4.00 per share, to Class B Certificate holders is payable on April 26, 1999 and will bring the valuation to $37.7 million. The March 31, 1999 balance sheet of the Trust reflects a value of $27.5 million for a two-thirds interest in a partnership which owns the First City Tower. First City Tower is a Class A office building located in downtown Houston. The $27.5 million valuation reflects significant discounts against the asset because of litigation (appeal of summary judgment issued in favor of the Trust) on the building, and for the fact that it is only a two-thirds interest. Using the current valuation of the Trust, the interest in the First City Tower would have to be sold for an amount in excess of approximately $50 million for the Class C Certificates to realize any value. With the recent run-up in values for Houston downtown office buildings and on the assumption that the litigation on the building is resolved in the Trust's favor and further assuming that the price is not drastically discounted because the Trust's interest is only two-thirds, it is possible that the Class C Certificates could have value at some point in the future. Investors are advised, however, that Class C Certificates are highly speculative securities.

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To: leigh aulper who wrote ()	7/2/1999 3:28:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces Distribution HOUSTON, July 2 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today that its Portfolio Committee has authorized a cash distribution to Class "B" Certificate holders. The distribution is $2.00 per Certificate, ($4.9 million in total), payable on July 19, 1999 to holders of record on July 9, 1999.

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To: leigh aulper who wrote (10)	10/28/1999 6:11:00 PM
From: leigh aulper	of 16

Liquidating Trust Announces Third Quarter 1999 Results HOUSTON, Oct. 28 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates decreased from $38.3 million at June 30, 1999 to $33.9 million at September 30, 1999. The quarter-to-quarter decrease resulted primarily from a July 19, 1999 distribution of $4.9 million.

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To: leigh aulper who wrote ()	1/19/2000 6:32:00 PM
From: leigh aulper	of 16

FirstCity Liquidating Trust Announces Fourth Quarter 1999 Results HOUSTON, Jan. 19 /PRNewswire/ -- FirstCity Liquidating Trust (OTC Bulletin Board: FCFCL and FCFCZ) announced today the net asset value of the Trust as reflected in the value of the Class B Certificates increased from $33.9 million at September 30, 1999 to $52.4 million at December 31, 1999. Subsequent to year-end, the Liquidating Trust made a $2.5 million distribution to Class B Certificate holders, reducing the valuation to $49.9 million. The quarter to quarter increase in the value of Trust assets was primarily the result of a write-up in valuation of a 67% partnership interest (from $27.5 million as of September 30, 1999 to $45 million as of December 31, 1999). The partnership owns the First City Tower, which is a Class A office building in downtown Houston. The increased valuation reflects the settlement of litigation on the building and a perceived increase in the value of downtown Houston real estate. The settlement of the litigation clears the way for the partnership interest to be marketed and such efforts will begin in the first quarter of 2000. The ultimate value of the partnership interest is unknown at this time. Using the current valuation of the Trust assets, the partnership interest in the Tower would have to be sold for an amount in excess of approximately $50 million for the Class B Certificates to be paid in full, and for the excess, or "pour over" to attribute to the Class C Certificates. While it is possible for the Class C Certificates to have some value in the future, the amount, if any, is not known at this time. There are currently 738,000 Class C Certificates outstanding at this time.

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