EXHIBIT 99
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UNITED COMPANIES FINANCIAL CORPORATION
[UNITED COMPANIES LOGO]
NEWS RELEASE
FOR IMMEDIATE DISTRIBUTION
For More Information,
Contact:
Deborah Hicks Midanek
Chief Executive Officer
225-987-2385 or 800-234-8232
RELEASE DATE: May 4, 1999
United Companies Expresses Concern About Misstatements and Omissions in
Anonymous and Signed Internet "Message Board" Communications
Company Also Announces That U.S. Trustee Intends to Appoint Equity
Committee
Baton Rouge, LA - United Companies Financial Corporation (OTC:
UCFNE) today expressed concern about what it believes to be material
misstatements and omissions in many of the anonymous and signed
communications concerning the Company, its business and affairs, and
its management that have appeared in various Internet "Message
Boards," including Yahoo! Finance. The Company's policy is not to
respond to the specifics of any such communications, but the Company
believes that it is appropriate under the circumstances to caution
its stockholders and others in the investment community regarding any
reliance that may be placed on such communications.
United Companies also announced that it has been advised that the
United States Trustee intends to appoint an equity committee to
represent the interests of the Company's stockholders in its chapter
11 case. Upon appointment of such committee, the Company will
announce publicly the identities of the appointed representatives and
will endeavor to promptly establish avenues of communication and a
working relationship with such committee.
United Companies is a specialty finance company in reorganization
that provides consumer loan products nationwide through its lending
subsidiary, UC Lending(R).
The following is a "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained in
this release that are not historical facts are forward-looking
statements based on the Company's current expectations and beliefs
concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting
the Company will be those anticipated by the Company. Actual results
may differ from those projected in the forward-looking statements.
These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the Company)
and are subject to change based upon various factors, including but
not limited to the following risks and uncertainties: the developments
in and outcome of the Company's Chapter 11 reorganization proceedings;
the ability to access loan and warehouse facilities in amounts
necessary to fund the Company's operations; the successful execution
of loan sales in the whole loan sale market; the ability of the
Company to successfully restructure its balance sheet; the ability of
the Company to retain an adequate number and mix of its employees; the
effect of the Company's policies including the amount of Company
expenses; actual prepayment rates and credit losses on loans sold as
compared to prepayment rates and credit losses assumed by the Company
at the time of sale for purposes of its gain on sale computations; the
quality of the Company's owned and serviced loan portfolio including
levels of delinquencies, customer bankruptcies and charge-offs;
adverse economic conditions; competition; various legal, regulatory
and litigation risks and other risks detailed from time to time in the
Company's Securities and Exchange Commission filings. The Company
undertakes no obligation to publicly update or revise any forward-
looking statements, whether as the result of new information, future
events or otherwise.