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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 30, 2000
FIRSTPLUS Financial Group, Inc.
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(Exact name of registrant as specified in its charter)
NEVADA 0-27750 75-2561085
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
1750 Regal Row Dallas Texas 75235
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 599-6300
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Item 2. Acquisition or Disposition of Assets.
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On August 30, 2000, Western Interstate Bancorp ("WIB"), a wholly-owned
subsidiary of FIRSTPLUS Financial Group, Inc. (the "Company"), completed its
previously announced sale of all of its Servicing Rights to Countrywide Home
Loans, Inc., a New York corporation, for approximately $29 million cash. Prior
to the sale, WIB was principally engaged in the business of servicing mortgage
loans. The assets sold include all right, title, and interest in and to each of
the agreements which govern the rights and obligations owned by WIB with respect
to the servicing of certain mortgage loans.
WIB consummated the sale pursuant to the Order Confirming Modified
Third Amended Plan of Reorganization of FIRSTPLUS Financial, Inc. issued by the
United States Bankruptcy Court, Northern District of Texas, Dallas Division,
Case No. 99-31869-HCA-11.
Item 7. Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired.
Not Applicable.
(b) Pro forma financial information.
Not Applicable.
(c) Exhibits.
The following exhibits are furnished in accordance with Item 601 of
Regulation S-K.
2.1 Purchase Agreement, dated March 15, 2000, by and between
Western Interstate Bancorp and Countrywide Home Loans, Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRSTPLUS FINANCIAL GROUP, INC.
Dated: September 14, 2000 By: /s/ Daniel T. Phillips
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Name: Daniel T. Phillips
Title: Chief Executive Officer