AMC Financial Holdings Inc.

AMC Financial Holdings Inc. (ACFL)

Cityscape Financial Corp (the Company) is a consumer finance company which, through its wholly owned subsidiary, Cityscape Corp. (CSC), is in the business of selling and servicing mortgage loans secured primarily by one- to four-family residences. Until the Company suspended indefinitely such business in November 1998, the Company also had been in the business of originating and purchasing such mortgage loans. The majority of the Company's loans were made to owners of single family residences who use the loan proceeds for such purposes as debt consolidation and financing of home improvements and educational expenditures, among others. The Company is currently operating under the protection of chapter 11 of title 11 of the United States Code (the Bankruptcy Code). No assurance can be given that the Company will emerge from bankruptcy or that its loan origination or purchase activities will resume. Current Business of Company After the indefinite suspension of all loan origination and purchase activities in November 1998, the Company has been in the business of selling and servicing mortgage loans. The Company is engaged in whole loan sales and loan servicing and collection.