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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
000-21673
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(Check One):
Form 10-K Form 20-F Form 11-K X Form 10-Q Form N-SAR
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CUSIP NUMBER
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For Period Ended: June 30, 1998
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I - REGISTRANT INFORMATION
AutoBond Acceptance Corporation Full Name of Registrant
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Former Name if Applicable
100 Congress Avenue
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Address of Principal Executive Office (Street and Number)
Austin, Texas 78701
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City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
X (b) The subject annual report, semi-annual report, transition
- --- report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report of transition report on Form 10-Q, or portion thereof
will be
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filed on or before the fifth calendar day following the
prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F,
11-K, 10-Q, N-SAR, or the transition report or portion thereof, could
not be filed within the prescribed time period.
AutoBond Acceptance Corporation (the "Company") hereby informs the
Securities and Exchange Commission (the "Commission") that it will be
unable to file its Quarterly Report on Form 10-Q for the quarter ended
June 30, 1998 within the time period prescribed for such filing without
unreasonable effort and expense. Due to unanticipated delays in the
e-mail transmission of the 10-Q filing from the Company's headquarters
in Texas to its financial printer in New York City, the Edgarization
process will run past the 5:30 p.m. E.S.T. deadline. The Company
expects that the complete Edgar transmission will be accomplished by
10:00 p.m. E.S.T. this evening.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Adrian Katz 512 435-7000
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been
filed? If answer is no, identify report(s). X Yes No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof? X Yes No
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The Company currently estimates that its results of operations for the
quarter ended June 30, 1998 will reflect a net loss of approximately $5.2
million ($0.86 per share), as compared with net income of $966,869 ($0.15 per
share) for the second quarter of 1997. This loss was due primarily to the
effects of reduced finance contract acquisition and securitization activity (as
a result of the delay in the implementation of a new warehouse credit facility
in June 1998 to replace the Company's main credit facility, which expired on
March 31, 1998), combined with charges taken to reflect the impairment of the
Company's retained interests in certain securitizations. This impairment was
attributable to the refusal of Progressive Northern Insurance Company to pay
claims under an insurance policy and the reassessment of certain valuation
assumptions with respect to these retained interfests in light of information
made available to the Company after the transfer of servicing functions to the
Company in December 1997.
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AutoBond Acceptance Corporation
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date August 14, 1998 By /s/ Adrian Katz
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Adrian Katz
Vice Chairman of the Board,
Chief Operating Officer
and Chief Financial Officer
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