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): CUSIP NUMBER
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_X_Form 10-K __Form 20-F __Form 11-K __Form 10-Q __Form N-SAR ____________
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For Period Ended: December 31, 1998
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[ ] 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:
Read Attached Instruction Sheet Before Preparing Form. Please Print or Type.
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:
PART I - REGISTRANT INFORMATION
AutoBond Acceptance Corporation
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Full Name of Registrant
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)
__X__ (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 or transition report on Form 10-Q, or portion thereof
will be 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 Form 10-K and Form
10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report
or portion thereof could not be filed within the prescribed period.
AutoBond Acceptance Corporation (the "Registrant") intends to file its
annual report on Form 10-K for the year ended December 31, 1998 (the "Report")
within a day or two after the prescribed deadline. The Registrant's ability to
file the Report in timely manner without unreasonable effort or expense was
impacted by the events more fully discussed in the "Recent Developments" section
of the Report. These events, which involved the wrongful cutoff of funding from
the Registrant's primary source of liquidity, forced management to devote its
limited resources to the analysis and mitigation of collateral damage caused by
the actions of the funding source. Actions taken by management for the benefit
of investors included the filing of a current report on Form 8-K on March 15,
1999, as well as a press release containing summary earnings information for the
years ended December 31, 1998 and December 31, 1997, which was released on March
31, 1999.
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)
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(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
(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
If so, attach an explanation of the anticipated change,
both narratively and quantitatively, and, if appropriate,
state the reasons why a reasonable estimate of the
results cannot be made.
As disclosed in the Report, although the Registrant's revenues for the year
ended December 31, 1998 of $23,054,478 are comparable with revenues of
$23,743,361 for the year ended December 31, 1997, the Registrant recorded an
impairment charge of $9,932,169 for the year ended December 31, 1998 on its
retained interest in securitizations (compared with impairment of $1,312,234 for
the year ended December 31, 1997), which impairment contributed to an overall
net loss of $7,144,423 for the year ended December 31, 1998 (compared with net
income of $1,613,053 for the year ended December 31, 1997).
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
thereunto duly authorized.
Date March 31, 1999 By /s/ Adrian Katz
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Adrian Katz
Vice Chairman of the Board, Chief
Operating and Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commission, Washington, D.C. 20549, in accordance with Rule
0-3 of the General Rules and Regulations under the Act. The information
contained in or filed with the form will be made a matter of public
record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities
of the registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25 but
need not restate information that has been correctly furnished. The form
shall be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule 201
or Rule 202 of Regulation S-T ( 232.201 or 232.202 of this chapter)
or apply for an adjustment in filing date pursuant to Rule 13(b) of
Regulation S-T ( 232.13(b) of this chapter).
