<PAGE>
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) December 15, 1999
SOUTHPOINT STRUCTURED ASSETS, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-09883 51-6503749
(Commission File Number) (I.R.S. Employer Identification No.)
50 North Front Street, Memphis Tennessee 38103
(Address of Principal Executive Offices) (Zip Code)
(901) 524-4100
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
None.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Document Description
99.1 Report to Certificateholders dated as of December 15, 1999.
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SIGNATURES
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 hereunto duly authorized.
SOUTHPOINT STRUCTURED ASSETS, INC.
By: /s/ C. David Ramsey
--------------------------
C. David Ramsey
President
Dated: December 20, 1999
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BANC ONE INVESTMENT MANAGEMENT GROUP
CORPORATE TRUST SERVICES
CORPORATE TRUST ACCOUNT ADMINISTRATION
Southpoint Structured Assets, Inc. TVA Security-Backed Trust Certificates,
Series 1998-1
$5,000,000 6.25% Certificate due December 15, 2017
Report to Certificateholders on 12/15/99
This report is being prepared pursuant to Section 4.03 of the Standard Terms of
Trust Agreements dated March 19, 1998 between Southpoint Structured Assets, Inc.
as Depositor and Banc One, West Virginia, N.A., as Trustee:
<TABLE>
<CAPTION>
<S> <C>
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CUSIP NUMBER: 873055AA5
- ------------------------------------------------------------
Principal Amount of Security $5,000,000.00
- ------------------------------------------------------------
Current Interest Rate of Security 6.25%
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Reporting Unit 1,000.00
- ------------------------------------------------------------
Accrual Period - Beg 06/15/99
- ------------------------------------------------------------
Accrual Period - End 12/14/99
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Record Date 12/14/99
- ------------------------------------------------------------
Fixed or Variable Rate Fixed
- ------------------------------------------------------------
Maturity Date 12/15/2017
- ------------------------------------------------------------
- ------------------------------------------------------------
Amounts received as of last pmt. date $156,250.00
- ------------------------------------------------------------
- ------------------------------------------------------------
BEGINNING PRINCIPAL BAL $5,000,000.00
- ------------------------------------------------------------
- ------------------------------------------------------------
INTEREST:
- ------------------------------------------------------------
- ------------------------------------------------------------
Pass-Through Rate 6.25%
- ------------------------------------------------------------
Certificates Interest Distributed $156,250.00
- ------------------------------------------------------------
Retained Interest Distributed $0.00
- ------------------------------------------------------------
Trust Expenses $0.00
- ------------------------------------------------------------
Unpaid Accrued Interest $0.00
- ------------------------------------------------------------
- ------------------------------------------------------------
PRINCIPAL:
- ------------------------------------------------------------
- ------------------------------------------------------------
Principal Distributed $0.00
- ------------------------------------------------------------
Advances Distributed:
- ------------------------------------------------------------
- ------------------------------------------------------------
PREPAYMENT PREMIUM:
- ------------------------------------------------------------
Amount Distributed $0.00
- ------------------------------------------------------------
- ------------------------------------------------------------
TOTAL DISTRIBUTION $156,250.00
- ------------------------------------------------------------
ENDING PRINCIPAL BALANCE $5,000,000.00
- ------------------------------------------------------------
- ------------------------------------------------------------
THE BELOW IS FOR DTC USE
- ------------------------------------------------------------
PER UNIT:
- ------------------------------------------------------------
Beginning Principal Balance 1,000.000000
- ------------------------------------------------------------
Interest Distributed 31.250000
- ------------------------------------------------------------
Principal Distributed 0.000000
- ------------------------------------------------------------
Prepayment Penalty Distributed 0.000000
- ------------------------------------------------------------
Total Distributed 31.250000
- ------------------------------------------------------------
</TABLE>
