FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1997.
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE AT OF 1934.
For the transition period from ______________ to ___________________.
COPELCO CAPITAL FUNDING CORP. X
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(exact name of Registrant as specified in its charter)
East Gate Center
700 East Gate Drive
Mount Laurel, New Jersey 08054-5400
(609) 231-9600
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(Address and Telephone Number of Principal Executive Officer)
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act
of 1934: None.
Securities Registered Pursuant to Section 12(g) of the Securities Exchange Act
of 1934: None.
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes No X
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Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates of
the Registrant. None.
As of March 1, 1998, there were 1,000 shares of the Registrant's Common
Stock outstanding.
The Registrant meets the conditions set forth in General Instruction
(J)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the
reduced disclosure format permitted thereunder.
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PART I
Item 1. Business
The Registrant is a wholly-owned bankruptcy-remote subsidiary of Copelco Capital
Inc., recently formed solely for the purpose of acquiring from Copelco Capital
Inc. certain leases (the "Leases") and interests in the equipment underlying the
leases (the "Equipment"), and securitizing the Leases and the Equipment through
the issuance of debt securities (the "Notes"). As a bankruptcy-remote entity,
the Registrant's operations are restricted so that (a) it does not engage in
business with, or incur liabilities to, any other entity (other than the Trustee
on behalf of the holders of the Notes) which may bring bankruptcy proceedings
against the Registrant and (b) the risk is diminished that it will be
consolidated into the bankruptcy proceedings of any other entity. The Registrant
has no other assets except the Leases and the Equipment, and proceeds thereof.
Item 2. Properties
None.
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters
The sole holder of the Registrant's Common Stock is Copelco
Capital Inc. There is currently no market for such Common
Stock nor is it anticipated that such a market will develop.
Item 6. Selected Financial Data
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Not Applicable.
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Item 8. Financial Statements and Supplemental Data
Not Applicable.
Item 9. Change in and Disagreements on Accounting and Financial
Disclosure
Not Applicable.
PART III
Item 10. Directors and Officers of the Registrant
The following individuals comprise the board of directors and the
officers of the Registrant:
Name: Position
- ----- --------
Ian J. Berg Chairman of the Board,
Director and Acting Chief Financial Officer
(Principal Executive Officer)
John Hakemian Director
John Fortunato Director
Tadayuki Seki Director
Vickie D. Sloan Director
Robert Lemenze President, Chief Operating
Officer
Spencer N. Lempert Secretary
Stephen W. Shippie Vice President
Nicholas Antonaccio Vice President - Finance
All directors and officers hold office for the term of one year and
until their successors are elected and qualified, subject to earlier termination
by removal or resignation.
Item 11. Executive Compensation
Not Applicable.
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Item 12. Security Ownership of Certain Beneficial Owners and Management
Not Applicable.
Item 13. Certain Relationships and Related Transactions
Not Applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
1. Trustee's Reports for the payment periods ending in July, August,
September, October, November and December 1997 and January, February
and March 1998, each of which contains the Servicer's Report for such
period.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
COPELCO CAPITAL FUNDING CORP. X
By: /s/ Ian J. Berg
_________________________________
Name: Ian J. Berg
Title: Chairman of the Board
Dated: March 31, 1998
Pursuant to the requirements of the Securities Exchange Act of 1983,
this report has been signed below by the following persons on behalf on the
Registrant and in the capacities and on the dates indicated.
By: /s/ Ian J. Berg
_________________________________
Name: Ian J. Berg
Title: Chairman of the Board,
Director and Principal
Executive Officer
Date: March 31, 1998
By:
_________________________________
Name: Vicki D. Sloan
Title: Director
Date: March 31, 1998
By: /s/ John Hakemian
_________________________________
Name: John Hakemian
Title: Director
Date: March 31, 1998
By: /s/ Tadayuki Seki
_________________________________
Name: Tadayuki Seki
Title: Director
Date: March 31, 1997
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By: /s/ Ian J. Berg
_________________________________
Name: Ian J. Berg
Title: Acting Chief Financial
Officer
Date: March 31, 1998
Supplemental Information:
None
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Exhibit Index
99.1 Trustee's Reports for the payment periods ending in July,
August, September, October, November and December 1997 and
January, February and March 1998, each of which contains the
Servicer's Report for such period.
IN ACCORDANCE WITH RULE 201 OF REGULATION S-T, THIS EXHIBIT 99.1 TO FORM 10-K IS
BEING FILED IN PAPER PURSUANT TO A TEMPORARY HARDSHIP EXEMPTION.
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