8-K, 2001-01-19
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<PAGE>   1
                       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 (Data of earliest event reported)

                                 January 1, 2001

                       FIRST SIERRA RECEIVABLES III, INC.
             (exact name of Registrant as specified in its charter)

           Delaware                   333-12199-01              76-0589331
-------------------------------     ----------------        -------------------
(State or Other Jurisdiction of     (Commission File           (IRS Employer
         Incorporation)                  Number)            Identification No.)

           Suite 7050
       600 Travis Street
          Houston, TX                                             77002
--------------------------------                                ----------
(Address of Principal Executive)                                (Zip Code)

        Registrant's telephone number, including area code: 713-221-8822

<PAGE>   2

Item 1.      Business

The Registrant is a wholly-owned subsidiary of First Sierra Financial, Inc.
formed solely for the purpose of acquiring from First Sierra Financial, Inc.
certain leases (the "Leases") and interests in equipment underlying the leases
(together the "Receivables") and securitizing the Receivables through the
issuance of Certificates. 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 which may bring bankruptcy proceedings
against the Registrant and 9b) 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 Receivables and proceeds thereof.

Item 2.      Acquisition or Disposition of Assets


Item 7.      Financial Statements, Pro Forma Financial Information and

(a)     Not Applicable

(b)     Not Applicable

(c)     Exhibits

        1.1  Servicing Reports for the collection periods ending in January 1,


<PAGE>   3


         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                                          First Sierra Receivables III, Inc.

                                          By: /s/ E. R. Gebhart
                                          Name:   E. R. Gebhart
                                          Title:  Vice President


<PAGE>   4
                                EXHIBIT INDEX

      1.1  Servicing Reports for the collection periods ending in January 1,

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