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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): September 22, 1999
LEHMAN ABS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 333-76627 13-3447441
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
Three World Financial Center
200 Vesey Street
New York, New York 10022
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(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code (212) 526-7000
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Item 5. Other Events.
Filing of Trust Financial Statement
In connection with the offering of the Champion Home Equity Loan
Asset-Backed Notes, Series 1999-3 (the "Notes"), the Registrant is hereby
filing the audited financial statements of Champion Home Equity Loan Trust
1999-3 (the "Trust"). The financial statements are attached hereto as Exhibit
99.1.
Filing of Accountants' Consent
In addition, pursuant to Rule 411 under the Securities Act of 1933,
the Registrant will incorporate by reference the audited financial statements
of the Trust into the Registrant's registration statement (File No.
333-76627). In connection with the incorporation of such documents by
reference and pursuant to Rule 436 under the Securities Act of 1933, the
Registrant is hereby filing the consent of Ernst & Young LLP. The consent of
Ernst & Young LLP is attached hereto as Exhibit 23.1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of Ernst & Young LLP 99.1 Financial Statements of the
Trust.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LEHMAN ABS CORPORATION
By: /s/ Samir A. Tabet
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Name: Samir A. Tabet
Title: Senior Vice President
Dated: September 22, 1999
Exhibit Index
Exhibit Page
23.1 Consent of Ernst & Young LLP 5
99.1 Financial Statements of the Trust 6
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-3 No. 333-76627) and related Prospectus of Lehman ABS Corporation and
the Prospectus Supplement of Champion Home Equity Loan Trust 1999-3 of our
report dated September 22, 1999, with respect to the audited balance sheet of
Champion Home Equity Loan Trust 1999-3 included in its Form 8-K at September
22, 1999, filed with the Securities and Exchange Commission.
Ernst & Young LLP
Cleveland, Ohio
September 22, 1999
Exhibits 99.1
REPORT OF INDEPENDENT AUDITORS
Champion Mortgage Company, Inc.
as Administrator of the
Champion Home Equity Loan Trust 1999-3
We have audited the accompanying balance sheet of Champion Home Equity Loan
Trust 1999-3 (the "Trust") as of September 22, 1999. This balance sheet is the
responsibility of Champion Mortgage Company, Inc. as Administrator of the
Trust. Our responsibility is to express an opinion on this balance sheet based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by the Administrator on behalf of the Trust, as well as evaluating the
overall balance sheet presentation. We believe that our audit of the balance
sheet provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of the Trust at September 22, 1999,
in conformity with generally accepted accounting principles.
Cleveland, Ohio
September 22, 1999
CHAMPION HOME EQUITY LOAN TRUST 1999-3
BALANCE SHEET
SEPTEMBER 22, 1999
ASSETS
Cash $ 100
---------
Total Assets $ 100
=========
EQUITY
Equity of the Trust $ 100
---------
Total Equity $ 100
=========
See accompanying notes to the balance sheet
CHAMPION HOME EQUITY LOAN TRUST 1999-3
NOTES TO BALANCE SHEET
SEPTEMBER 22, 1999
ORGANIZATION AND OPERATION
Champion Home Equity Loan Trust 1999-3 (the "Trust"), is a Delaware statutory
business trust with Chase Manhattan Bank Delaware as Owner Trustee. The Trust
was formed on September 22, 1999 in the State of Delaware. The Trust was
organized to exclusively acquire home equity loans collateralized by certain
mortgage related instruments; to issue and sell securities collateralized by
such loans; and to engage in other transactions, including entering agreements
that are incidental and necessary, suitable and convenient to the foregoing
and permitted under Delaware law.
At September 22, 1999, the Trust had not commenced operations except for the
conduct of organizational matters and activities relating to the public
offering of notes.
ADMINISTRATION AGREEMENT
Certain duties with respect to the Trust are performed by Champion Mortgage
Company, Inc. (the "Administrator") pursuant to an Initial Administration
Agreement with the Owner Trustee until such time that the securities are
issued. The Administrator bears the operating expenses of the Trust.
ACCOUNTING POLICIES
Cash, the only asset of the Trust at September 22, 1999, is stated at the
amount on deposit with a federally insured depository institution.
