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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): March 12, 1999
LEHMAN ABS CORPORATION, (as depositor under the
Sale and Servicing Agreement, dated as of March 1, 1999)
LEHMAN ABS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-39649 13-3447441
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(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 Derived Materials.*
In connection with the offering of the Champion Home Equity Loan
Asset-Backed Notes, Series 1999-1 (the "Notes"), Lehman Brothers Inc., McDonald
Investments Inc., A KeyCorp Company, and J.P. Morgan Securities, Inc., as
underwriters of the Notes (together, the "Underwriters"), have prepared certain
materials (the "Derived Materials") for distribution to its potential investors.
Although the Registrant provided the Underwriters with certain information
regarding the characteristics of the assets in the related portfolio, it did not
participate in the preparation of the Derived Materials. Concurrently with the
filing hereof, pursuant to Rule 311(i) of Regulation S-T, the Registrant is
filing certain computational materials by paper filing on Form SE.
In addition, pursuant to Rule 411 of Regulation C under the Securities
Act of 1933 and in reliance on MBIA Insurance Corporation, SEC No-Action Letter
(September 6, 1996), the Company will incorporate by reference the financial
statement of MBIA Insurance Corporation ("MBIA") into the Company's registration
statement (File No. 333-39649). The financial statements will be referred to in
the prospectus supplement relating to Champion Home Equity Loan Asset-Backed
Notes, Series 1999-1. In connection with the incorporation of such documents by
reference, the Company is hereby filing the consent of PricewaterhouseCoopers
LLP ("PricewaterhouseCoopers") to the use of their name in such prospectus
supplement. The consent of PricewaterhouseCoopers is attached hereto as Exhibit
23.
For purposes of this Form 8-K, Derived Materials shall mean computer
generated tables and/or charts displaying, with respect to the Notes, any of the
following: yield; average life, duration; expected maturity; loss sensitivity;
cash flow characteristics; background information regarding the assets; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature, as
well as certain matters relating to the collateral for such transaction.
Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K ("the Form
8-K"), Lehman ABS Corporation (the "Company") is filing a prospectus and
prospectus supplement with the Securities and Exchange Commission in relation to
its Champion Home Equity Loan Trust 1999-1.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23 Consent of PricewaterhouseCoopers LLP.
99.1 Derived Materials.
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
Name: Samir A. Tabet
Title: Senior Vice-President
Dated: March 18, 1999
Exhibit Index
Exhibit Page
23 Consent of PricewaterhouseCoopers LLP................................6
99.1 Derived Materials....................................................7
Exhibit 23: Consent of Independent Accountants.
We consent to the incorporation by reference in the Prospectus Supplement of
Lehman ABS Corporation relating to Champion Home Equity Loan Trust 1999-1 Home
Equity Loan Asset-Backed Notes, Series 1999-1, of our report dated February 3,
1998, on our audits of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1997 and 1996 and for each of
the three years in the period ended December 31, 1997. We also consent to the
reference to our firm under the caption "Experts".
\s\ PricewaterhouseCoopers LLP
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PricewaterhouseCoopers LLP
March 17, 1999
Exhibit 99.1: Derived Materials.
In accordance with Rule 311(i) of Regulation S-T, the Computational
Materials are being filed on paper pursuant to Form SE.
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus and the Prospectus
Supplement of Lehman ABS Corporation, relating to its Champion Home
Equity Loan Trust 1999-1.
