UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
(Check One): (X)Form 10-K ( ) Form 20-F ( ) Form 11-K ( ) Form 10-Q
( )Form N-SAR
(X) For Period Ended: December 31,1998
( ) Transition Report on Form 10-K
( ) Transition Report on Form 20-F
( ) Transition Report on Form 11-K
( ) Transition Report on Form 10-Q
( ) Transition Report on Form N-SAR
For the transition Period Ended...............................................
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Read Attached Instruction Sheet Before Preparing Form. Please Print or Type
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I-REGISTRANT INFORMATION
Franklin Credit Management Corporation
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Full Name of Registrant
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Former Name if Applicable
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Address of Principal Executive Office (Street and Number)
Six Harrison Street New York, NY 10013
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City, State and Zip Code
PART II-- RULES 12b-25(b) AND (c)
If the subject report could not be filed without reasonable effort or expense
and the registrant seeks relief pursuant to Rule 12-b 25 (b), the following
should be completed. (Check box if appropriate)
(X) (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense
(X) (b) The subject annual report, semi-annual report, transition
report on Form 10-K,Form 20-F, 11-K or Form N-SAR, or portion
thereof, will be filed on or beforethe fifteenth calendar day
following the prescribed due date; or the subject quarterly report
of transition report on Form 10Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
( ) (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III --NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 11-K, 10-Q, N-SAR,
or the transition report or position thereof, could not be filed within the
prescribed time period.
See Rider I
(attached Extra Sheets if Needed)
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PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Kimberley Shaw (212) 925-8745
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( Name) (Area code) (Telephone number)
(2) Have all other period reports required under Section 13 or 15(d) of the
Securities exchange Act of 1934 or Section 30 of the Investment Company Act of
1940 during the preceding 12 months (or for such shorter) period that the
registrant was required to file such reports) been filed? if answer is no,
identify report (s). (X) Yes ( ) No
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(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
(X) Yes ( ) No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
See Rider II
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Franklin Credit Management Corporation
( Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date 04/01/1999 BY Peter Spielberger,Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and Title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer),evidence of the representive's authority to
sign on behalf of the registrant shall be filed with the form.
_____________________________________________________________________________
ATTENTION
Intentional misstatements or ommisions of fact constitute federal Criminal
Violations ( See 18 U.S.C 1001).
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<PAGE>
Rider I
The Registrant could not file its form 10-KSB for the fiscal year
ended December 31,1998 during the prescribed time period because the
accumulation of the information has taken longer than anticipated, not
leaving the Registrant with time to complete preparation of the form and review
its reults with the Board of Directors and the Audit Committee prior to the
filing deadline.
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Rider II
Registrant currently expects its results of operations to have decreased
to a net loss of approximately $1,291,382 for the fiscal year ended
December 31,1998, from an operating loss of $565,899 for the fiscal year ended
December 31,1997. There can be no assurance, however, that the results actually
reported by the Registrant will match such expectation.The expected increase
in the Registrant's loss resulted primarily from the Registrant's increased
investment in Tribeca Lending Corp, its origination subsidiary,and to a lesser
degree an increase in collection general and adminstrative expenses which were
only partially offset by increases in interest income, rental of OREO property
and other income.
