SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the quarterly period ended September 26, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the transition period from to
Commission File Number 0-19048
Bear Stearns Asset Backed Investors Corp.
(Exact name of registrant as specified in its charter)
Delaware 13-3579047
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
(212) 272-2000
(Registrant's number, including area code)
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 twelve 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 X No
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1) (a)
AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT CONTEMPLATED THEREBY.
<PAGE>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statements of Financial Condition at September 26, 1997
(Unaudited) and June 30, 1997
Note to Statements of Financial Condition (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Part II. OTHER INFORMATION
Item 3. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
Signature
<PAGE>
<TABLE>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 26, June 30,
1997 1997
(Unaudited)
<S> <C> <C>
Asset
Cash $100 $100
------- -------
Total Asset $100 $100
==== ====
Stockholder's Equity
Common Stock, $1.00 par value;
1,000 shares authorized $100 $100
------- -------
100 shares issued and outstanding $100 $100
Total Stockholder's Equity ==== ====
See note to statements of financial condition.
</TABLE>
<PAGE>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
NOTE TO STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
Note 1. Organization
Bear Stearns Asset Backed Investors Corp. (the "Company"), a direct wholly-owned
limited purpose subsidiary of The Bear Stearns Companies Inc. ("Bear Stearns"),
was organized on January 26, 1989.
The Company was formed solely for the purpose of issuing directly or through
trusts established by it, in series, debt securities that are secured or
collateralized by one or more pools of retail installment sales contracts or
loan agreements secured by new or used automobile or light-duty trucks, net of
servicing and other fees, security interests in the vehicles financed thereby,
and certain other collateral.
As of September 26, 1997, the Company had not commenced operations, except for
the conduct of non-recurring organizational matters and activities, the cost for
which were borne by an affiliate. Accordingly, the Company had no results of
operations for the three months ended September 26, 1997. The balance in the
stockholder's equity consists solely of common stock issued on January 26, 1989;
thus, no statement of stockholder's equity is presented. All funds were obtained
from capital transactions. As a result, no statement of cash flows is presented.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
As of September 26, 1997, the Company had not commenced operations, except for
the conduct of non-recurring organizational matters and activities, the cost for
which was borne by an affiliate. Accordingly, the Company had no results of
operations for the three months ended September 26, 1997.
Part II. OTHER INFORMATION
Item 3. Legal Proceedings
No legal proceedings are pending.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K:
No reports on Form 8-K have been filed during the period covered by this report.
<PAGE>
SIGNATURE
Pursuant to the requirements 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.
Bear Stearns Asset Backed Investors Corp.
(Registrant)
Date: November 5, 1997 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information from the unaudited
Statements of Financial Condition at September 26, 1997, which are contained in
the body of the accompanying Form 10-Q and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> SEP-26-1997
<CASH> 100
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 100
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 100
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 100
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
