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 March 27, 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 March 27, 1997 (Unaudited) and
June 30, 1996
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.
STATEMENT OF FINANCIAL CONDITION
<CAPTION>
March 27, June 30,
1997 1996
(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 shares issued and outstanding $100 $100
------ -----
Total Stockholder's Equity $100 $100
====== =====
See note to statements of financial condition.
</TABLE>
<PAGE>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
NOTES TO STATEMENTS ON 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 March 27, 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 March 27, 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 March 27, 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 March 27, 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: May 9, 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 March 27, 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-30-1996
<PERIOD-END> MAR-27-1997
<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>
