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 25, 1998
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 York10167
(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
Statement of Financial Condition at September 25, 1998
(Unaudited) and June 30, 1998
Note to Statement 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>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
STATEMENT OF FINANCIAL CONDITION
September 25, June 30,
1998 1998
(Unaudited)
Asset
Cash $100 $100
------- -------
Total Asset $100 $100
==== ====
Stockholder Equity
Common Stock, $1.00 par value;
1,000 shares authorized issued
and outstanding $100 $100
------- -------
Total Stockholder Equity $100 $100
==== ====
See note to statements of financial condition.
<PAGE>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
NOTE TO STATEMENT 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 25, 1998, 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 25, 1998. 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 25, 1998, 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 25, 1998
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, 1998 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
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, 1998 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 25, 1998, 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-30-1998
<PERIOD-END> SEP-25-1998
<CASH> 100
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0
0
<COMMON> 100
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