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, 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.
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BEAR STEARNS ASSET BACKED INVESTORS CORP.
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statement of Financial Condition at March 27, 1998
(Unaudited) and June 30, 1997
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
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BEAR STEARNS ASSET BACKED INVESTORS CORP.
STATEMENT OF FINANCIAL CONDITION
March 27, June 30,
1998 1997
(Unaudited)
Asset
Cash $100 $100
------- -------
Total Asset $100 $100
==== ====
Stockholder's Equity
Common Stock, $1.00 par value;
1,000 shares authorized and outstanding $100 $100
------- -------
Total Stockholder's Equity $100 $100
==== ====
See note to statements of financial condition.
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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 March 27, 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 nine months ended March 27, 1998.
All funds were obtained from capital transactions. As a result, no statement of
cash flows is presented.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
As of March 27, 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 nine months ended March 27, 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.
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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 4, 1998 By: /s/ William J. Montgoris
William J. Montgoris
Executive Vice President and Treasurer
(Principal Financial Officer)
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information from the unaudited
Statement of Financial Condition at March 27, 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> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> MAR-27-1998
<CASH> 100
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<TOTAL-ASSETS> 100
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0
0
<COMMON> 100
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 100
<SALES> 0
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