SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form l0-Q
[ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended _________________
or
[X] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from July 1, 1999 to November 26, 1999
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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
(212) 272-2000
(Address, including Zip Code, and Telephone
Number, including Area Code, of Registrant's Principal
Executive Offices)
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 THEREFORE IS 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 November 26, 1999
(Unaudited) and June 30, 1999
Note to Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
Signature
<PAGE>
BEAR STEARNS ASSET BACKED INVESTORS CORP.
STATEMENTS OF FINANCIAL CONDITION
November 26, June 30,
1999 1999
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(Unaudited)
Assets
Cash $ 100 $ 100
----- -----
Total Assets $ 100 $ 100
===== =====
Stockholder's Equity
Common stock, $1.00 par value;
1,000 shares authorized; 100
shares issued and outstanding $ 100 $ 100
----- -----
Total $ 100 $ 100
===== =====
See Note to Financial Statements.
<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"), was organized by, and
is a direct wholly owned limited purpose subsidiary of The Bear Stearns
Companies Inc. (the "Parent"). The Company was incorporated in the State of
Delaware on January 26, 1989.
The Company was formed solely for the purpose of issuing directly or through
trusts established by it, in series, debt obligations 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.
On January 18, 2000, the Parent's Board of Directors elected to change its
fiscal year-end to November 30 from June 30, effective with the year beginning
November 27, 1999, as announced in its Form 8-K filed on January 21, 2000. The
five-month period ended November 26, 1999 is the Company's "Transition Period."
As of November 26, 1999, 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 each of the five-month periods ended November 26, 1999 and
November 27, 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.
The Company has not commenced operations and, therefore, there was no activity.
Year 2000 Issue
The Year 2000 issue was the result of legacy computer programs having been
written using two digits rather than four digits to define the applicable year
and therefore without consideration of the impact of the upcoming change in the
century. Such programs, unless corrected, may not have been able to accurately
process dates ending in the Year 2000 and thereafter.
Through November 26, 1999, the amounts incurred by the Parent related to the
assessment of, and efforts in connection with, the Year 2000 and the development
and execution of a remediation plan have approximated $74.0 million of which
approximately $11.0 million in hardware and software has been capitalized. The
Parent's total remaining Year 2000 project cost as of November 26, 1999 is
estimated at approximately $4.0 million.
Nothing has come to the Parent's attention, which would cause it to believe that
its Year 2000 compliance effort was not successful. While the Parent will
continue to monitor for Year 2000 related problems, to date no significant Year
2000 issues have been encountered.
<PAGE>
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
No legal proceedings are pending.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(27) Financial Data Schedule
(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 Section 13 or 15(d) 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, on the 3rd day of March,
2000.
Bear Stearns Asset Backed Investors Corp.
(Registrant)
By: /s/ Samuel L. Molinaro Jr.
Samuel L. Molinaro Jr.
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited Statement of Financial Condition at November 26, 1999, 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>
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<PERIOD-TYPE> 5-Mos
<FISCAL-YEAR-END> Nov-30-2000
<PERIOD-END> Nov-26-1999
<CASH> 100
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<RECEIVABLES> 0
<ALLOWANCES> 0
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<TOTAL-ASSETS> 100
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0
0
<COMMON> 100
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<TOTAL-LIABILITY-AND-EQUITY> 100
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