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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 1-10360
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NOTIFICATION OF LATE FILING
(Check One): Form 10-K Form 11-K Form 20-F Form 10-Q X
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Form N-SAR
For Period Ended: June 30, 1999
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Transition Report on Form 10-K Transition Report on Form 10-Q
Transition Report on Form 20-F Transition Report on Form N-SAR
Transition Report on Form 11-K
For the Transition Period Ended:
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Read attached instruction sheet before preparing form. Please print or
type. Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein. If the notification relates to a
portion of the filing checked above, identify the item(s) to which the
notification relates:
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PART I
REGISTRANT INFORMATION
Full name of registrant CRIIMI MAE Inc.
Former name if applicable
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Address of principal executive office (Street and number)
11200 Rockville Pike
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City, state and zip code
Rockville, Maryland 20852
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PART II
RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the 15th calendar day following the prescribed due date;
or the subject quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period: On October 5, 1998, the registrant and certain of
its subsidiaries filed voluntary petitions for reorganization under Chapter 11
of the Bankruptcy Code. As a result of numerous issues associated with the
bankruptcy, the registrant will not be able to file its Quarterly Report on Form
10-Q for the three months ended June 30, 1999 on or before August 16, 1999.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
David Iannarone (301) 468-3160
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(Name) (Area code)(Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s). Yes X No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
Yes X No
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If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
See Attachment A
CRIIMI MAE Inc.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date August 17, 1999 By: /s/ Cynthia O. Azzara
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Cynthia O. Azzara
Senior Vice President and
Chief Financial Officer
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Attachment A
The Company expects to report a $2.0 million loss and net income of $11.4
million for the three and six months ended June 30, 1999, respectively. This
represents a decline from net income of $43.4 million and $55.7 million for the
three and six months ended June 30, 1998, respectively. Such decline is
primarily due to a $29 million gain from the resecuritization of commercial
mortgage backed securities in the quarter ended June 30, 1998. Additionally, the
current quarter was negatively impacted by reorganization costs of $5.4 million
and an additional unrealized loss of $10.9 million related to the Company's
exposure on unsecuritized originated commercial mortgage loans from its mortgage
warehouse facility.
