SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 1-10360
NOTIFICATION OF LATE FILING
(Check One): Form 10-K X Form 11-K Form 20-F Form 10-Q
-- -- -- --
Form N-SAR
For Period Ended: December 31, 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:
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:
PART I
REGISTRANT INFORMATION
CRIIMI MAE Inc.
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Full name of registrant
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Former name if applicable
11200 Rockville Pike
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Address of principal executive office (Street and number)
Rockville, Maryland 20852
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City, state and zip code
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;
X
--- (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 various issues associated with the
bankruptcy, the registrant has not been able to obtain all requisite information
to complete (a) material sections of its Annual Report on Form 10-K and (b) its
financial statements and footnotes. As a result, the Company will not be able to
file its Annual Report on Form 10-K for the fiscal year ended December 31, 1999
on or before March 30, 2000. The registrant expects to file the Form 10-K on or
before April 14, 2000.
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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) 231-0354
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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: /s/ March 29, 2000 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
It is anticipated that the earnings statement for the year ended December
31, 1999 will reflect a significant change in results of operations from the
corresponding period for the last fiscal year primarily due to approximately
$157 million of impairment losses recognized related to the Company's investment
in certain CMBS. The Company's contemplated plan of reorganization includes the
sale of a portion of the Company's CMBS. The decision to sell a portion of the
CMBS was made during the 4th quarter of 1999 with a portion of these CMBS sold
in the first quarter of 2000 and the remaining CMBS expected to be sold during
the first half of 2000. During the fourth quarter 1999, the Company recognized
the impairment related to the CMBS it intends to sell because it made the
decision to sell these CMBS during that fourth quarter. This loss was previously
recognized through other comprehensive income in shareholders' equity as of and
for the year ended December 31, 1998. As a result of the CMBS impairment
recognized in 1999, the Company expects to recognize a net loss of approximately
$132 million compared to net income available to shareholders of approximately
$35 million for 1998.
