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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: (DATE OF EARLIEST EVENT REPORTED): SEPTEMBER 29, 1999
NAB ASSET CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
TEXAS 0-19391 76-0332956
(STATE OF INCORPORATION) (COMMISSION FILE NUMBER) (IRS EMPLOYER
IDENTIFICATION NO.)
23361 MADERO, SUITE 200
IRVINE, CALIFORNIA 92691
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
949/465-0244
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 29, 1999 the Company sold approximately $23,400,000 of
residential construction loans to a financial institution, First American Bank,
SSB, Dallas, Texas.
The purchase price, paid in cash and determined by negotiation between
the parties, was the then current outstanding principal balance of the loans
less a discount of approximately $461,000 plus accrued interest through the date
of closing. The Company recorded a loss of approximately $77,000 as a result of
the transaction.
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SIGNATURES
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.
NAB ASSET CORPORATION
Dated: October 6, 1999 By: /s/ Alan Ferree
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Alan Ferree, Chief Financial Officer
