ITEM 1 - BUSINESS --------
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 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.
As of June 30, 1996, the Company had not commenced operations.
ITEM 2
ITEM 2 - PROPERTIES ----------
The Company owns no physical properties.
ITEM 3
ITEM 3 - LEGAL PROCEEDINGS -----------------
No legal proceedings are pending.
ITEM 4
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ---------------------------------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 4 is omitted.
PART II
ITEM 5
ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS -----------------------------------------------------------------------
There is no established public trading market for the common equity of the Company. All of the issued and outstanding shares of such common equity are owned by The Bear Stearns Companies Inc.
No cash dividends have been declared or paid on the Company's common equity.
ITEM 6
ITEM 6 - SELECTED FINANCIAL DATA ------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 6 is omitted.
ITEM 7
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL ------------------------------------------------- CONDITION AND RESULTS OF OPERATIONS -----------------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 7 is omitted.
ITEM 8
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA -------------------------------------------
The financial statements and supplementary financial information required by this Item and included in this report are listed in the index appearing on page.
ITEM 9
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND ------------------------------------------------------------------- FINANCIAL DISCLOSURE =-------------------
None
PART III
ITEM 10
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT --------------------------------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 10 is omitted.
ITEM 11
ITEM 11 - EXECUTIVE COMPENSATION ------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 11 is omitted.
ITEM 12
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT --------------------------------------------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 12 is omitted.
ITEM 13
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS -----------------------------------------------
Pursuant to General Instruction J of Form 10-K, the information required by Item 13 is omitted.
PART IV
ITEM 14
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K ----------------------------------------------------------------
(a) List of Financial Statements, Financial Statements Schedules and Exhibits:
Financial Statements --------------------
The financial statements required to be filed herunder are listed on page F-l hereof.
Financial Statement Schedules -----------------------------
The financial statement schedules required to be filed hereunder are listed on page hereof.
Exhibits --------
(27) Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the last quarter of the period covered by this report.
- ----------------------------------------------------------------------------- SIGNATURES - -----------------------------------------------------------------------------
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 25th day of September 1996.
Bear Stearns Asset Backed Investors Corp. (Registrant)
By: /s/ Patricia Jehle Patricia Jehle President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the 25th day of September, 1996.
/s/ Patricia Jehle President, Chief Executive Officer and Patricia Jehle Director (Principal Executive Officer)
/s/ Warren J. Spector Director Warren J. Spector
/s/ Marshall W. Coburn Vice President, Secretary and Director Marshall W. Coburn
/s/ William J. Montgoris Executive Vice President and Treasurer William J. Montgoris (Principal Financial and Accounting Officer)
BEAR STEARNS ASSET BACKED INVESTORS CORP.
Page
Independent Auditors' Report
Statements of Financial Condition at June 30, 1996 and 1995
Note to Statements of Financial Condition
Financial Statement Schedules are omitted because they are inapplicable or the information is included in the financial statement or notes thereto.
PAGE INDEPENDENT AUDITORS' REPORT
The Board of Directors and Stockholder, Bear Stearns Asset Backed Investors Corp.:
We have audited the accompanying statements of financial condition of Bear Stearns Asset Backed Investors Corp. (a wholly owned subsidiary of The Bear Stearns Companies Inc.) as of June 30, 1996 and 1995. These statements of financial condition are the responsibility of the Company's management. Our responsibility is to express an opinion on these statements of financial condition based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits porvide a reasonable basis for our opinion
In our opinion, such statements of financial condition present fairly, in all material respects, the financial position of Bear Stearns Asset Backed Investors Corp. at June 30, 1996 and 1995, in conformity with generally accepted accounting principles.
Deloitte & Touche LLP New York, New York September 20, 1996
Page BEAR STEARNS ASSET BACKED INVESTORS CORP. NOTE TO STATEMENTS OF FINANCIAL CONDITION
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 June 30, 1996, 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 fiscal years ended June 30, 1996 and 1995. 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.