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, 1998, 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) 1. and 2. Financial Statements and Schedules
The financial statements and schedules required by this item and included in this report are listed in the accompanying index to the financial statements and financial statement schedules on Page.
3. Exhibits
None
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during fiscal year ended June 30, 1998.
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 11th day of September 1998.
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 11th day of September, 1998.
/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.
INDEX TO FINANCIAL STATEMENT
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Independent Auditors' Report
Statements of Financial Condition at June 30, 1998 and 1997
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 note thereto.
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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. (the "Company") (a wholly-owned subsidiary of The Bear Stearns Companies Inc.) as of June 30, 1998 and 1997. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements 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 and 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 provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the financial position of Bear Stearns Asset Backed Investors Corp. at June 30, 1998 and 1997, in conformity with generally accepted accounting principles.
September 9, 1998
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BEAR STEARNS ASSET BACKED INVESTORS CORP. STATEMENTS OF FINANCIAL CONDITION
June 30, June 30, 1998 1997
Asset
Cash $100 $100 Total $100 $100
Stockholder's Equity
Common stock, $1.00 par value; 1000 shares authorized; 100 shares outstanding $100 $100
Total $100 $100
See note to statements of financial condition.
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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, 1998, 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, 1998, 1997 and 1996. 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.
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