-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D5BkUsGAHYSRWI2oTciGGGyo7v/VpwahiLsY3M4xGbHL2oque9NrA2H/aKiDh1zG ybcLM75ai9fBOK+EzgQZ6Q== 0001051170-00-000025.txt : 20000331 0001051170-00-000025.hdr.sgml : 20000331 ACCESSION NUMBER: 0001051170-00-000025 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET BACKED SEC CORP HOME EQUITY LOAN TR 1999-LB1 CENTRAL INDEX KEY: 0001091605 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133354848 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 333-64351-03 FILM NUMBER: 585065 BUSINESS ADDRESS: STREET 1: 11 MADISON AVE STREET 2: PARK AVE PLAZA CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2123251811 MAIL ADDRESS: STREET 1: 11 MADISON AVENUE STREET 2: PARK AVENUE PLAZA CITY: NEW YORK STATE: NY ZIP: 10010 10-K 1 FORM 10-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the period from July 21, 1999 (Commencement of Operations) to December 31, 1999 [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 333-64351-03 ASSET BACKED SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-3354848 (State or other jurisdiction of I.R.S. Employer incorporation or organization) Identification No.) 11 Madison Avenue Park Avenue Plaza New York, New York 10010 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 325-1811 ASSET BACKED SECURITIES CORPORATION HOME EQUITY LOAN TRUST, SERIES 1999-LB1 (Title of each class of securities covered by this Form) Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Documents incorporated by reference: None Page 1 of 5 This report consists 8 of consecutively numbered pages. ASSET BACKED SECURITIES CORPORATION HOME EQUITY LOAN TRUST, SERIES 1999-LB1 - ----------------------------------------------------------------------- PART I Item 1. Business Omitted. Item 2. Properties Omitted. Item 3. Legal Proceedings The Registrant is not aware of any material legal proceeding with respect to, the Company, the Master Servicer or the Trustee, as related to the Trust. Item 4. Submission of Matters to a Vote of Security Holders No matter was submitted to a vote or consent of Holders of the Offered Certificates during the fiscal year covered by this report. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters The Trust does not issue stock. There is currently no established secondary market for the Certificates. As of December 31, 1999, the number of holders of each Class of Offered Certificates was 15. Item 6. Selected Financial Data Omitted. Item 7. Management's Discussion and Analysis of Financial condition and Results of Operations Omitted. Item 8. Financial Statements and Supplementary Data Omitted. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure There was no change of accountants or disagreement with accountants on any matter of accounting principles or practices or financial disclosure. -2- PART III Item 10. Directors and Executive Officers of the Registrant Omitted. Item 11. Executive Compensation Omitted. Item 12. Security Ownership of Certain Beneficial Owners and Management Omitted. Item 13. Certain Relationships and Related Transactions No reportable transactions have occurred. PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K (a) The following documents are filed as part of this report: (1) Financial Statements: Omitted. (2) Financial Statement Schedules: Omitted. (3) Exhibits: Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto. Annual Statement of Independent Accountants Report for the Servicer, filed as Exhibit 99.2 hereto. (b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant during the last quarter of 1999. Current Reports on Form 8-K, dated October 21, 1999, November 22, 1999, and December 21, 1999 were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same dates. The item reported in such Current Report was Item 5 (Other Events). (c) Exhibits to this report are listed in Item (14)(a)(3) above. -3- SIGNATURE 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. THE CHASE MANHATTAN BANK, not in its individual capacity but solely as Trustee under the Agreement referred to herein Date: March 30, 2000 By: /s/Thomas J. Provenzano ----------------------------- Thomas J. Provenzano Vice President -4- SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. The registrant has not sent an annual report or proxy material to its security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form. -5- EXHIBIT INDEX Exhibit Description 99.1 Servicer's Annual Statement of Compliance 99.2 Servicer's Annual Independent Accountant's Report -6- EXHIBIT 99.1 - Servicer's Annual Statement of Compliance To be supplied upon receipt by the Trustee -7- EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report To be supplied upon receipt by the Trustee -8- -----END PRIVACY-ENHANCED MESSAGE-----