8-K

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

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                                   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): May 28, 2004


                     Lehman ABS Corporation, on behalf of:

                     Corporate Backed Trust Certificates,
             Verizon New York Debenture-Backed Series 2004-1 Trust
              (Exact Name of Registrant as Specified in Charter)

         Delaware                 001-31963                  13-3447441
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(State of Incorporation)         (Commission              (I.R.S. Employer
                                 File Number)            Identification No.)

745 Seventh Avenue
New York, New York                                              10019
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(Address of Principal Executive Offices)                     (Zip Code)

      Registrant's Telephone Number, including area code: (212) 526-7000


                                Not Applicable
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         (Former name or former address, if changed since last report)



ITEM 5.  Other Events and Regulation FD Disclosure.
         -----------------------------------------

         Attached as Exhibit 99.1 please find a press release issued on May
28, 2004.



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     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 hereunto duly authorized.

                                          LEHMAN ABS CORPORATION


                                          By:  /s/ Paul Mitrokostas
                                             ----------------------------------
                                             Name: Paul Mitrokostas
                                             Title:   Senior Vice President

May 28, 2004



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                               Index of Exhibits
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Exhibit No.      Description
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99.1             Press Release dated May 28, 2004.



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EX-99.1

                                                                  Exhibit 99.1


     Liquidation of Corporate Backed Trust Certificates, Verizon New York
                     Debenture-Backed Series 2004-1 Trust


NEWS RELEASE - IMMEDIATE - May 28, 2004:

     On May 7, 2004 Corporate Backed Trust Certificates, Verizon New York
Debenture-Backed Series 2004-1 Trust, established by Lehman ABS Corporation,
announced that it would be terminated in accordance with the terms of its
trust agreement. The sole assets of the trust are $205,144,000 principal
amount of 7 3/8% Debentures, Series B due 2032 issued by Verizon New York Inc.
According to the trust agreement, each 6.20% Class A-1 Certificate is entitled
to $21.64079 face amount of the 7 3/8% Verizon debentures (plus $0.0002209 in
cash in lieu of fractional debentures) or its cash equivalent as determined by
an auction conducted by an auction agent. Previously the holders of the trust
certificates have elected to receive either their pro rata portion of the 7 3/8%
Verizon debentures or the proceeds from the sale of the underlying 7 3/8%
Verizon debentures.

     On May 27, 2004 an auction was held of $81,638,000 principal amount of
the 7 3/8% Verizon debentures, representing the amount remaining after taking
into account distributions to the certificateholders requesting receipt of the
underlying debentures. The debentures were sold at a price of $107.075 per
$100 plus accrued interest. As a result, on June 2, 2004, the trust is
expected to receive gross proceeds of $88,434,080.03 from such auction which
equates to $23.44 per 6.20% Class A-1 Certificate. On or before June 3, 2004
the Class A-1 certificateholders based upon their election will receive either
their pro rata portion of the 7 3/8% Verizon debentures or its cash equivalent
as determined by the auction.
















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Contact:
U.S. Bank Trust National Association      David Kolibachuk, Corporate Trust Services, 212-361-2459

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