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Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust – ‘NTN 10D’ for 9/1/09 – ‘NT 10-D’

On:  Wednesday, 10/14/09, at 5:17pm ET   ·   Effective:  10/14/09   ·   For:  9/1/09   ·   Accession #:  909518-9-686   ·   File #:  1-33286

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

10/14/09  Corp Backed Callable Tr Certi… Tr NTN 10D     9/01/09    1:9K                                     Weil Gotshal & Ma… 04/FA

Notice of a Late Filing of a Form 10-D (Late Notice)   —   Rule 12b-25
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NT 10-D     Notice of a Late Filing of a Form 10-D                 4     16K 

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 12b-25 SEC File Number: 333-112795 and 333-112795-02 CUSIP Number: 21988T207 NOTIFICATION OF LATE FILING (Check one): [_]Form 10-K [_]Form 20-F [_]Form 11-K [_]Form 10-Q [X]Form 10-D [_]Form N-SAR [_]Form N-CSR For Period Ended: September 1, 2009 [_] Transition Report on Form 10-K [_] Transition Report on Form 20-F [_] Transition Report on Form 11-K [_] Transition Report on Form 10-Q [_] Transition Report on Form N-SAR For the Transition Period Ended: ---------------------------- Read Instruction (on back page) Before Preparing Form. Please Print or Type. Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: --------------------------------------------------------------------------------
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PART I - REGISTRANT INFORMATION Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust by Select Asset Inc. (Full Name of Registrant) N/A (Former Name if Applicable) 1271 Avenue of the Americas (Address of Principal Executive Office) (Street and Number) New York, NY 10020 (City, State and Zip Code) PART II - RULES 12b-25(b) AND (c) If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate) (a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar [_] day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and (c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. PART III - NARRATIVE State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. Select Asset Inc. (the "Registrant") is unable to timely file an Asset Backed Issuer Distribution Report on Form 10-D (the "Form 10-D") with respect to Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust (the "Issuer") for the semi-annual distribution period ended September 1, 2009, without unreasonable effort or expense for the reasons described below. 2
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The Registrant is a wholly-owned, indirect subsidiary of Lehman Brothers Holdings Inc. ("LBHI"), which filed a voluntary petition (the "Petition") for relief under Chapter 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York on September 15, 2008 in a jointly administered proceeding named In re Lehman Brothers Holdings Inc., et. al. under Case Number 08-13555. LBHI and its wholly-owned broker-dealer, Lehman Brothers Inc., have sold since September 15, 2008 significant businesses, including the sale on September 21, 2008 of the investment banking business to Barclays Capital Inc., which business included the employees who historically conducted the Registrant's business. As a result of the foregoing, the Registrant discontinued its securitization business and the individuals previously involved in such securitization business are no longer employed by the Registrant's affiliates. Due to the lack of personnel, the Registrant was unable to timely file the Form 10-D. (Attach Extra Sheets if Needed) PART IV - OTHER INFORMATION (1) Name and telephone number of person to contact in regard to this notification William Fox (646) 333-8358 (Name) (Area Code) (Telephone Number) (2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). Yes [X] No [_] (3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes [_] No [_]* *Not applicable. If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. Select Asset Inc. (Name of Registrant as Specified in Charter) has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. 3
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(Date) October 14, 2009 By: /s/ William Fox Name: William Fox Title: Chief Financial Officer, Controller and Vice President INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form. ATTENTION Intentional misstatements or omissions of fact constitute Federal Criminal Violations (see 18 U.S.C. 1001). GENERAL INSTRUCTIONS 1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General Rules and Regulations under the Securities Exchange Act of 1934. 2. One signed original and four conformed copies of this form and amendments thereto must be completed and filed with the Securities and Exchange Commission, Washington, DC 20549, in accordance with Rule 0-3 of the General Rules and Regulations under the Act. The information contained in or filed with the form will be made a matter of public record in the Commission files. 3. A manually signed copy of the form and amendments thereto shall be filed with each national securities exchange on which any class of securities of the registrant is registered. 4. Amendments to the notifications must also be filed on Form 12b-25 but need not restate information that has been correctly furnished. The form shall be clearly identified as an amended notification. 5. Electronic Filers. This form shall not be used by electronic filers unable to timely file a report solely due to electronic difficulties. Filers unable to submit reports within the time period prescribed due to difficulties in electronic filing should comply with either Rule 201 or Rule 202 of Regulation S-T (Section 232.201 or Section 232.202 of this chapter) or apply for an adjustment in filing date pursuant to Rule 13(b) of Regulation S-T (Section 232.13(b) of this chapter). 4

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘NTN 10D’ Filing    Date First  Last      Other Filings
Filed on / Effective on:10/14/094
For Period End:9/1/091210-D
9/21/083
9/15/083
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Filing Submission 0000909518-09-000686   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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