UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
000-21673
(Check One):
X Form 10-K Form 20-F Form 11-K Form 10-Q Form N-SAR
For Period Ended: December 31, 1999
[ ] 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:
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
AutoBond Acceptance Corporation Full Name of Registrant
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Former Name if Applicable
100 Congress Avenue
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Address of Principal Executive Office (Street and Number)
Austin, Texas 78701
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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 reasons 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, 11-K or Form N-SAR, or portion thereof, will
| be filed on or before | the fifteenth calendar day following the
| prescribed due date; or the subject | quarterly report of transition
| report on Form 10-Q, or portion thereof will be | filed on or before
| the fifth calendar day following the prescribed due date; | and
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|
| (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 the reasons why Forms 10-K, 20-F,
11-K, 10-Q, N-SAR, or the transition report or portion thereof, could
not be filed within the prescribed time period.
AutoBond Acceptance Corporation (the "Company") hereby informs the
Securities and Exchange Commission (the "Commission") that it will be
unable to file its Annual Report on Form 10-K for the year ended
December 31, 1999 within the time period prescribed for such filing
without unreasonable effort and expense. The Company requires an
extension because, as a result of its year-long litigation with Dynex
Capital, Inc. ("Dynex"), the Company presently lacks the accounting
personnel and financial resources to prepare financial statements and
procure an auditor's opinion required for the Annual Report. The
Company would expect to utilize available proceeds from any judgment or
settlement arising out of the Company's recent favorable jury verdict
against Dynex to assemble the necessary resources to prepare the filing
of the Annual Report, although no assurance can be given as to the
probability or amount of such proceeds.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
William O. Winsauer 512 472-3600
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(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). X Yes No
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(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? X Yes No
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The Company currently estimates that its results of operations for the
year ended December 31, 1999 will reflect a net loss of approximately $18.0
million ($2.76 per share), as compared with net loss of $7.2 million ($1.31 per
share) for the year ended December 31, 1998. This increase in net loss was
precipitated by the cessation of funding by Dynex Capital Inc. ("Dynex") under
its agreements with the Company which forced the Company to discontinue
acquisition of finance contracts as of February 9, 1999, to surrender servicing
of finance contracts, and to devote substantially all of its resources to the
unsuccessful pursuit of alternative sources of capital and its litigation
activities.
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AutoBond Acceptance Corporation
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date March 31, 2000 By /s/ William O. Winsauer
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William O. Winsuaer
Chairman of the Board,
and Chief Executive Officer
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