Business Context and Reporting Period
This Form 10-K is an annual report for the fiscal year ended December 31, 2009, filed on behalf of the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust (the "Trust"). The Trust is a common law trust formed in 2004, with Lehman ABS Corporation acting as the Depositor. The Trust's assets consist solely of capital securities issued by Goldman Sachs Capital I (the "Underlying Securities Issuer"). The Registrant is a wholly-owned, indirect subsidiary of Lehman Brothers Holdings Inc. (LBHI), which filed for Chapter 11 bankruptcy on September 15, 2008. The investment banking business historically conducting the Registrant's operations was sold to Barclays Capital Inc. in September 2008.
Key Financial Metrics
The filing explicitly states that Selected Financial Data, Management's Discussion and Analysis, and Financial Statements are "Not Applicable" within the body of this report. Consequently, specific numerical values for revenue, profit, cash flow, margins, debt, and liquidity are not provided in this document.
Instead, the report incorporates by reference the Trustee's Distribution Statements filed on Form 8-K, which detail distributions to certificateholders for the period from January 1, 2009, through December 31, 2009. The filing notes that the Trust has no voting stock or common equity held by nonaffiliates.
Material Changes and Operational Status
There are no reported material changes to the Trust's structure or assets within this filing, as the Trust holds a static portfolio of securities issued by Goldman Sachs Capital I. The primary contextual change remains the ongoing bankruptcy proceedings of the Depositor's parent company, LBHI, which concluded its sale of the relevant investment banking business in 2008. The filing confirms that neither the Depositor nor the Trustee has verified the accuracy of reports filed by the Underlying Securities Issuer (Goldman Sachs Group, Inc.).
Guidance, Risks, and Contingencies
Guidance and Outlook: The filing contains no management commentary, guidance, or outlook regarding future performance, as these sections are marked "Not Applicable."
Risks and Contingencies: The filing explicitly marks Risk Factors as "Not Applicable" within the text of this specific form. However, the introductory note highlights a significant contingency: there can be no assurance that events affecting the Underlying Securities Issuer or the underlying securities have not occurred or been disclosed that would affect the accuracy of publicly available documents. Investors are directed to review Goldman Sachs Group, Inc.'s periodic reports for relevant risk information.
Unusual Items: The filing notes that the Registrant is a non-accelerated filer and a shell company is not applicable. The report relies entirely on Distribution Statements provided by the Trustee for financial data.
Investor Verification Checklist
- Distribution History: Verify the specific distribution amounts paid to certificateholders by reviewing the Form 8-K filings referenced in Item 15(a) (filed on 02/17/2009, 07/21/2009, 08/17/2009, and 09/01/2009).
- Underlying Asset Performance: Review the periodic and current reports of The Goldman Sachs Group, Inc. (SEC File No. 001-14965) to assess the status of the junior subordinated debentures held by the Trust.
- Trustee Status: Confirm the current status of U.S. Bank Trust National Association as the Trustee and the ongoing administration of the Trust post-Lehman bankruptcy.
- Legal Proceedings: The filing states "None" for legal proceedings against the Registrant, but investors should monitor the broader Lehman Brothers bankruptcy case (Case Number 08-13555) for any indirect impacts.