SEC Filing Summary: Lehman ABS Corp Goldman Sachs Cap 1 Sec Backed Ser 2004-6
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2008, for the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust. The Registrant is a common law trust formed in 2004, with assets consisting solely of capital securities issued by Goldman Sachs Capital I. The Depositor, Lehman ABS Corporation, is a wholly-owned indirect subsidiary of Lehman Brothers Holdings Inc. (LBHI).
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. As a pass-through trust vehicle, the Registrant does not report traditional operating financial statements in this document.
- Assets: Solely capital securities issued by Goldman Sachs Capital I.
- Equity: The Registrant has no voting stock or class of common stock held by nonaffiliates.
- Distributions: Distribution statements for the periods ending February 15, May 15, August 15, and November 15, 2008, were filed on Form 8-K and incorporated by reference.
Material Changes and Operational Status
A material change occurred due to the bankruptcy of the parent company. LBHI filed a voluntary petition for relief under Chapter 11 of the United States Code on September 15, 2008. Consequently:
- The Registrant discontinued its securitization business.
- Employees historically conducting the Registrant's business were transferred to Barclays Capital Inc. following the sale of LBHI's investment banking business on September 21, 2008.
- The Registrant was unable to file this Annual Report timely, resulting in a Form 12b-25 filing on April 2, 2009.
Outlook, Risks, and Contingencies
The filing explicitly states that "Risk Factors," "Management's Discussion and Analysis," and "Selected Financial Data" are Not Applicable for this specific trust structure. However, the following contingencies and risks are noted:
- Reliance on Underlying Issuer: The Trust's performance depends entirely on the junior subordinated debentures issued by The Goldman Sachs Group, Inc.
- Verification Limitations: Neither the Depositor nor the Trustee has verified the accuracy or completeness of reports filed by Goldman Sachs. There is no assurance that undisclosed events affecting the underlying securities have not occurred.
- Legal Proceedings: The filing reports no legal proceedings against the Registrant itself.
Investor Verification Checklist
- Verify the current status and payment history of the underlying Goldman Sachs Capital I securities via Goldman Sachs' SEC filings (File No. 001-14965).
- Review the specific Form 8-K distribution reports filed on February 27, May 28, August 25, and July 21, 2009, for actual cash flow data not included in this summary.
- Confirm the impact of the Lehman Brothers Chapter 11 bankruptcy on the administrative support and servicing of the Trust.
- Check for any subsequent amendments or updates regarding the sale of the investment banking business to Barclays Capital.