Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust - Annual Report (10-K)
March 28 2008 - 12:22PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2007
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number: 333-112795-02
filed on behalf of:
Corporate Backed Callable Trust Certificates,
J.C. Penney Debenture-Backed Series 2007-1 Trust
(Exact Name of Registrant as Specified in its Charter)
by:
Select Asset Inc.
(Exact Name of Registrant as Specified in its Charter)
Commission File Number of Depositor: 333-112795
Delaware 13-4029392
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(State or Other Jurisdiction of Incorporation (I.R.S. Employer
or Organization) Identification No.)
745 Seventh Avenue
New York, New York 10019
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (212) 526-7000
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange
Title of Each Class on Which Registered
------------------- ---------------------
Corporate Backed Callable Trust Certificates, New York Stock Exchange ("NYSE")
J.C. Penney Debenture-Backed Series 2007-1,
Class A-1
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Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
Yes [ ] No [X]
Indicate by check mark whether the registrant: (1) Has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (ss.229.405) is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.
Not applicable.
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer or a non-accelerated filer. See the definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange
Act (Check one):
Large Accelerated Filer [ ] Accelerated Filer [ ] Non-Accelerated Filer [X]
Smaller Reporting Company [ ]
Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act).
Yes [ ] No [X]
State the aggregate market value of the voting and non-voting common equity
held by non affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's most recently
completed second fiscal quarter.
The registrant has no voting stock or class of common stock that is held by
non affiliates.
DOCUMENTS INCORPORATED BY REFERENCE
See Item 15(a).
Introductory Note
Select Asset Inc. (the "Depositor") is the Depositor in respect of the
Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed
Series 2007-1 Trust (the "Trust"), a common law trust formed pursuant to the
Standard Terms for Trust Agreements, dated as of November 9, 2006, between the
Depositor and U.S. Bank National Association, as trustee (the "Trustee"), as
supplemented by a series supplement (the "Series Supplement") dated as of
January 31, 2007 in respect of the Trust. The Trust's assets consist solely of
notes issued by J.C. Penney Corporation, Inc., successor to J.C. Company, Inc.
(the "Underlying Securities Issuer"). The Certificates do not represent
obligations of or interests in the Depositor or the Trustee.
2
J.C. Penney Company, Inc., the guarantor of the underlying securities, is
subject to the information reporting requirements of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). For information on J.C. Penney
Company, Inc. please see its periodic and current reports filed with the
Securities and Exchange Commission (the "Commission") under its Exchange Act
file number, 001-15274. The Commission maintains a site on the World Wide Web
at "http://www.sec.gov" at which users can view and download copies of
reports, proxy and information statements and other information regarding
issuers that file electronically through the Electronic Data Gathering,
Analysis and Retrieval system, or "EDGAR." Periodic and current reports and
other information required to be filed pursuant to the Exchange Act by J.C.
Penney Company, Inc. may be accessed on this site. You can request copies of
these documents, upon payment of a duplicating fee, by writing to the SEC. The
public may read and copy any materials filed with the Commission at the
Commission's Public Reference Room at 100 F Street, NE, Washington, DC 20549.
The public may obtain information on the operation of the Public Reference
Room by calling the Commission at 1-800-SEC-0330. Neither Select Asset Inc.
nor the Trustee has participated in the preparation of such reporting
documents, or made any due diligence investigation with respect to the
information provided therein. Neither Select Asset Inc. nor the Trustee has
verified the accuracy or completeness of such documents or reports. There can
be no assurance that events affecting the issuer of the Underlying Securities,
the underlying securities guarantor or the underlying securities have not
occurred or have not yet been publicly disclosed which would affect the
accuracy or completeness of the publicly available documents described above.
Pursuant to General Instruction J of Form 10-K, the Trust is not required to
respond to various items of Form 10-K. Such items are designated herein as
"Not Applicable." Distribution reports detailing receipts and distributions by
the Trust are filed after each distribution date on Form 10-D in lieu of
reports on Form 10-Q.
PART I
Item 1. Business.
Not Applicable
Item 1A. Risk Factors.
Not Applicable
Item 1B. Unresolved Staff Comments.
Not Applicable
Item 2. Properties.
Not Applicable
Item 3. Legal Proceedings.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
3
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities.
Not Applicable
Item 6. Selected Financial Data.
Not Applicable
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Not Applicable
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable
Item 8. Financial Statements and Supplementary Data.
Not Applicable
Item 9. Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure.
None
Item 9A. Controls and Procedures.
Not Applicable
Item 9A(T). Controls and Procedures.
Not Applicable
Item 9B. Other Information.
None
PART III
Item 10. Directors, Executive Officers, and Corporate Governance.
Not Applicable
Item 11. Executive Compensation.
Not Applicable
Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters.
Not Applicable
4
Item 13. Certain Relationships and Related Transactions, and Director
Independence.
None
Item 14. Principal Accountant Fees and Services.
Not Applicable
SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION
J(2) TO FORM 10-K.
Item 1112(b) of Regulation AB. Significant Obligors of
Pool Assets (Financial
Information).
See Introductory Note
Item 1114(b)(2) of Regulation AB. Credit Enhancement and
Other Support, Except for
Certain Derivatives
Instruments (Information
Regarding Significant
Enhancement Providers).
No applicable updates
Item 1115(b) of Regulation AB. Certain Derivatives
Instruments (Financial
Information).
No applicable updates
Item 1117 of Regulation AB. Legal Proceedings.
No applicable updates
Item 1119 of Regulation AB. Affiliations and Certain
Relationships and Related
Transactions.
No applicable updates
Item 1122 of Regulation AB. Compliance with Applicable
See Exhibits 33.1 and 34.1 to this Form 10-K Servicing Criteria
Item 1123 of Regulation AB. Servicer Compliance
See Exhibit 35 to this Form 10-K Statement.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) The following documents have been filed as part of, or
incorporated by reference into, this annual report.
1. None
2. None
3. The exhibits filed in response to Item 601 of Regulation S-K
are listed in the Exhibit Index.
(b) The exhibits filed in response to Item 601 of Regulation S-K are
listed in the Exhibit Index.
5
(c) None.
6
SIGNATURE
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly authorized.
Select Asset Inc.,
as Depositor for the Trust (the "Registrant")
By: /s/ Scott Barek
------------------------------------------
Name: Scott Barek
Title: Senior Vice President
(senior officer in charge of securitization of
the depositor)
Dated: March 26, 2008
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EXHIBIT INDEX
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Reference Number Exhibit Number
per Item 601 of in this
Regulation SK Description of Exhibits Form 10-K
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Exhibit 4.1: Standard Terms for Trust Agreement
(4.1) (Filed as part of the Current Report on Form 8-K 4.1
filed on November 15, 2006 under the Commission
file number of the Depositor).
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Exhibit 4.2: Series Supplement (Filed as part of
(4.2) the Current Report on Form 8-K filed on November 4.2
15, 2006 under the Commission file number of the
Issuing Entity).
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(31.1) Rule 15d - 14(d) Certification by Senior Vice 31.1
President of the Registrant.
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(33.1) Item 1122 Report on Assessment of Compliance with 33.1
Applicable Servicing Criteria
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(34.1) Attestation Report of Ernst & Young LLP 34.1
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(35) Item 1123 Certification 35
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