kl02019.htm
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF
1934
Date of Report (Date of earliest event
reported): February 5, 2008
FRANKLIN CREDIT MANAGEMENT
CORPORATION
(Exact Name of Registrant as Specified in Charter)
|
Delaware
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0-17771
|
75-2243266
|
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
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101 Hudson
Street
Jersey City, New
Jersey
(Address of Principal Executive Offices)
|
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07302
(Zip Code)
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Registrant’s telephone number, including
area code: (201) 604-4402
_______________________________________________________________________________________
Check the appropriate box below if
the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2.
below):
r Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
r Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
r Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
r Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01
Other Events.
In its Current Report on Form 8-K, filed
on January 4, 2008
(the “January 8-K”), Franklin Credit Management Corporation (the “Company”)
announced, among other
things, the continued
delay in the filing of its
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2007
(“Q3 2007”), in order to permit the Company to completely reassess its allowance
for loan losses.
At the time, the Company believed that the reassessment would be
complete, and it would file its Form 10-Q for Q3 2007 on or before January 31, 2008. The Company currently expects that it will complete its
reassessment in time to enable it to file its Form 10-Q for Q3 2007 on or before
March 31, 2008. The Company also currently expects to
file its Annual Report on Form 10-K for the year ended December 31, 2007 on or
before March 31, 2008.
In its Current Report on Form 8-K, filed on
November 15,
2008, the Company announced that it expected the
reassessment to result in a substantial increase in the provision for loan
losses and, concomitantly, a substantial negative stockholders’ equity as of
September 30, 2007. In its January 8-K, the Company
announced the reduction of
its indebtedness by approximately $300
million, which should
result in the Company
recognizing a substantial gain, which should restore the Company to positive net worth
as of the year ended
December 31, 2007. However, the related
accountants’ review has not been completed.
On February 5, 2008, the Company issued a press release
relating to the matters described above. A copy of the press release
is attached hereto as Exhibit 99.1, which is incorporated in this Item 8.01 by
reference.
Item
9.01
Financial Statements and
Exhibits.
(d) Exhibits
| |
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| Exhibit
No. |
Description |
| |
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99.1
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Press Release, dated February
5, 2008, entitled “Franklin Credit
Management Announces Further Delay in Reporting Third Quarter Operating
Results.”
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
FRANKLIN CREDIT
MANAGEMENT CORPORATION
By: /s/ A.
Gordon
Jardin
Name: A. Gordon Jardin
Title:
Chief Executive
Officer
Date: February 6, 2008