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UNITED
STATES
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OMB
APPROVAL
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SECURITIES
AND EXCHANGE COMMISSION
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OMB
Number: 3235-0058
Expires: May
31, 2012
Estimated
average burden
hours
per response.....2.50
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Washington,
D.C. 20549
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FORM
12b-25
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SEC
FILE NUMBER
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000-13649
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CUSIP
NUMBER
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NOTIFICATION
OF LATE FILING
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084597202
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(Check
one):
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x Form
10-K o Form 20-F o Form
11-K o Form
10-Q o Form
10-D o Form
N-SAR o Form
N-CSR
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For
Period Ended: DECEMBER 31, 2009
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o Transition
Report on Form 10-K
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o Transition
Report on Form 20-F
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o Transition
Report on Form 11-K
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o Transition
Report on Form 10-Q
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o
Transition Report on Form N-SAR
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For
the Transition Period Ended:
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Read
Instruction (on back page) Before preparing form. Please print or
type.
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Nothing
in this form shall be construed to imply that the Commission has verified
any information contained herein.
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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
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BERKSHIRE
BANCORP, INC.
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Full
Name of Registrant
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N/A
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Former
Name if Applicable
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160
Broadway
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Address
of Principal Executive Office (Street and
Number)
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New
York, New York 10038
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City,
State and Zip Code
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PART
II - RULES 12b-25(b) AND (c)
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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).
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(a)
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The
reasons described in reasonable detail in Part III of this form could not
be eliminated without unreasonable effort or expense;
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x
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(b)
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The
subject annual report, semi-annual report, transition report on Form 10-K,
Form 20-F, Form 11-K, Form N-SAR, or Form N-CSR or portion thereof,
will be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report or transition report
on Form 10-Q, or subject distribution report on Form 10-D or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
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(c)
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The
accountant’s statement or other exhibit required by Rule 12b-25(c) has
been attached if applicable.
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State
below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q,
10-D, N-SAR, N-CSR, or the transition report or portion thereof could not
be filed within the prescribed time period.
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The
Registrant has been delayed in obtaining certain information it
requires in order to evaluate certain securities in
its investment portfolio in order to determine whether or not
it needs to incur an impairment charge at December 31,
2009.
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PART
IV - OTHER INFORMATION
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(1)
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Name
and telephone number of person to contact in regard to this
notification:
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Steven
Rosenberg
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212
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791-5362
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(Name)
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(Area
Code)
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(Telephone
Number)
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(2)
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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 the
answer is no, identify report(s).
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x Yes o
No
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(3)
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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?
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x Yes o
No
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If
so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be
made.
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Although
the Registrant is unable to provide a final estimate of its net loss and
related loss allocated to common stockholders for the year ended
December 31, 2009 until it completes the impairment analysis referred to
above, it currently anticipates that its Statement of
Operations for the year ended December 31, 2009 will reflect a
net loss and related loss allocated to common stockholders of
approximately $5,064,000 and $9,864,000, respectively, as
compared with a net loss of $79,905,000 during the year ended December 31,
2008 (there were no dividends on preferred stock in
2008).
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___________
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BERKSHIRE BANCORP,
INC.
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(Name
of Registrant as Specified in Charter)
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has
caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
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Date:
March 31,
2010
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By:
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/s/ Steven
Rosenberg
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Steven
Rosenberg, President
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ATTENTION
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Intentional
misstatements or omissions of fact constitute Federal Criminal Violations
(See 18 U.S.C.
1001).
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