Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 Trust (Form: 10-D, Received: 03/10/2023 13:31:00)

EXHIBIT INDEX

Exhibit Number

Description

Exhibit 99.1

Distribution Statement

To the Holders of:

CORPORATE BACKED CALLABLE TRUST CERTIFICATES, J.C. PENNEY DEBENTURE-BACKED SERIES 2007-1

*CUSIP:

21988T207 - 7.00% Class A-1 Certificates

*CUSIP:

21988TAA6 - 0.625% Class A-2 Certificates

U.S. Bank Trust National Association, as Trustee for the Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-

Backed Series 2007-1, hereby gives notice with respect to the Scheduled Distribution Date of March 1, 2023 (the "Distribution

Date") as follows:

Record Date: February 28, 2023

Collection Period: September 2, 2022 to March 1, 2023, 180 Days

Distribution Date: March 1, 2023

Underlying Security: J.C. Penney Corporation, Inc. 7 5/8% Debentures due 3/1/2097

CUSIP of Underlying Security*: 708160BL9

Certificate Account Holdings as of beginning of Collection Period

Cash Balance:

$0.00

Number of Underlying Securities Held:

One

Principal Amount of Underlying Security:

$55,000,000.00

Cash Flows received during Collection Period

Scheduled Income received on Underlying Securities on Distribution Date:

$0.00

Principal Received on Underlying Securities:

$0.00

LESS:

Payment to Depositor of remaining Purchase Price of Underlying Security:

$0.00

Class A-1 Allocation paid to Certificateholders:

$0.00

Per $25 Class A-1 Certificate:

0.000

Class A-2 Allocation paid to Certificateholders:

$0.00

Per $1,000 Notional Amount of Class A-2 Certificates:

0.000

Fee paid to Trustee:

$0.00

Certificate Account Holdings at close of business on Distribution Date

Cash Balance:

$0.00

Number of Underlying Securities Held:

One

Principal Amount of Underlying Securities:

$55,000,000.00

Issued by Trust and outstanding as of beginning of Collection Period

2,200,000 Class A-1 Certificates representing Principal Balance:

$55,000,000.00

Notional Amount of Class A-2 Certificates:

$55,000,000.00

Number of Call Warrants:

55,000

Issued by Trust and outstanding at close of business on Distribution Date

2,200,000 Class A-1 Certificates representing Principal Balance:

$55,000,000.00

Notional Amount of Class A-2 Certificates:

$55,000,000.00

Number of Call Warrants:

55,000

U.S. Bank National Association, as Trustee

*The Trustee shall not be held responsible for the selection or use of the CUSIP number nor is any representation made as to its

correctness. It is included solely for the convenience of the Holders.

Registered/reporting pursuant to (check one)
				Name of exchange
Title of Class	Section 12(b)	Section 12(g)	Section 15(d)	(If Section 12(b))

Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1, Class A-1	[x]	☐	☐	New York Stock Exchange


PART I - DISTRIBUTION INFORMATION ITEM
Item 1. Distribution and Pool Performance Information.
The response to Item 1. is set forth in part herein and in part in Exhibit 99.1. Introductory and explanatory information regarding the material terms, parties and distributions described in Exhibit 99.1 is included in the Prospectus Supplement, dated January 30, 2007, relating to the Callable Class A-1 Certificates, Series 2007-1 (the “Certificates”) and the related Prospectus, dated April 18, 2006 (collectively, the “Prospectus”), of Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 (the “Issuing Entity”) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) under the Securities Act of 1933.

The Class A-1 Certificates were offered under the Prospectus.

PART II - OTHER INFORMATION
Item 2. Legal Proceedings.
	Nothing to report.


Item 9. Exhibits.
(a) The following is a list of documents filed as part of this Report on Form 10-D:
(99.1) March 1, 2023 Semi-Annual Statement to Certificateholders.

(b) The exhibits required to be filed by the Registrant pursuant to this form are listed in the Exhibit Index that immediately follows on the signature page hereof.

SIGNATURES

Date: March 09, 2023				/s/ Paul Edwards
				Name: Paul Edwards
				Title: Director

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from
September 2, 2022 to March 1, 2023

CORPORATE BACKED CALLABLE TRUST CERTIFICATES, J.C. PENNEY DEBENTURE-BACKED SERIES 2007-1
(Exact name of issuing entity as specified in its charter)

Select Asset Inc.
(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001221546
Select Asset Inc
(Exact name of sponsor as specified in its charter)

(929) 215-1680
(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3. Sales of Securities and Use of Proceeds.
	Nothing to report.

13-4029392
(I.R.S. Employer Identification No.)

200 Continental Drive, Suite 401
Newark, Delaware

19713
(Zip Code)

Item 4. Defaults Upon Senior Securities.
	Nothing to report.

Item 5. Submission of Matters to a Vote of Security Holders.
	Nothing to report.

Item 6. Significant Obligors of Pool Assets.
	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 filed 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 on official business days between the hours of 10:00 a.m. and 3:00 p.m. The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. Please call the SEC at (800) SEC-0330 for further information on the operation of the SEC’s public reference rooms. Neither Select Asset Inc. nor U.S. Bank National Association (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 or the underlying securities themselves have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above.

Item 7. Significant Enhancement Provider Information.
	Inapplicable.

Item 8 Other Information.
	The Depositor believes the Trustee has maintained the proper processes and internal controls to monitor the Trust’s cash flows and administer the Trust. Pursuant to the terms of the Trust Agreement, the Trustee (i) is responsible for administering the Trust and has “full power and authority...to do or cause to be done any and all things in connection with such administration” (Section 3.01 of the Trust Agreement); (ii) is responsible to “make any and all filings, reports, notices or applications with, and seek any comments and authorizations from, the Commission and any state securities authority on behalf of the Trust” (Section 3.01 of the Trust Agreement); and (iii) controls the Certificate Account for each series of certificates (Section 3.03 of the Trust Agreement).

	On May 15, 2020, J.C. Penney Company, Inc. and certain of its subsidiaries, including J.C. Penney Corporation, Inc., commenced voluntary cases (the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. On May 18, 2020, J.C. Penney Company, Inc filed an 8-K with the Securities and Exchange Commission providing further information. On May 19, 2020 the New York Stock Exchange ("NYSE"), a subsidiary of the Intercontinental Exchange, on which the Certificates have been listed, suspended trading in the Certificates and on May 19, 2020 the NYSE issued a press release stating that the staff of NYSE Regulation has determined to delist the Certificates from the NYSE based on the bankruptcy filing. The press release can be found ICE’s website at the following URL https://ir.theice.com/press/news-details/2020/NYSE-to-Suspend-Trading-Immediately-in-Corporate-Backed-Callable-Trust-Certificates-JC-Penney-Debenture-Backed-Series-2007-1-Trust-Class-A-1-of-Select-Asset-Inc-Symbol-JBN-and-Commence-Delisting-Process/default.aspx

				Select Asset Inc.
				as Depositor for the Trust (the "Registrant")