UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                      ----

                                   FORM 10-K/A
                                (Amendment No. 1)

                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


(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, 2006

                                       or

   [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI-
       TIES EXCHANGE ACT OF 1934

   For the transition period from ________ to ________

                        Commission File Number:   001-32030

                             Lehman ABS Corporation,
                             -----------------------

                                  on behalf of:

        S&P-Linked Investment Trust Certificates, Series 1997-SP-1 Trust
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             (Exact Name of Registrant as Specified in Its Charter)

                   Delaware                               13-3447441
---------------------------------------------   -------------------------------
(State or other jurisdiction of incorporation   (I.R.S. Employer Identification
 or organization)                                No.)

       745 Seventh Avenue, New York, New York                10019
   ------------------------------------------   -------------------------------
      (Address of principal executive offices)              (Zip Code)

Registrant's telephone number, including area code:  (212) 526-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of Class                                Name of Registered Exchange
--------------                                ---------------------------

S&P-Linked Investment Trust Certificates,     New York  Stock Exchange ("NYSE")
Series 1997-SP-1

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]


<PAGE>

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 of this chapter) 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. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Act. Large Accelerated
Filer  [ ] Accelerated Filer  [ ] Non-Accelerated Filer [X]

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.

                                Explanatory Note
                                ----------------

The sole purpose of this amendment is to update the certification of the senior
officer in charge of securitization of the depositor (filed as Exhibit 31.1), in
accordance with the certification provided on the SEC's website at
http://www.sec.gov/divisions/corpfin/8124cert.htm. No other items are being
amended hereby.


                       DOCUMENTS INCORPORATED BY REFERENCE


None.

                                     PART IV
Item 15.  Exhibits, Financial Statement Schedules.
--------------------------------------------------
         (a)    The following documents have been filed as part of this report.

                1.    None.

                2.    None.

                3.    Exhibits:

                      31.1 - Certification by Senior Vice President of the
                      Registrant pursuant to 15 U.S.C. Section 7241, as
                      adopted pursuant to Section 302 of the Sarbanes-Oxley
                      Act of 2002.

                      31.2 - Not Applicable.


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<PAGE>

                      The trust covered by this annual report was formed
                      prior to June 30, 2003 and there is no requirement in
                      the trust agreement for the preparation of a report
                      by an independent public accountant regarding the
                      trustee's compliance with its obligations.

         (b)    Not Applicable.

         (c)    Not Applicable.



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<PAGE>


                                   SIGNATURES
         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 thereunto duly authorized.

                                  Lehman ABS Corporation, as Depositor for the
                                  Trust (the "Registrant")



Date:    October 9, 2007          By:    /s/ CHARLES M. WEAVER
                                     ---------------------------
                                         Name: Charles M. Weaver
                                         Title: Senior Vice President


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<PAGE>



                                  EXHIBIT INDEX
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  Reference
 Number per
 Item 601 of     Description of Exhibits                       Exhibit Number
Regulation SK                                                 in this Form 10-K
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                 Certification by Senior Vice President             31.1
                 of the Registrant pursuant to 15 U.S.C.
                 Section 7241, as adopted pursuant to
   (31.1)        Section 302 of the Sarbanes-Oxley Act
                 of 2002.
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