-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GL60iWYQfp1Ggz/XOAsSTLRma0lBEHNESW6M12NZ3elV5PyYQClPe30oPIeEwKRY 7hPN1UVJTzrOgbL5SGW47w== 0000049588-96-000008.txt : 19960604 0000049588-96-000008.hdr.sgml : 19960604 ACCESSION NUMBER: 0000049588-96-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960520 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960603 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ICH CORP /DE/ CENTRAL INDEX KEY: 0000049588 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 436069928 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07697 FILM NUMBER: 96576132 BUSINESS ADDRESS: STREET 1: 500 N AKARD ST CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2149547111 MAIL ADDRESS: STREET 1: P.O. BOX 2699 STREET 2: SUITE 400 CITY: DALLAS STATE: TX ZIP: 75221 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHWESTERN LIFE CORP DATE OF NAME CHANGE: 19940808 FORMER COMPANY: FORMER CONFORMED NAME: ICH CORP DATE OF NAME CHANGE: 19930506 FORMER COMPANY: FORMER CONFORMED NAME: ICH CORP/CONSOL NAT/RTS/CFR/MOD AMER LIFE INS/SW LIFE INS/CF DATE OF NAME CHANGE: 19930505 8-K 1 APRIL MONTHLY OPERATING REPORT ----------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): May 20, 1996 I.C.H. Corporation (Exact name of registrant as specified in its charter) Delaware 1-7697 43-6069928 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 500 North Akard Street Dallas, Texas 75201 75201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (214) 954-7111 Not Applicable (Former name or former address, if changed since last report) ------------------------------------------------------------------------------ Item 5. Other Events. ICH Corporation, a Delaware corporation (the "Corporation") filed a voluntary petition with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the "Bankruptcy Court") under Chapter 11 of the United States Bankruptcy Code (the "Code"), Case No. 395-36351-RCM-11, on October 10, 1995. The Corporation is required to file Monthly Operating Reports with the Bankruptcy Court and the United States Trustee pursuant to Bankruptcy Rule 2015 and the United States Trustee's Operating Guidelines and Reporting Requirements for Chapter 11 Cases. On April 3, 1996, the Corporation filed a request for no-action with the Securities and Exchange Commission (the "SEC") to allow the Corporation to file such Monthly Operating Reports with the SEC under cover of 8-K in lieu of filing the periodic reports required by the Securities and Exchange Act of 1934, as amended. On May 10, 1996, the SEC advised the Corporation that it had no objection to the Corporation's proposed procedure of substituted filings prior to the completion of the liquidation of the Corporation. In connection therewith, attached hereto as exhibit 99 is the Monthly Operating Report for the Month Ending April 1996, filed with the Bankruptcy Court on May 20, 1996. Item 7. Financial Statements and Exhibits. (c) Exhibits 99 Financial Report for April 1996. 1 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. I.C.H. CORPORATION Date: June 3, 1996 By:/s/Susan A. Brown Susan A. Brown, Chairman of the Board, Director, Co-Chief Executive Officer, Chief Financial Officer and Treasurer 2 Index to Exhibits Sequentially Numbered Exhibit Number Description Pages - -------------- ----------- ----- 99 Monthly Operating Report for the Month Ending 35 April 1996, filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, Case No. 395-36351-RCM-11. 3 CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS CASE NUMBER: 395-36351-RCM-11 02/13/95 JUDGE: HON. ROBERT MCGUIRE UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION MONTHLY OPERATING REPORT MONTH ENDING: APRIL, 1996 IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-6) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: DIRECTOR, CHAIRMAN OF THE BOARD, CO-CHIEF EXECUTIVE OFFICER, /s/SUSAN A. BROWN CHIEF FINANCIAL OFFICER AND TREASURER - --------------------------------------- ------------------------------------ ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE SUSAN A. BROWN 05/20/96 - --------------------------------------- ------------------------------------ PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: VICE PRESIDENT - FINANCIAL REPORTING /s/DAVID A. COMMONS SOUTHWESTERN FINANCIAL SERVICES CORP. - --------------------------------------- ------------------------------------ ORIGINAL SIGNATURE OF PREPARER TITLE DAVID A. COMMONS 05/20/96 - --------------------------------------- ------------------------------------ PRINTED NAME OF PREPARER DATE I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996 ACCRUAL BASIS-1
COMPARATIVE BALANCE SHEET Schedule April 30 March 31 Reference Balances Balances ASSETS 1. Unrestricted cash 1.A $317,680 $399,322 Short-term investments 1.B 86,288,730 86,076,774 2. Restricted cash & short-term investments 1.C 102,527,562 102,116,174 ------------ ------------ 3. Total cash 189,133,972 188,592,270 4. Accounts receivable 4.A 22,136 21,256 Federal income tax refund 4.B 786,100 786,100 Income tax recoverable from purchaser 4.C 7,848,517 7,848,517 6. Notes receivable 6.A 27,581,800 27,581,800 10.Investment real estate 10.A 4,400,000 4,400,000 13.Due from insiders 0 0 15.Investment in subsidiaries 15.A 110,193,393 110,273,824 Investment common stocks & bonds 15.B 40,492,491 40,491,994 Distribution & liquidation interest in CFSB Corp 15.C 18,000,000 18,000,000 Tax indemnification 15.D 24,600,000 24,600,000 Other assets 15.E 3,744,592 3,317,617 ------------ ------------ Total assets $426,803,001 $425,913,378 ============ ============ POSTPETITION LIABILITIES 17.Accounts payable and accrued expenses 27.C 1,201,337 1,077,192 18.Taxes payable 0 0 ------------ ------------ Total postpetition liabilities 1,201,337 1,077,192 ------------ ------------ PREPETITION LIABILITIES 24.Secured notes payable 24.A 30,323,863 30,323,863 25.Accrued taxes 25.A 17,430,046 17,430,046 26.Unsecured notes payable 26.A 372,162,000 372,162,000 27.Accrued interest 27.B 15,674,618 15,674,618 Other liabilities 27.C 18,695,791 19,087,229 ------------ ------------ Total prepetition liabilities 454,286,318 454,677,756 ------------ ------------ EQUITY 30.Prepetition owners' equity (deficit) (108,884,661) (108,884,661) 31.Postpetition cumulative profit 73,047,543 71,891,123 32.Change in unrealized gains 7,152,464 7,151,968 ------------ ------------ Total equity (28,684,654) (29,841,570) ------------ ------------ TOTAL PREPETION LIABILITIES, POSTPETITION LIABILITIES AND EQUITY $426,803,001 $425,913,378 ============ ============
I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
CASH IN BANKS- UNRESTRICTED April 30 March 31 Account Name Account No. Bank of Louisville 2449-393-8 $4,139.82 $4,139.82 Operating Account Bank of Louisville 2449-390-3 64,972.62 65,279.32 General Account Bank One 90484306 1,792.56 1,152.38 Custody Account Bank One 100171305 243,805.90 324,582.46 Operating Account First Farmers 70-007-419 1,020.66 1,632.29 Dining Room Account First Farmers 70-007-427 1,248.00 1,836.00 Pro Shop Account Petty Cash @ Perry Park 700.00 700.00 ----------- ----------- Total unrestricted cash in banks $317,679.56 $399,322.27 =========== ===========
SCHEDULE 1A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
SHORT TERM INVESTMENTS April 30 March 31 United States Treasury Bills 4.89% Due 06/06/96 $13,433,931.15 $0.00 United States Treasury Bills 4.89% Due 06/13/96 11,929,852.83 0.00 United States Treasury Bills 4.90% Due 05/09/96 11,986,885.14 0.00 United States Treasury Bills 4.73% Due 04/04/96 0.00 11,495,440.12 United States Treasury Bills 4.89% Due 05/30/96 13,446,734.43 0.00 United States Treasury Bills 5.10% Due 04/25/96 0.00 24,924,748.61 Bank of Louisville Repurchase Agreement 4.75% Due 05/6/96 80,036.30 0.00 Bank of Louisville Repurchase Agreement 4.75% Due 04/5/96 0.00 79,720.74 Bank One Texas Time Deposit 5.250% Due 04/05/96 0.00 1,730,000.00 Bank One Texas Time Deposit 5.3125% Due 05/01/96 1,435,000.00 0.00 United States Treasury Bills 5.145% Due 05/02/96 23,996,553.25 23,893,609.18 United States Treasury Bills 4.87% Due 04/11/96 0.00 9,986,426.32 Unites States Tresury Bills 5.00% due 4/18/96 0.00 13,966,829.27 United States Treasury Bills 4.85% Due 5/16/96 9,979,736.97 0.00 -------------- -------------- Total short-term investments $86,288,730.07 $86,076,774.24 ============== ==============
SCHEDULE 1.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
RESTRICTED CASH AND SHORT TERM INVESTMENTS Account Name Account No. April 30 March 31 Latter & Blum Property 0005-65040 $32,733.41 $32,733.41 Management, Inc. As Agent of Republic Tower Rental Trust Account ICH & CFC (1) 40 75k012013 1,389.60 1,389.60 Tax Ind Escrow 40 75k012005 Purchase Price Escrow Texas Commerce Bank (2) 088-05177043 1,658.47 1,673.77 Upfront Buyer Expenses Texas Commerce Bank (2) 088-05177035 2,248.65 2,261.52 Expense Collateral Account Texas Commerce Bank (2) 088-05176995 5,777.78 5,777.78 Termination Collateral Account ICH & Southwest Financial Corp.(3) 3855124256 0.00 2,163.24 Escrow Account United States Treasury Bills (1) 5.025% Due 03/21/96 0.00 0.00 United States Treasury Bills(1) 4.91% due 6/20/96 364,484.92 362,992.33 United States Treasury Bills(3) 4.655% Due 04/04/96 0.00 139,945.52 Fidelity Institutional Cash Due 12/31/96 at Maturity 142,311.16 0.00 United States Treasury Bills (3) 4.97% Due 4/11/96 0.00 101,567,236.64 United States Treasury Bills(3) 4.75% Due 5/9/96 101,976,958.34 0.00 --------------- --------------- Total restricted cash and short term investments $102,527,562.33 $102,116,173.81 =============== ===============
(1) Escrows established related to sale of Integrity National Life Insurance Company to Citizens Financial Corporation. (2) Escrows established related to proposed sale to Shinnecock Holdings Inc. (3) Escrows established related to sale to Southwestern Financial Corp. SCHEDULE 1.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
ACCOUNTS RECEIVABLE April 30 March 31 Perry Park: Maintenance Fees Receivable $136,468.76 $135,718.25 Water/Sewer Accounts Receivable 937.93 1,132.26 Allowance for doubtful accounts (130,000.00) (130,000.00) ----------- ----------- 7,406.69 6,850.51 Due from ACC 324.54 0.00 HM/Jackson Products, L.P. 14,405.02 14,405.00 ----------- ----------- Total $22,136.25 $21,255.51 =========== ===========
SCHEDULE 4.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
FEDERAL INCOME TAX REFUND DUE April 30 March 31 1993 Form 1120X Refund $786,100.00 $786,100.00 =========== ===========
SCHEDULE 4.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES April 30 March 31 Due from Southwestern Financial Corporation for income tax settlement from sale of Southwestern Life, Union Bankers, Constitution and Marquette $7,848,517.00 $7,848,517.00 ============= =============
SCHEDULE 4.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
NOTES RECEIVABLE April 30 March 31 Victor Sayyah Citibank Prime + 0.5% Due 10/15/2001 $27,000,000.00 $27,000,000.00 Ballard Texas Properties (1) 8.0% Due 10/31/02 581,800.00 581,800.00 -------------- -------------- Total notes receivable $27,581,800.00 $27,581,800.00 ============== ==============
NOTES (1) Promissory note secured by Las Villas Apts. Houston, Texas SCHEDULE 6.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
INVESTMENT REAL ESTATE April 30 March 31 DESCRIPTION Perry Park $4,634,116.10 $4,634,116.10 Allowance for loss on Perry Park (3,049,462.30) (3,049,462.30) Republic Tower - Office Bldg 2,000,000.00 2,000,000.00 Baton Rouge, Louisiana - Land 1,125,000.00 1,125,000.00 Allowance for loss on land (640,000.00) (640,000.00) Ponderosa Inn, Burley ID - Golf Course 844,599.55 844,599.55 Deltona Lakes, Florida - Land 1,213.00 1,213.00 Additional Allowance for Loss (Unallocated) (515,466.35) (515,466.35) ------------- ------------- Total investment real estate $4,400,000.00 $4,400,000.00 ============= =============
SCHEDULE 10.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
INVESTMENT IN SUBSIDIARIES April 30 March 31 SWL Holding Corporation $0.00 $0.00 Care Financial Corporation 99,371,101.00 99,371,101.00 SLC Financial Services 240,541.00 240,541.00 Facilities Managment Installation 10,021,005.00 10,101,436.00 BML Agency 560,746.41 560,746.41 --------------- --------------- Investment in Affiliates $110,193,393.41 $110,273,824.41 =============== ===============
NOTES: (a) Includes equity in earnings and unrealized gains of retained subsidiaries through December 31, 1995. (b)Bankers Multiple Line (BML), a wholly-owned subsidiary of Care Financial Corporation, entered into definitive agreements to sell Modern American Life, Western Pioneer Life and Philadelphia American Life. Net proceeds from the sales and the value of certain assets which will be retained by BML will be approximately $40 million. The sales are scheduled to close during the second quarter. Sales of subsidiaries are subject to a number of uncertainties which may impact the ultimate sale completion and proceeds. These uncertainties include (i) the results of the purchaser's due diligence, (ii) receipt of regulatory approvals, and (iii) the ability of purchaser to arrange financing. Therefore, proceeds ultimately recovered from the sale of subsidiaries may be more or less than amounts indicated in the definitive agreements. SCHEDULE 15.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30 ,1996
INVESTMENT IN COMMON STOCKS AND BOND NUMBER OF SHARES April 30 March 31 Common Stocks (at market value): Commonwealth Industries 200 $200.00 $200.00 Churchill Downs 10,000 410,000.00 410,000.00 XRC Corp. 5,595 559.50 559.50 National Energy Group, Inc. 730 2,053.13 2,190.00 Ky Central Life Insurance Co. 463 289.38 1,389.00 Ky Investors 300 3,900.00 4,012.50 Worthington Industries 3,667 74,715.13 72,881.63 IMO Industries 2 13.50 12.75 Transamerica Title 10 760.00 748.75 -------------- -------------- $492,490.64 $491,994.13 ============== ============== Total common stocks Change between periods represents change in unrealized $496.51 ============== Bonds - Unaffiliated: Southwestern Financial Corp. 7.0% Due 12/15/2005 40,000,000.00 40,000,000.00 -------------- -------------- Total Common Stocks & Bonds $40,492,490.64 $40,491,994.13 ============== ==============
SCHEDULE 15.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION April 30 March 31 Distribution and liquidation interest in CFSB Corporation (Estimated) $18,000,000.00 $18,000,000.00 ============== ==============
NOTE: Letter Agreement dated March 29, 1993, from Consolidated National Corporation, (CNC) to ICH conveying to ICH, and agreeing that ICH has a 27.7% share in, and is entitled to receive 27.7% of all economic benefits that CNC actually receives pursuant to that certain Agreement dated January 25, 1993 between CNC, James M. Fail and CFSB Corporation. SCHEDULE 15.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
TAX INDEMNIFICATION April 30 March 31 Tenneco Indemnification $24,600,000.00 $24,600,000.00 ============== ==============
NOTE: ICH has accrued $24,600,000 representing estimated amounts recoverable from Tenneco under the Tax Indemnification provision of the 1986 Stock Purchase Agreement between ICH Corporation and Tenneco, Inc. Actual amount owing under such indemnification provision may be more or less. SCHEDULE 15.D I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
OTHER ASSETS April 30 March 31 Accrued Interest on Short Term Investments $1,030.37 $1,030.37 Accrued Interest on Bonds-Unaffiliated 1,057,233.74 824,444.44 Accrued Stock Dividend 5.00 5.00 Accrued Interest on Notes Receivable 2,686,315.07 2,492,136.99 Glenwood Hall Suspense 8.30 0.00 ------------- ------------- Total other assets $3,744,592.48 $3,317,616.80 ============= =============
SCHEDULE 15.E I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
SECURED NOTES PAYABLE April 30 March 31 Victor Sayyah Secured by note receivable of $27,000,000. $30,000,000.00(1) $30,000,000.00(1) c/o Lord, Bissell & Brook See Schedule 6.A James R. Wimmer 115 South La Salle Street Chicago, IL 60603 Ozark National Life Insurance Co. Dated 6-2-78 Mortgage 323,863.22 323,863.22 500 East 9th Unplatted property situated in Glenwood Hall & Country Kansas City MO 64106 Club, also known as Perry Park Resort, Owenton County Recorded in Book 75 page 576, dated 9-28-71 -------------- -------------- $30,323,863.22 $30,323,863.22 ============== ==============
NOTES: (1) Unsecured in amount of $ 3,000,000. SCHEDULE 24.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
ACCRUED TAXES April 30 March 31 Prepetition: Commonwealth of Kentucky 1989-1992 State Income $2,310,000.00 $2,310,000.00 Revenue Cabinet Tax Audit Frankfort, KY 40619 Intercompany payable per tax sharing agreement & other (Reflects net amount due through 12/31/95) 4,020,046.00 4,020,046.00 Internal Revenue Service Reserve for Federal Income Tax Audit 11,100,000.00 11,100,000.00 -------------- -------------- Total prepetition accrued taxes $17,430,046.00 $17,430,046.00 ============== ==============
SCHEDULE 25.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30
UNSECURED NOTES PAYABLE April 30 March 31 Tenneco Inc. $21,900,000.00 $21,900,000.00 9.50% Note Due 12/31/96 Note due 1997, interest at prime Castle settlement 3,000,000.00 3,000,000.00 Bank of Louisville 11 1/4% Subordinated Notes Due 1996 256,101,000.00 256,101,000.00 Bank of Louisville 11 1/4% Subordinated Notes Due 2003 91,161,000.00 91,161,000.00 --------------- --------------- Total unsecured notes payable $372,162,000.00 $372,162,000.00 =============== ===============
SCHEDULE 26.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
ACCRUED INTEREST April 30 March 31 Accrued Interest on Secured Debt 1,584,770.86 $1,584,770.86 Accrued Interest on Unsecured Debt 14,089,847.33 14,089,847.33 -------------- -------------- Total accrued interest $15,674,618.19 $15,674,618.19 ============== ==============
NOTE: Interest is accrued only through October 10, 1995, the date company filed for bankruptcy. SCHEDULE 27.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
OTHER LIABILITIES April 30 March 31 PREPETITION: Fractional Shares Payable @ Bank of Louisville $181,198.61 $181,198.61 P.O. Box 1101 Louisville, KY 40201-1101 Common Stock Dividend Payable @ Bank of Louisville 201,453.80 201,453.80 P.O. Box 1101 Louisville, KY 40201-1101 Preferred Dividend Payable @ Bank of Louisville 81,166.40 81,166.40 P.O. Box 1101 Louisville, KY 40201-1101 Bank of Louisville Escrow Fund Acct #6063 442,442.51 442,442.51 P.O. Box 1101 Louisville, KY 40201-1101 Facilities Management Installation Inter-company account payable 6,304,530.11 6,304,530.11 Phil Allen Consulting Service Contract 0.00(a) 391,437.00 Retired Employee Liability 5,565,000.00 5,565,000.00 Lawrence Johnson Lease-Jefferson Building 202 West Hill Street Champaign, IL 61820 145,000.00 145,000.00 Robert T. Shaw & C. Fred Rice (b) Independent Contractor and Services Agreement Dated February 11, 1994 5,775,000.00 5,775,000.00 -------------- -------------- Subtotal of prepetition liabilities 18,695,791.43 19,087,228.43 -------------- -------------- Postpetition: Due ICH Corporation 62.00 0.00 Due Marquette National Life 3,210.69 0.00 Due Southwestern Financial Services 199,758.85 169,382.72 General Expense Accrual 1,001,577.21 907,809.75 -------------- -------------- Subtotal of postpetition liabilities 1,201,336.06 1,077,192.47 -------------- -------------- Total other liabilities $19,897,127.49 $20,164,420.90 ============== ==============
Note: (a) Eliminated accrual pursuant to Court Order dated April 30, 1996 approving rejection of executory contract which was also agreed to by Mr. Allen. (b) Independent Services Contracts between the debtor and Bob Shaw and the debtor and Fred Rice were terminated as of the petition date. The amount shown represents the total remaining amount due under the contracts. The allowable amount of the claim has not been determined by the Bankruptcy Court. SCHEDULE 27.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996 ACCRUAL BASIS-2
INCOME STATEMENT Schedule Month only Period to date Reference Balance From 12/31/95 REVENUES: Interest income $1,205,196 $4,927,994 Perry Park revenues 52,315 104,125 Realized capital gains(losses) 1.A 0 (653,768) Other income 1.B 2,045 8,352 ------------ ------------ Total revenues 1,259,556 4,386,703 ------------ ------------ EXPENSES: 9. Directors fees 9 4,000 18,750 11.General and administrative (a) (280,767) 1,004,911 ------------ ------------ (276,767) 1,023,661 ------------ ------------ 15.Income before non-operating income and expenses 1,536,323 3,363,042 ------------ ------------ OTHER INCOME AND EXPENSES: 16.Equity in earnings (losses) of subsidiaries 16.A (80,431) (669,667) 18.Gain (loss) on sale of subsidiary 0 0 19.Miscellaneous income (expense): None 20.Interest expense 0 0 ------------ ------------ Net other income and expenses (80,431) (669,667) ------------ ------------ REORGANIZATION EXPENSES: 23.Professional fees 23 292,238 1,315,909 24.U.S. Trustee fees 24 5,500 20,500 ------------ ------------ 297,738 1,336,409 ------------ ------------ 27.Taxes 27 1,735 (3,827,448) ------------ ------------ Net income (loss) 1,156,419 5,184,414 Change in unrealized 497 7,168,938 Net equity (deficit) at beginning of period (29,841,570) (41,038,006) ------------ ------------ Net equity (deficit) at end of period ($28,684,654) ($28,684,654) ============ ============
Note: (a) Credit to general expenses results from elimination of liability for executory contract with Phil Allen. See Schedule 27.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
REALIZED CAPITAL GAINS(LOSSES): Month only Period to date Balance From 12/31/95 Writedown of real estate and equipment $0.00 ($653,731.00) Sale of short term investments 0.00 (36.79) ----- ------------ $0.00 ($653,767.79) ===== ============
SCHEDULE 1.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
OTHER INCOME Month only Period to date Balance From 12/31/95 Commission income $2,045.02 $7,423.02 Miscellaneous income 0.00 929.00 --------- --------- $2,045.02 $8,352.02 ========= =========
SCHEDULE 1.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
DIRECTORS FEES Month only Period to date Balance From 12/31/95 Stanley Stegner $2,000.00 $8,250.00 Keith Tucker 0.00 2,250.00 Vernon Zimmerman 2,000.00 8,250.00 --------- ---------- $4,000.00 $18,750.00 ========= ==========
SCHEDULE 9 I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES Month only Period to date Balance From 12/31/95 Care Financial Corp 0.00 ($696,604.00) SLC Financial Services 0.00 13,541.00 Facilities Management Installation, Inc. (80,431.00) 13,396.00 BML Agency 0.00 0.00 ----------- ------------ ($80,431.00) ($669,667.00) =========== ============
NOTE: Equity in earnings is calculated on a quarterly basis for subsidiaries, except Facilities Management Installation, Inc., which is done monthly. SCHEDULE 16.A Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
PROFESSIONAL FEES Month only Period to date Balance From 12/31/95 Paid & Accrued Postpetition: Paid during period: Coopers & Lybrand $26,197.77 $129,590.57 Winstead, Sechrest & Minick 9,781.39 154,619.60 Donaldson, Lufkin & Jenrette 0.00 228,886.04 Rodney D. Moore 0.00 102,764.85 Houlihan Lokey Howard & Zukin 136,096.77 269,933.44 Gibson, Dunn & Crutcher 26,394.11 141,329.51 ----------- ------------- Total paid for period 198,470.04 1,027,124.01 Change in accrual 93,767.46 288,784.75 ----------- ------------- Total reorganization professional fees $292,237.50 $1,315,908.76 =========== =============
SCHEDULE 23 I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
U.S. TRUSTEE FEES Month only Period to date Balance From 12/31/95 ICH Corporation $5,000.00 $10,000.00 CARE Financial Corp 250.00 $5,250.00 SWL Holding Corp 250.00 $5,250.00 --------- ---------- Total $5,500.00 $20,500.00 ========= ==========
SCHEDULE 24 I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
TAXES Month only Period to date Balance From 12/31/95 Franchise taxes ($11,392.99) $36,786.01 State (KY) income tax 11,392.37 11,211.37 Sales taxes 36.28 2,067.28 Other taxes 1,699.56 16,366.56 Current F.I.T. Provision 0.00 (3,893,879.00) --------- -------------- Total $1,735.22 ($3,827,447.78) ========= ==============
SCHEDULE 27 I.C.H. Corporation Case No. 395-36351-RCM-11 ACCRUAL BASIS-3 Monthly Operating Report April 30, 1996
CASH RECEIPTS AND DISBURSEMENTS Cash at beginning of month $188,592,270 Receipts from operations: Interest received 778,221 Perry Park revenues 51,759 Other 2,045 ------------ Non-operating receipts: 832,025 Sale of subsidiaries 0 Total cash received 832,025 832,025 ------------ ------------ Total cash available 189,424,295 Cash disbursed for operations: General expenses 80,618 Taxes, net of contributions from subsidiaries per tax sharing agreement 1,735 Directors fees (see schedule at Accrual Basis-6) 4,000 ------------ 86,353 Non-operating disbursements: NONE Cash disbursed for reorganization costs: Professional fees See schedule at Accrual Basis-6. 198,470 U.S. Trustee Fees 5,500 ------------ Total cash disbursed 290,323 290,323 ------------ ------------ Cash at end of month $189,133,972 ============
I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996 ACCRUAL BASIS-4 ACCOUNTS RECEIVABLE Due to nature of its business as an insurance holding company, ICH's receivables are not significant (See asset schedule 4.A) and no attempts are made to age them. POSTPETITION TAXES All taxes were paid current with the filing and postpetition filings and payments continue to be made in the normal course of business. I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report April 30, 1996
ACCRUAL BASIS-6 PAYMENTS TO INSIDERS: Directors Fees: Stanley Stegner $2,000.00 Vernon Zimmerman 2,000.00 --------- $4,000.00 =========
Payments to affiliates: NONE NOTE: Executive officers' salaries are paid by Facilities Management Installation, Inc. (FMI). See FMI's schedule of payments to insiders at FMI Accrual-6.
PAYMENTS TO PROFESSIONALS: Related to reorganization: Winstead, Sechrest & Minick $9,781.39 Coopers & Lybrand 26,197.77 Houlihan, Lokey, Howard & Zukin 136,096.77 Gibson, Dunn & Crutcher 26,394.11 ----------- Total reorganization professional fees $198,470.04 ===========
SECURED NOTES, LEASES AND ADEQUATE PROTECTION PAYMENTS: All lease and insurance payments were current as of date of filing and have continued to be paid in postpetition period in normal course of business. Two notes that are secured by real property are paid annually (next payment is June 1996). CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS CASE NUMBER: 395-36351-RCM-11 02/13/95 MONTH: APRIL 1996 QUESTIONNAIRE YES NO 1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X 2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X (1) 3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES OR LOANS) DUE FROM RELATED PARTIES X 4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? X 5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X 6. ARE ANY POST PETITION PAYROLL TAXES PAST DUE? X 7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X 8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X 9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X 10. ARE ANY AMOUNT SOWED TO POSTPETITION CREDITORS DELINQUENT? X 11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X 12. ARE ANY WAGE PAYMENTS PAST DUE? X IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES" PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. (1) Pursuant to Approved Cash Management Motion. INSURANCE YES NO 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X 2. ARE ALL PREMIUM PAYMENTS PAID CURRENT X 3. PLEASE ITEMIZE POLICIES BELOW. IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO." OR IF ANY POLICIES HAVE BEEN CANCELED OR NOT RENEWED DURING THIS REPORTING PERIOD. PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. Copies of first page of policies were previously provided; coverage remains in effect; all payments are current. INSTALLMENT PAYMENTS TYPE OF PAYMENT AMOUNT & POLICY CARRIER PERIOD COVERED FREQUENCY - ------ ------- -------------- --------- - ------ ------- -------------- --------- - ------ ------- -------------- --------- - ------ ------- -------------- --------- -----END PRIVACY-ENHANCED MESSAGE-----