-----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, Ap27F5OOJ+nE8XKuuSHtUHtc/tC2C0tJXEOZFpOg7kMkEQ28Lv/VP9KVpsoo1jxm UUS4Q+UzO4xmuXL1dKt3NQ== 0000049588-97-000008.txt : 19970310 0000049588-97-000008.hdr.sgml : 19970310 ACCESSION NUMBER: 0000049588-97-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970221 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970307 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: 97552356 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 JANUARY 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): February 21, 1997 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. In connection therewith, attached hereto as exhibit 99 is the Monthly Operating Report for the Month Ending January 1997, filed with the Bankruptcy Court on February 21, 1997. Item 7. Financial Statements and Exhibits. (c) Exhibits 99 Financial Report for January 1997. 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: March 7, 1997 By: /s/Susan A. Brown ----------------- Susan A. Brown, Attorney-in-Fact 2 Index to Exhibits Sequentially Numbered Exhibit Number Description Pages 99 Monthly Operating Report for the Month Ending 37 January 1997, 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: 395-36351-5CM-11 02/13/95 JUDGE: HON. ROBERT MCGUIRE UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION MONTHLY OPERATING REPORT MONTH ENDING: JANUARY, 1997 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: /s/SUSAN A. BROWN MANAGING TRUSTEE - --------------------------------------- ------------------------------------ ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE SUSAN A. BROWN 2/20/97 - --------------------------------------- ------------------------------------ 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 2/20/97 - --------------------------------------- ------------------------------------ PRINTED NAME OF PREPARER DATE I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 ACCRUAL BASIS-1 COMPARATIVE BALANCE SHEET
Schedule January 31 December 31 Reference Balances Balances ASSETS 1. Unrestricted cash 1.A $209,353 $454,698 Short-term investments 1.B 93,189,740 92,000,564 2. Restricted cash & short-term investments 1.C 106,020,563 105,586,641 ------------ ------------ 3. Total cash 199,419,656 198,041,903 4. Accounts receivable 4.A 73,931 593,049 Income tax recoverable from purchaser 4.C 7,848,517 7,848,517 6. Notes receivable 6.A 27,000,000 27,000,000 10.Investment real estate 10.A 2,585,000 2,585,000 15.Investment in subsidiaries 15.A 98,094,728 98,750,232 Investment common stocks & bonds 15.B 40,419,380 40,434,476 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 1,690,291 1,456,816 ------------ ------------ Total assets $419,731,503 $419,309,993 ============ ============ POSTPETITION LIABILITIES 17.Accounts payable and accrued expenses 27.C 5,624,281 491,456 Accrued interest 27.B 36,126 33,788 18.Taxes payable 25.A 22 12 ------------ ------------ Total postpetition liabilities 5,660,429 525,256 ------------ ------------ PREPETITION LIABILITIES 24.Secured notes payable 24.A 30,323,863 30,323,863 25.Accrued taxes 25.A 4,798,368 4,798,368 26.Unsecured notes payable 26.A 372,162,000 372,162,000 27.Accrued interest 27.B 15,673,899 15,673,899 Other liabilities 27.C 18,125,920 18,105,759 ------------ ------------ Total prepetition liabilities 441,084,050 441,063,889 ------------ ------------ EQUITY 30.Prepetition owners' equity (deficit) (108,884,661) (108,884,661) 31.Postpetition cumulative profit 72,263,858 76,982,585 32.Change in unrealized gains 9,607,827 9,622,924 ------------ ------------ Total equity (27,012,976) (22,279,152) ------------ ------------ TOTAL PREPETITION LIABILITIES, POSTPETITION LIABILITIES AND EQUITY $419,731,503 $419,309,993 ============ ============
I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 CASH IN BANKS- UNRESTRICTED
January 31 December 31 Account Name Account No. Bank of Louisville 2449-393-8 ($261.15) $4,139.82 Operating Account Bank of Louisville 2449-390-3 63,196.95 64,527.41 General Account Bank One 90484306 22,064.75 26,649.83 Custody Account Bank One 100171305 121,992.26 351,705.25 Operating Account First Farmers 70-007-419 1,022.27 1,080.37 Dining Room Account First Farmers 70-007-427 1,038.00 5,895.00 Pro Shop Account Petty Cash @ Perry Park 300.00 700.00 ----------- ----------- Total unrestricted cash in banks $209,353.08 $454,697.68 =========== ===========
SCHEDULE 1A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 SHORT TERM INVESTMENTS
January 31 December 31 United States Treasury Bills 4.46% Due 01/16/97 $0.00 $19,962,741.01 United States Treasury Bills 4.96% Due 02/06/97 44,968,961.51 0.00 United States Treasury Bills 4.95% Due 01/23/97 0.00 19,939,224.23 United States Treasury Bills 5.94% Due 01/30/97 0.00 24,900,500.23 United States Treasury Bills 5.00% Due 01/23/97 0.00 24,923,098.43 Bank One Texas Time Deposit 5.50% Due 02/03/97 3,275,000.00 0.00 BankAmerica Corp Time Deposit 5.875% Due 01/02/97 0.00 2,275,000.00 United States Treasury Bills 4.925% Due 02/06/97 19,986,289.43 0.00 United States Treasury Bills 4.86% Due 02/13/97 24,959,489.06 0.00 -------------- -------------- Total short-term investments $93,189,740.00 $92,000,563.90 ============== ==============
SCHEDULE 1.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 RESTRICTED CASH AND SHORT TERM INVESTMENTS
Account Name Account No. January 31 December 31 Latter & Blum Property 0005-65040 $16,594.99 $12,446.75 Management, Inc. As Agent of Republic Tower Rental Trust Account ICH & Southwest Financial Corp. (1) 3855124256 0.00 (93.44) Escrow Account Bank of Louisville (2) Repurchase Agreement 4.80% Due 01/03/97 0.00 82,659.54 Bank of Louisville (2) Repurchase Agreement 4.80% Due 02/3/97 82,990.18 0.00 Fidelity Institutional Cash Due 12/31/97 at Maturity 3,055.93 2,931.79 United States Treasury Bills (1) Due 01/23/97 0.00 54,766,165.03 United States Treasury Bills (1) Due 02/06/97 105,917,922.29 50,722,531.61 --------------- --------------- Total restricted cash and short term investments $106,020,563.39 $105,586,641.28 =============== ===============
(1) Escrows established related to sale to Southwestern Financial Corp. (2) Escrow established related to tax obligations of Consolidated Fidelity. SCHEDULE 1.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 ACCOUNTS RECEIVABLE
January 31 December 31 Perry Park: Maintenance Fees Receivable $150,311.89 $148,254.36 Allowance for doubtful accounts (130,000.00) (130,000.00) ---------- ----------- 20,311.89 18,254.36 Other - Due from SWFS 53,618.37 18,381.98 Shaw - Tax settlement 0.00 550,000.00 Income accrual Pro Shop & Dining Room 0.00 6,412.63 ---------- ----------- Total $73,930.26 $593,048.97 ========== ===========
SCHEDULE 4.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES
January 31 December 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 January 31, 1997 NOTES RECEIVABLE
January 31 December 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 Allowance for loss - Ballard Texas Properties (581,800.00) (581,800.00) ------------- -------------- Total notes receivable 27,000,000.00 $27,000,000.00 ============= ==============
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 January 31, 1997 INVESTMENT REAL ESTATE
January 31 December 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) (2,330,466.35) (2,330,466.35) ------------- ------------- Total investment real estate $2,585,000.00 $2,585,000.00 ============= =============
SCHEDULE 10.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 INVESTMENT IN SUBSIDIARIES
January 31 December 31 SWL Holding Corporation $0.00 $0.00 Care Financial Corporation 88,500,000.00 (a) 88,500,000.00 SLC Financial Services 0.00 (b) 261,167.37 Facilities Management Installation 9,351,959.00 9,396,296.00 BML Agency 242,769.05 (b) 592,769.05 -------------- -------------- Investment in Affiliates $98,094,728.05 $98,750,232.42 ============== ==============
NOTES: (a) Reflects estimated realizable value of remaining assets owned, net of liabilities. (b) Dividends were received from SLC Financial Services of $260,739.85 and BML Agency of $350,000.00 during January. SCHEDULE 15.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 INVESTMENT IN COMMON STOCKS AND BOND
NUMBER OF SHARES January 31 December 31 Common Stocks (at market value): Commonwealth Industries 200 $200.00 $200.00 Churchill Downs 10,000 340,000.00 360,000.00 XRC Corp. 5,595 559.50 559.50 National Energy Group, Inc. 730 2,646.25 2,509.01 Ky Central Life Insurance Co. 463 46.30 46.30 Ky Investors 300 4,050.00 3,900.00 Worthington Industries 3,667 71,048.13 66,464.38 IMO Industries 2 7.25 6.25 Transamerica Title 10 822.50 790.00 -------------- -------------- Total common stocks $419,379.93 $434,475.44 ============== ============== Change between periods represents change in unrealized ($15,095.51) ============== Bonds - Unaffiliated: Southwestern Financial Corp. 7.0% Due 12/15/2005 40,000,000.00 40,000,000.00 -------------- -------------- Total Common Stocks & Bonds $40,419,379.93 $40,434,475.44 ============== ==============
SCHEDULE 15.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION
January 31 December 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 January 31, 1997 TAX INDEMNIFICATION
Janaury 31 December 31 Tenneco Indemnification $24,600,000.00 $24,600,000.00 ============== ==============
NOTE: ICH has announced a settlement with Tenneco, Inc. (Tenneco Settlement). Pursuant to the Tenneco Settlement, ICH and Tenneco shall mutually release all claims against each other and Tenneco shall pay to ICH the sum of $18.5 million and cancel the 9 1/2% unsecured note due 1996 of ICH. On January 16, 1997, the Bankruptcy Court approved the Tenneco Settlement. SCHEDULE 15.D I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 OTHER ASSETS
January 31 December 31 Accrued Interest on Short Term Investments $821.25 $679.87 Accrued Interest on Bonds-Unaffiliated 357,777.78 124,444.44 Accrued Interest on Notes Receivable 1,347,206.51 1,343,327.84 Allowance for loss - Ballard Texas Properties (15,514.68) (11,636.01) ------------- ------------- Total other assets $1,690,290.86 $1,456,816.14 ============= =============
SCHEDULE 15.E I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 SECURED NOTES PAYABLE
January 31 December 31 Victor Sayyah $30,000,000.00 (1) $30,000,000.00 c/o Lord, Bissell & Brook James R. Wimmer 115 South La Salle Street Chicago, IL 60603 Ozark National Life Insurance Co. 323,863.22 (2) 323,863.22 500 East 9th Kansas City MO 64106 -------------- -------------- $30,323,863.22 $30,323,863.22 ============== ==============
NOTES: (1) Secured by note receivable of $27,000,000. Unsecured in amount of $ 3,000,000. See Schedule 6.A (2) Dated 6-2-78 Mortgage Unplatted property situated in Glenwood Hall & Country Club, also known as Perry Park Resort, Owenton County Recorded in Book 75 page 576, dated 9-28-71 SCHEDULE 24.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 ACCRUED TAXES
January 31 December 31 Prepetition: Commonwealth of Kentucky 1989-1992 State Income $69,569.00 $69,569.00 Revenue Cabinet Tax Audit Frankfort, KY 40619 Intercompany payable per tax sharing agreement & other 4,728,799.00 4,728,799.00 ------------- ------------- Total prepetition accrued taxes $4,798,368.00 $4,798,368.00 ============= ============= Postpetition: Commonwealth of Kentucky 01/01/97 thru 01/31/97 $21.69 $12.02 Revenue Cabinet Sales & Use Tax Frankfort, KY 40619 ------------- ------------- Total postpetition accrued taxes $21.69 $12.02 ============= =============
SCHEDULE 25.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 UNSECURED NOTES PAYABLE
January 31 December 31 Tenneco Inc. $21,900,000.00 (a) $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 =============== ===============
NOTE: (a) ICH has announced a settlement with Tenneco, Inc. (Tenneco Settlement). Pursuant to the Tenneco Settlement, ICH and Tenneco shall mutually release all claims against each other and Tenneco shall pay to ICH the sum of $18.5 million and cancel the 9 1/2% unsecured note due 1996 of ICH. On January 16, 1997, the Bankruptcy Court approved the Tenneco Settlement. SCHEDULE 26.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 ACCRUED INTEREST
January 31 December 31 Prepetition: Accrued Interest on Secured Debt 1,584,770.86 1,584,770.86 Accrued Interest on Unsecured Debt 14,089,128.15 14,089,128.15 -------------- -------------- Total prepetition accrued interest $15,673,899.01 $15,673,899.01 ============== ============== NOTE: Interest is accrued only through October 10, 1995, the date company filed for bankruptcy. Postpetition: Accrued Interest on Secured Debt (Ozark) 36,126.30 33,788.27 -------------- -------------- Total postpetition accrued interest $36,126.30 $33,788.27 ============== ==============
SCHEDULE 27.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 OTHER LIABILITIES
January 31 December 31 PREPETITION: Fractional Shares Payable @ Bank of Louisville $179,765.09 $179,765.09 P.O. Box 1101 Louisville, KY 40201-1101 Common Stock Dividend Payable @ Bank of Louisville 200,398.57 200,398.57 P.O. Box 1101 Louisville, KY 40201-1101 Preferred Dividend Payable @ Bank of Louisville 81,064.70 81,064.70 P.O. Box 1101 Louisville, KY 40201-1101 Facilities Management Installation Inter-company account payable 6,304,530.11 6,304,530.11 Retired Employee Liability 5,565,000.00 5,565,000.00 Robert T. Shaw & C. Fred Rice (a) Independent Contractor and Services Agreement Dated February 11, 1994 5,775,000.00 5,775,000.00 Bank of Louisville 20,161.47 0.00 Trust services 9/12/95 -------------- -------------- Total of prepetition liabilities $18,125,919.94 $18,105,758.47 ============== ============== POSTPETITION: Security deposit on real estate investment $100.00 $100.00 Real Estate Expense Accrual 1,308.95 1,805.06 Facilities Management Installation 0.00 21,665.79 General Expense Accrual 5,622,871.52 (b) 467,885.19 -------------- -------------- Total of postpetition liabilities $5,624,280.47 $491,456.04 ============== ==============
Note: (a) 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. (b) Includes accruals of $225,000 for postage, $350,000 for Bank of Louisville fees, $4,200,000 for bonuses, $215,000 for KY license tax and $632,872 for professional fees. SCHEDULE 27.C I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 ACCRUAL BASIS-2 INCOME STATEMENT
Schedule Month only Period to date Reference Balance From 12/31/96 REVENUES: Interest income $1,118,833 $1,118,833 Perry Park revenues 10,583 10,583 Realized capital gains(losses) 0 0 Other income 1.B 2,056 2,056 ------------ ------------ Total revenues 1,131,472 1,131,472 ------------ ------------ EXPENSES: 9. Directors fees 0 0 11.General and administrative 5,125,098 5,125,098 ------------ ------------ 5,125,098 5,125,098 ------------ ------------ 15.Income before non-operating income and expenses (3,993,626) (3,993,626) ------------ ------------ OTHER INCOME AND EXPENSES: 16.Equity in earnings (losses) of subsidiaries 16.A (44,336) (44,336) 18.Gain (loss) on sale of subsidiary 0 0 19.Miscellaneous income (expense): 20.Interest expense 18 (2,338) (2,338) ------------ ------------ Net other income (expenses) (46,674) (46,674) ------------ ------------ REORGANIZATION EXPENSES: 23.Professional fees 23 456,326 456,326 24.U.S. Trustee fees 24 8,000 8,000 ------------ ------------ 464,326 464,326 ------------ ------------ 27.Tax expense (benefit) 27 214,102 214,102 ------------ ------------ Net income (loss) (4,718,728) (4,718,728) Change in unrealized (15,096) (15,096) Net equity (deficit) at beginning of period (22,279,152) (22,279,152) ------------ ------------ Net equity (deficit) at end of period ($27,012,976) ($27,012,976) ============ ============
I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 OTHER INCOME
Month only Period to date Balance From 12/31/96 Commission income $2,056.32 $2,056.32 --------- --------- $2,056.32 $2,056.32 ========= =========
SCHEDULE 1.B I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES
Month only Period to date Balance From 12/31/96 Care Financial Corp $0.00 $0.00 SLC Financial Services 0.00 0.00 Facilities Management Installation, Inc. (44,336.00)(a) (44,336.00) BML Agency 0.00 0.00 ----------- ----------- ($44,336.00) ($44,336.00) =========== ===========
NOTE: (a) Equity in earnings is calculated on a monthly basis only for FMI. SCHEDULE 16.A I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 INTEREST EXPENSE
Month only Period to date Balance From 12/31/96 Ozark National Life $2,338.03 $2,338.03 --------- --------- $2,338.03 $2,338.03 ========= =========
SCHEDULE 18 I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 PROFESSIONAL FEES
Month only Period to date Balance From 12/31/96 Paid & Accrued Postpetition: Paid during period: Winstead, Sechrest & Minick $79,553.52 $79,553.52 Houlihan Lokey Howard & Zukin 80,121.14 80,121.14 Gibson, Dunn & Crutcher 39,734.82 39,734.82 Pryor, Cashman 48,067.78 48,067.78 Southwest Securities 28,396.00 28,396.00 Lightfoot 15,466.15 15,466.15 ----------- ----------- Total paid for period 291,339.41 291,339.41 Change in accrual 164,986.33 164,986.33 ----------- ----------- Total reorganization professional fees $456,325.74 $456,325.74 =========== ===========
SCHEDULE 23 I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 U.S. TRUSTEE FEES
Month only Period to date Balance From 12/31/96 ICH Corporation $7,500.00 $7,500.00 CARE Financial Corp 250.00 250.00 SWL Holding Corp 250.00 250.00 --------- --------- Total $8,000.00 $8,000.00 ========= =========
SCHEDULE 24 I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 TAXES
Month only Period to date Balance From 12/31/96 State (KY) income tax $208,730.00 $208,730.00 Sales taxes 740.85 740.85 Other taxes 4,630.81 4,630.81 ----------- ----------- Total $214,101.66 $214,101.66 =========== ===========
SCHEDULE 27 I.C.H. Corporation Case No. 395-36351-RCM-11 ACCRUAL BASIS-3 Monthly Operating Report January 31, 1997 CASH RECEIPTS AND DISBURSEMENTS Cash at beginning of month $198,041,903 Receipts from operations: Interest received 885,358 Perry Park revenues 10,583 Other 2,056 ------------ 897,997 Non-operating receipts: Shaw - Tax settlement 550,000 Dividend SLC Financial Services 260,740 Dividend BML Agency 350,000 ------------ Total cash received 2,058,737 2,058,737 ------------ ------------ Total cash available 200,100,640 Cash disbursed for operations: General expenses 382,543 Taxes (898) Directors fees (see schedule at Accrual Basis-6 0 ------------ 381,645 Non-operating disbursements: 0 Cash disbursed for reorganization costs: Professional fees See schedule at Accrual Basis-6. 291,339 U.S. Trustee Fees 8,000 ------------ Total cash disbursed 680,984 680,984 ------------ ------------ Cash at end of month $199,419,656 ============
I.C.H. Corporation Case No. 395-36351-RCM-11 Monthly Operating Report January 31, 1997 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 January 31, 1997 ACCRUAL BASIS-6 PAYMENTS TO INSIDERS: Directors Fees: NONE Payments to affiliates: NONE PAYMENTS TO PROFESSIONALS: Related to reorganization: Winstead, Sechrest & Minick $79,553.52 Houlihan, Lokey, Howard & Zukin 80,121.14 Gibson, Dunn & Crutcher 39,734.82 Pryor, Cashman 48,067.78 Southwest Securities 28,396.00 Lightfoot 15,466.15 ----------- Total reorganization professional fees $291,339.41 =========== 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. CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS-7 CASE NUMBER: 395-36351-5CM-11 02/13/95 MONTH: JANUARY 1997 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-----