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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)
October 17, 1997
IMC Securities, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware 333-31197-02 59-3284026
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(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa Florida 33617-2362
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(Address of Principal (Zip Code)
Executive Offices)
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Registrant's telephone number, including area code (813) 984-8801
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(Former name or former address, if changed since last report)
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
8.1 Tax Opinion of Arter & Hadden
23.1 Consent of Coopers & Lybrand (Independent Auditors
of Financial Security Assurance Inc.)
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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 hereunto duly authorized.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
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Name: Thomas Middleton
Title: President and Chief
Operating Officer
Dated: October 20, 1997
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION PAGE NO.
<S> <C> <C>
8.1 Tax Opinion of Arter & Hadden
23.1 Consent of Coopers & Lybrand
(Independent Auditors of Financial Security
Assurance Inc.)
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Exhibit 8.1
October 20, 1997
Re: IMC Securities, Inc.
Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1997-6
Registration Statement on Form S-3 No. 333-31197
Ladies and Gentlemen:
We have acted as counsel to IMC Securities Inc. in connection with the
preparation and filing of the registration statement on Form S-3 (such
registration statement, the "Registration Statement") filed with the Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended (the
"Act"), in respect of the IMC Adjustable Rate Home Equity Loan Asset Backed
Notes, Series 1997-6 (the "Notes"). Our opinions formed the basis for the
description of federal income tax consequences appearing under the heading
"Federal Income Tax Consequences" in the prospectus supplement contained in the
Registration Statement. Such description does not purport to discuss all
possible federal income tax consequences of an investment in the Notes, but
with respect to their consequences which are discussed, it is our opinion that
the description is accurate. In addition, assuming issuance of Notes, it is our
opinion that the Notes will be characterized as debt issued by, and not equity
in, the IMC Home Equity Loan Owner Trust 1997-6 (the "Trust") and the Trust
will not be characterized as an association (or publicly traded partnership
within the meaning of Section 7704 of the Internal Revenue Code) (the "Code")
or as a taxable mortgage pool within the meaning of Section 7701(i) of the
Code.
We hereby consent to the filing of this letter as an Exhibit to the
Registration Statement and to the reference to this firm in the Registration
Statement and related prospectus supplement under the heading "Federal Income
Tax Consequences."
Very truly yours,
/s/ Arter & Hadden
Arter & Hadden
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Exhibit 23.1
[Coopers & Lybrand Letterhead]
CONSENT OF INDEPENDENT ACCOUNTANTS
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We consent to the incorporation by reference in the Prospectus Supplement dated
October 17, 1997 (To Prospectus Dated August 18, 1997) of IMC Securities, Inc.
to the IMC Home Equity Loan Owner Trust 1997-6 of our report dated January 24,
1997, on our audits of the consolidated financial statements of Financial
Security Assurance Inc. and Subsidiaries as of December 31, 1996 and 1995, and
for each of the three years in the period ended December 31, 1996. We also
consent to the reference to our Firm under the caption "Report of Experts".
/s/ Coopers & Lybrand L.L.P.
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COOPERS & LYBRAND L.L.P.
October 20, 1997
New York, New York
