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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)
December 22, 1997
IMC Securities, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-31197-03 59-3284026
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa Florida 33617-2362
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(Address of Principal Executive Offices) (Zip Code)
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 LLP
23.1 Consent of Coopers & Lybrand (Independent Auditors
of MBIA Insurance Corporation)
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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: December 22, 1997
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
<S> <C> <C>
8.1 Tax Opinion of Arter & Hadden LLP
23.1 Consent of Coopers & Lybrand L.L.P.
(Independent Auditors of MBIA Insurance Corporation)
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Exhibit 8.1
December 22, 1997
Re: IMC Securities, Inc.
Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1997-8
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 1997-8 (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 1997-8 (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 LLP
Arter & Hadden LLP
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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 this Prospectus Supplement of
our report dated February 3, 1997, on our audits of the consolidated financial
statements of MBIA Insurance Corporation 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.
New York, New York
December 22, 1997
