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)
March 14, 1997
IMC Securities, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware 333-4911 59-3284026
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
3450 Buschwood Park Drive
Tampa Florida 33618
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(Address of Principal (Zip Code)
Executive Offices)
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Registrant's telephone number, including area code (813) 932-2211
No Change
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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, L.L.P. (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: March 14, 1997
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EXHIBIT INDEX
Exhibit No. Description Page No.
8.1 Tax Opinion of Arter & Hadden
23.1 Consent of Coopers & Lybrand, L.L.P. (Independent
Auditors of MBIA Insurance Corporation)
Exhibit 8.1
March 14, 1997
Re: IMC Securities, Inc.
Home Equity Loan Asset-Backed Pass-Through Certificates, Series 1997-2
Registration Statement on Form S-3 No. 333-4911
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 Home Equity Loan Asset-Backed Pass-Through Certificates,
Series 1997-2 (the "Certificates"). Our advice 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 Certificates but
with respect to those tax consequences which are discussed, it is our opinion
that the description is accurate. In addition, assuming (i) the REMIC elections
are made, (ii) the Pooling and Servicing Agreement is fully executed, delivered
and enforceable against the parties thereto in accordance with its terms, (iii)
the transaction described in the prospectus supplement is completed on
substantially the terms and conditions set forth therein, and (iv) continuing
compliance with the Pooling and Servicing Agreement, it is our opinion that, for
federal income tax purposes, the REMIC created by the Pooling and Servicing
Agreement will be treated as a REMIC, the Class A Certificates will be treated
as "regular interests" in such REMIC and the Class R Certificates will be the
sole "residual interests" in the such REMIC.
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
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Arter & Hadden
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 January 22, 1996, on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries as of December 31,
1995 and 1994 and for each of the three years in the period ended December 31,
1995. 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.
March 14, 1997
New York, New York
