================================================================================
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)
June 22, 1998
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-48429-02 59-3284026
- ---------------------------- ------------------------ -------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa Florida 33617-2362
---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (813) 984-8801
--------------
-------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
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)
<PAGE>
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
--------------------------------------------
Name: Thomas Middleton
Title: President and Chief Operating Officer
Dated: June 22, 1998
<PAGE>
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)
</TABLE>
Exhibit 8.1
June 22, 1998
Re: IMC Securities, Inc.
Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1998-4
Registration Statement on Form S-3 No. 333-48429
Ladies and Gentlemen:
We have acted as counsel to IMC Securities Inc. (the "Depositor") 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 1998-4 (the "Notes"). Our advice formed the basis for
the description of the 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 those tax consequences which are discussed, it is our opinion that
the Notes will be treated as newly originated debt obligations of IMC Home
Equity Loan Owner Trust 1998-4 (the "Issuer") and not as representing an
ownership interest in the assets included in the trust estate or an equity
interest in the Issuer, the Depositor or the Seller. In addition, for federal
income tax purposes, the Issuer will not be classified (i) as an association
taxable as a corporation, (ii) a taxable mortgage pool as defined in Section
7701(i) of the Internal Revenue Code of 1986, as amended, or (iii) a "publicly
traded partnership" as defined in Treasury Regulation Section 1.7704-1.
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
Exhibit 23.1
[Coopers & Lybrand Letterhead]
CONSENT OF INDEPENDENT ACCOUNTANTS
---------------
We consent to the incorporation by reference in this Prospectus Supplement of
our report dated February 3, 1998, on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries as of December 31,
1997 and 1996, and for each of the three years in the period ended December 31,
1997. We also consent to the reference to our Firm under the caption "Report of
Experts".
/s/ Coopers & Lybrand L.L.P.
----------------------------
Coopers & Lybrand L.L.P.
New York, New York
June 22, 1998
