<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
BALANCED CARE CORPORATION
(Name of Issuer)
COMMON SHARES
(Title of Class of Securities)
057630-10-5
(CUSIP Number)
IPC ADVISORS S.A.R.L.
28 RUE JEAN BAPTISTE FRESEZ, L-1542 LUXEMBOURG
TEL. NO.: 011-352-262-0471
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
COPIES TO:
RORY GREISS, ESQ.
KAYE, SCHOLER, FIERMAN, HAYS & HANDLER, LLP
425 PARK AVENUE
NEW YORK, NEW YORK 10022
(212) 836-8000
NOVEMBER 6, 2000
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
Page 1 of 60 Pages.
<PAGE> 2
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 2 of 60 Pages.
<PAGE> 3
SCHEDULE 13D
-------------------------- --------------------------
CUSIP NO. 057630-10-5 PAGE 3 OF 60 PAGES
------ -----
-------------------------- --------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
IPC Advisors
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
18,212,100
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 18,212,100
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,212,100
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
53.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
--------------------------------------------------------------------------------
<PAGE> 4
SCHEDULE 13D
-------------------------- ------------------------
CUSIP NO. 057630-10-5 PAGE 4 OF 60 PAGES
------ -----
-------------------------- ------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
LXB Investments Limited
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
18,212,100
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 18,212,100
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,212,100
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
53.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-------------------------------------------------------------------------------
<PAGE> 5
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 057630-10-5 PAGE 5 OF 60 PAGES
------ -----
-------------------------- -------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lillian Trust
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
18,212,100
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 18,212,100
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,212,100
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
53.3%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-------------------------------------------------------------------------------
<PAGE> 6
SCHEDULE 13D
-------------------------- ---------------------------
CUSIP No. 057630-10-5 PAGE 6 OF 60 PAGES
------- ------
-------------------------- ---------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
VXM Investments Limited
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
2,333,333.5
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 2,333,333.5
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,333,333.5
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.39%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-------------------------------------------------------------------------------
<PAGE> 7
SCHEDULE 13D
-------------------------- --------------------------
CUSIP No. 057630-10-5 PAGE 7 OF 60 PAGES
------ -----
-------------------------- --------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Vivian Trust
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
2,333,333.5
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 2,333,333.5
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,333,333.5
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.39%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-------------------------------------------------------------------------------
<PAGE> 8
SCHEDULE 13D
-------------------------- ---------------------------
CUSIP NO. 057630-10-5 PAGE 8 OF 60 PAGES
----- ----
-------------------------- ---------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
RH Investments Limited
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
2,333,333.5
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 2,333,333.5
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,333,333.5
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.39%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-------------------------------------------------------------------------------
<PAGE> 9
SCHEDULE 13D
-------------------------- ------------------------
CUSIP NO. 057630-10-5 PAGE 9 OF 60 PAGES
------ ----
-------------------------- ------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Rachel Trust
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
2,333,333.5
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 2,333,333.5
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,333,333.5
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.39%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-------------------------------------------------------------------------------
<PAGE> 10
SCHEDULE 13D
-------------------------- ------------------------
CUSIP NO. 057630-10-5 PAGE 10 OF 60 PAGES
----- -----
-------------------------- ------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
HR Investments Limited
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
2,333,333
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 2,333,333
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,333,333
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.39%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-------------------------------------------------------------------------------
<PAGE> 11
SCHEDULE 13D
-------------------------- ------------------------
CUSIP NO. 057630-10-5 PAGE 11 OF 60 PAGES
------- ----
-------------------------- ------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Henry Trust
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey Channel Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
2,333,333
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 2,333,333
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,333,333
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.39%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-------------------------------------------------------------------------------
<PAGE> 12
SCHEDULE 13D
-------------------------- ------------------------
CUSIP NO. 057630-10-5 PAGE 12 OF 60 PAGES
----- ----
-------------------------- ------------------------
-------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
RBC Trustees (Guernsey) Limited
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS) (a) [X]
(b) [ ]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
-----------------------------------------------------------------
SHARES SHARED VOTING POWER
8
BENEFICIALLY
25,212,100; 18,212,100 as trustee of the Lillian Trust;
2,333,333.5 as trustee of the Rachel Trust; 2,333,333.5 as
trustee of the Vivian Trust; 2,333,333 as trustee of the
Henry Trust
OWNED BY -----------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
0
REPORTING ----------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON 10
WITH 25,212,100; 18,212,100 as trustee of the Lillian Trust;
2,333,333.5 as trustee of the Rachel Trust; 2,333,333.5 as
trustee of the Vivian Trust; 2,333,333 as trustee of the
Henry Trust
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,212,100; 18,212,100 as trustee of the Lillian Trust;
2,333,333.5 as trustee of the Rachel Trust; 2,333,333.5 as
trustee of the Vivian Trust; and 2,333,333 as trustee of the
Henry Trust
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
61.2%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-------------------------------------------------------------------------------
<PAGE> 13
The Reporting Persons set forth on the cover pages hereto hereby amend the
report on Schedule 13D filed in respect of the events of July 21, 2000 (the
"Schedule 13D") in respect of the Common Stock, par value $0.001 per share, of
Balanced Care Corporation, a Delaware corporation, as set forth below. Unless
otherwise indicated, each capitalized term used but not defined herein has the
meaning ascribed to such term in the Schedule 13D.
Item 4 of the Schedule 13D is hereby amended and restated in its entirety as
follows:
"Item 4. Purpose of Transaction.
The Reporting Persons have acquired the Common Stock for investment
purposes. The Reporting Persons will continuously evaluate their ownership of
Common Stock and the Issuer's business and industry. Depending on market
conditions and other factors that the Reporting Persons may deem material to
their investment decision, each of the Reporting Persons may from time to time
acquire additional shares of Common Stock in the open market or in privately
negotiated transactions or may dispose of all or a portion of the shares of
Common Stock that such Reporting person now owns or may hereafter acquire.
Accordingly, the Reporting Persons should not be considered passive investors.
On November 6, 2000, HR Investments, RH Investments and VXM Investments
(collectively, the "Lenders") agreed to loan the Issuer up to $8.0 million
dollars, with the proceeds to be used by the Issuer to retire debt and for
working capital (the "Loan"). The Loan has a maturity date of January 31, 2001
and is secured by a pledge of the stock of certain of the Issuer's
subsidiaries.
Also on November 6, 2000, IPC Advisors and the Issuer entered into a letter
agreement (the "Letter Agreement") pursuant to which, IPC Advisors indicated
that it would consider making an offer of $1.00 per common share in cash for the
entire equity interest in the Issuer not already owned by IPC Advisors, subject
to the completion of due diligence satisfactory to IPC Advisors in its sole
discretion, and to the negotiation and execution of mutually satisfactory
definitive documentation (the "Proposed Offer"). Under the Letter Agreement, in
consideration of the Lenders' willingness to make the Loan and in further
consideration of IPC Advisors incurring time and expense in conducting due
diligence, the Issuer agreed to amend Section 6.8 of the Subscription Agreement
dated as of October 8, 1999 between the Issuer and IPC Advisors to permit IPC
Advisors to make the Proposed Offer and, subject to the fiduciary duties of the
Issuer's board of directors, not to solicit, participate in discussions or
negotiations concerning or furnish information to any person other than IPC
Advisors until January 15, 2001. In addition, the Special Committee of the board
of directors of the Issuer confirmed that it had determined that the
consideration of $1.00 per share in cash for each share of the Company's
outstanding common stock not owned by IPC Advisors and its affiliates was
advisable and fair to the stockholders of the Issuer and, subject to negotiation
of definitive agreements relating to the Proposed Offer acceptable to the
Special Committee, the Special Committee would recommend that the board of
directors of the Issuer approve and adopt such definitive agreements and the
Special Committee would then recommend that stockholders of the Issuer tender
into and/or vote to approve and adopt such definitive agreements. In the Letter
Agreement, the Issuer acknowledged that IPC Advisors would not be under any
obligation to make such Proposed Offer. The Special Committee has received an
opinion from Raymond James and Associates, Inc., its financial advisors, to the
effect that, subject to certain assumptions, limitations and qualifications,
cash consideration of $1.00 per share is fair to the stockholders of the Issuer
from a financial point of view.
Excluding the Loan Agreement and the Letter Agreement discussed above, none
of the Reporting Persons currently has any plans or proposals, though each
Reporting Person reserves the right, subject to the terms and conditions of the
Subscription Agreement, to subsequently devise or implement plans or
Page 13 of 60 Pages
<PAGE> 14
proposals, which relate to or would result in: (a) the acquisition by any person
of additional securities of the Issuer, or the disposition of securities of the
Issuer; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer or any of
its subsidiaries; (d) any change in the present board of directors or management
of the Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the Issuer; (f) any
other material change in the Issuer's business or corporate structure; (g)
changes in the Issuer's charter, bylaws or instruments corresponding thereto or
other actions which may impede the acquisition of control of the Issuer by any
person; (h) causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) a class of equity securities of the Issuer becoming eligible for termination
of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of
1934 (the "Exchange Act"); or (j) any action similar to any of those enumerated
above."
Item 7. Material to be Filed as Exhibits.
Exhibit 1. Letter Agreement, dated November 6, 2000, by and among IPC
Advisors, the Issuer and the Special Committee of the board of directors of the
Issuer.
Exhibit 2. Promissory Note, dated November 6, 2000, made by the Issuer,
to the order of RH Investments Limited.
Exhibit 3. Promissory Note, dated November 6, 2000, made by the Issuer,
to the order of HR Investments Limited.
Exhibit 4. Promissory Note, dated November 6, 2000, made by the Issuer,
to the order of VXM Investments Limited.
Exhibit 5. Amendment and Joinder to Stock Pledge Agreement, dated
November 6, 2000, between the Issuer and its subsidiaries, certain other
companies and the secured parties thereto.
SIGNATURE
After reasonable inquiry and, to the best of my knowledge and belief, I
certify that the information set forth on this statement is true, complete and
correct.
Dated: November 13, 2000
IPC Advisors S.a.r.l.
By: /s/ J.B. Unsworth
------------------------------------
Name: J. B. Unsworth
Title: Director
Page 14 of 60 Pages
<PAGE> 15
Dated: November 13, 2000 LXB Investments Limited
By: /s/ J. B. Unsworth
---------------------------------
Name: J. B. Unsworth
Title: Director
Lillian Trust by The Monument Trust
Company Limited in its capacity as
Trustee
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
The Monument Trust Company Limited
in its capacity as Trustee of the
Lillian Trust
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
VXM Investments Limited
By: /s/ J. B. Unsworth
---------------------------------
Name: J. B. Unsworth
Title: Director
Vivian Trust by The Monument Trust
Company Limited in its capacity as
Trustee
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
The Monument Trust Company Limited
in its capacity as Trustee of the
Vivian Trust
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
Page 15 of 60 Pages
<PAGE> 16
Dated: November 13, 2000 RH Investments Limited
By: /s/ J. B. Unsworth
---------------------------------
Name: J. B. Unsworth
Title: Director
Rachel Trust by RBC Trustees
(Guernsey) Limited in its capacity as
Trustee
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
RBC Trustees (Guernsey) Limited
in its capacity as Trustee of the
Rachel Trust
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
HR Investments Limited
By: /s/ J. B. Unsworth
---------------------------------
Name: J. B. Unsworth
Title: Director
Henry Trust by RBC Trustees
(Guernsey) Limited in its capacity
as Trustee
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
RBC Trustees (Guernsey) Limited
in its capacity as Trustee of the
Henry Trust
By: /s/ G. R. LePage
---------------------------------
Name: G. R. LePage
Title: Director
Page 16 of 60 Pages.
