<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
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
SEPTEMBER 13, 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 17 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 17 Pages.
<PAGE> 3
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 3 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
IPC Advisors S.A.R.L.
-----------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INTRUCTIONS)
(a)[ ]
(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
0
--------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 17,972,400
SHARES -------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING --------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
17,972,400
-----------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,972,400
-----------------------------------------------------------------------------------------
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)
52.6%
-----------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 4 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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)[ ]
(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
0
------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 17,972,400
SHARES -------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING ------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
17,972,400
-----------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,972,400
-----------------------------------------------------------------------------------------
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)
52.6%
-----------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 5 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lilian Trust
-----------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INTRUCTIONS)
(a)[ ]
(b)[ ]
-----------------------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-----------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 17,972,400
SHARES -------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING -------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
17,972,400
-----------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,972,400
-----------------------------------------------------------------------------------------
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)
52.6%
-----------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
SCHEDULE 13D
<TABLE>
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CUSIP NO. 057630-10-5 PAGE 6 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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 INTRUCTIONS)
(a)[ ]
(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
Cayman Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 2,333,333.5
SHARES -------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING -------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
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
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 7 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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 INTRUCTIONS)
(a)[ ]
(b)[ ]
-----------------------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-----------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 2,333,333.5
SHARES -------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING -------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
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
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 8 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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 INTRUCTIONS)
(a)[ ]
(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
Cayman Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 2,333,333.5
SHARES -------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING --------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
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
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 9 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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 INTRUCTIONS)
(a)[ ]
(b)[ ]
-----------------------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
N/A
-----------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
-----------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Guernsey, Channel Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 2,333,333.5
SHARES --------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING --------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
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
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 10 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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 INTRUCTIONS)
(a)[ ]
(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
Cayman Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 2,333,333
SHARES -------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING -------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
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
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 11 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 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 INTRUCTIONS)
(a)[ ]
(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
Guernsey Channel Islands
-----------------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-------------------------------------------------------------------------
8 SHARED VOTING POWER
NUMBER
OF 2,333,333
SHARES -------------------------------------------------------------------------
BENEFICIALLY SOLE DISPOSITIVE POWER
OWNED BY 9
EACH 0
REPORTING -------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
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
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
SCHEDULE 13D
<TABLE>
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CUSIP NO. 057630-10-5 PAGE 12 OF 17 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
The Monument Trust Company Limited
------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a)[ ]
(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
0
------------------------------------------------------------------------
8 SHARED VOTING POWER
24,972,400; 17,972,400 as trustee of the
Lillian Trust; 2,333,333.5 as trustee of
NUMBER the Rachel Trust; 2,333,333.5 as trustee
OF of the Vivian Trust; and 2,333,333 as
SHARES trustee of the Henry Trust
BENEFICIALLY ------------------------------------------------------------------------
OWNED BY SOLE DISPOSITIVE POWER
EACH 9
REPORTING 0
PERSON ------------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
24,972,400; 17,972,400 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
------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,972,400; 17,972,400 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)
60.6%
------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
------------------------------------------------------------------------------------------
</TABLE>
<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 3. of the Schedule 13D is hereby amended and restated in its entirety as
follows:
"Item 3. Source and Amount of Funds or Other Consideration.
IPC Advisors entered into a subscription agreement with the Issuer on
October 8, 1999, as amended and restated on October 11, 1999 (the "Subscription
Agreement"), structured in two phases. In the first phase of the transaction, on
October 11, 1999, IPC Advisors purchased 3,300,000 shares of the Series C
Convertible Preferred Stock of the Issuer (the "Preferred Stock") for an
aggregate purchase price of $4,125,000 convertible into Common Stock on a
one-to-one basis.
IPC Advisors obtained the funds for the purchase of the Preferred Stock
through a loan from Canary Investments S.A.R.L., a Luxembourg corporation and a
sister corporation of IPC Advisors.
In the second phase of the transaction, on December 21, 1999, the
shareholders of the Issuer approved IPC Advisors' purchase of 13,400,000 newly
issued shares of Common Stock for an aggregate purchase price of $16,750,000
pursuant to the Subscription Agreement, and IPC Advisors and the Issuer
completed the approved transaction. In connection therewith, 3,300,000 shares of
Preferred Stock previously purchased by IPC Advisors pursuant to the
Subscription Agreement were converted into 3,300,000 newly issued shares of
Common Stock. As a result of these transactions and certain subsequent open
market purchases, IPC Advisors presently owns 17,040,000 shares of Common Stock,
representing approximately 49.8% of the equity interest in the Issuer.
IPC Advisors obtained the funds for the purchase of the Common Stock from
its working capital.
Effective June 30, 2000, RH Investments entered into a purchase agreement
with the Issuer pursuant to which the Issuer issued to RH Investment on July 31,
2000 an unsecured convertible grid debenture in the principal amount of
$4,666,667, which debenture is convertible into 2,333,333.5 shares of Common
Stock at a conversion price of $2.00 per share of Common Stock.
Effective June 30, 2000, VXM Investments entered into a purchase
agreement with the Issuer pursuant to which the Issuer issued to VXM Investments
on July 31, 2000 an unsecured convertible grid debenture in the principal amount
of $4,666,667, which debenture is convertible into 2,333,333.5 shares of Common
Stock at a conversion price of $2.00 per share of Common Stock.
Effective June 30, 2000, HR Investments entered into a purchase agreement
with the Issuer pursuant to which the Issuer issued to HR Investments on July
31, 2000 an unsecured convertible grid debenture in the principal amount of
$4,666,666, which debenture is convertible into 2,333,333 shares of Common Stock
at a conversion price of $2.00 per share of Common Stock.
On September 13, 2000, IPC Advisors purchased 932,400 shares of Common
Stock in over-the-counter brokered transactions. The purchase price for such
shares of Common Stock was $1.00 per share. IPC Advisors obtained the funds for
the purchase of the Common Stock from its working capital."
Page 13 of 17 Pages
<PAGE> 14
Item 5 of the Schedule 13D is hereby amended and restated in its entirety as
follows:
"Item 5. Interest in Securities of the Issuer.
a. IPC Advisors directly holds 17,972,400 shares of Common Stock. LXB
Investments, the Lillian Trust and the Trustee may each, pursuant to Rule 13d-3
of the Exchange Act, be deemed to be the beneficial owners of such shares.
b. IPC Advisors, LXB Investments, the Lillian Trust and the Trustee have
shared voting and investment power with respect to the 17,972,400 shares of
Common Stock, which represent approximately 52.6% of the issued and outstanding
shares of Common Stock. IPC Advisors, LXB Investments, the Lillian Trust and the
Trustee may be deemed to control the Issuer.
c. RH Investments directly holds 2,333,333.5 shares of Common Stock. The
Rachel Trust and the Trustee may each, pursuant to Rule 13d-3 of the Exchange
Act, be deemed to be the beneficial owners of such shares.
d. RH Investments, the Rachel Trust and the Trustee have shared voting
and investment power with respect to the 2,333,333.5 shares of Common Stock.
e. VXM Investments directly holds 2,333,333.5 shares of Common Stock. The
Vivian Trust and the Trustee may each, pursuant to Rule 13d-3 of the Exchange
Act, be deemed to be the beneficial owners of such shares.
f. VXM Investments, the Vivian Trust and the Trustee have shared voting
and investment power with respect to the 2,333,333.5 shares of Common Stock.
g. HR Investments directly holds 2,333,333 shares of Common Stock. They
Henry Trust and the Trustee may each, pursuant to Rule 13d-3 of the Exchange
Act, be deemed to be the beneficial owners of such shares.
h. HR Investments, the Henry Trust and the Trustee have shared voting and
investment power with respect to the 2,333,333 shares of Common Stock.
i. The Trustee may, pursuant to Rule 13d-3 of the Exchange Act, be deemed
to be the beneficial owner of those shares directly held by IPC Advisors, RH
Investments, VXM Investments and HR Investments equaling in the aggregate
24,972,400 shares of Common Stock, which represent approximately 60.6% of the
issued and outstanding shares of Common Stock. Together, the Reporting Persons
may be deemed to control the Issuer."
Page 14 of 17 Pages
<PAGE> 15
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: September 15, 2000
IPC Advisors S.A.R.L.
By: /s/ J.B. UNSWORTH
---------------------
Name: J.B. Unsworth
Title: Director
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
Page 15 of 17 Pages
<PAGE> 16
Dated: September 15, 2000
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 16 of 17 Pages
<PAGE> 17
Dated: September 15, 2000
RH Investments Limited
By: /s/ J.B. UNSWORTH
-----------------------
Name: J.B. Unsworth
Title: Director
Rachel 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 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 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 Henry Trust
By: /s/ G.R. LEPAGE
----------------------
Name: G.R. LePage
Title: Director
Page 17 of 17 Pages
