<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
JULY 21, 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 15 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 15 pages.
<PAGE> 3
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 3 of 15 Pages
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
IPC Advisors S.A.R.L.
-------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [ ]
2 INSTRUCTIONS) (b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4 N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Luxembourg
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 17,040,000
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
17,040,000
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
17,040,000
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
49.8%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 4 of 15 Pages
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
LMR Investments Limited
-------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
2 INSTRUCTIONS)
(b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 17,040,000
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
17,040,000
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
17,040,000
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
49.8%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 5 of 15 Pages
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
The LMR Family Trust
-------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 0
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
0
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 6 of 15 Pages
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Caledonian Bank & Trust Limited
-------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 0
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
0
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 7 of 15 Pages
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
IPC Equity Holdings Limited
-------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
The Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 17,040,000
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
17,040,000
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
17,040,000
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
49.8%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 8 of 15 Pages
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
LMR Trust
-------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Guernsey, Channel Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 17,040,000
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
17,040,000
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
17,040,000
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
49.8%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
SCHEDULE 13D
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CUSIP NO. 057630-10-5 Page 9 of 15 Pages
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NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
The Monument Trust Company Limited
-------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Guernsey, Channel Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ----------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 17,040,000
REPORTING ----------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
----------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
17,040,000
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
17,040,000
-------------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
12 SHARES (SEE INSTRUCTIONS) [ ]
-------------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
49.8%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
IPC Advisors S.A.R.L., a Luxembourg corporation ("IPC Advisors"), LMR
Investments Limited, a Cayman Islands corporation ("LMR Investments"), The LMR
Family Trust, a Cayman Islands trust (the "Family Trust"), Caledonian Bank &
Trust Limited, a Cayman Islands corporation (the "Family Trustee"), IPC Equity
Holdings Limited, a Cayman Islands corporation ("IPC Equity"), LMR Trust, a
Guernsey, Channel Islands trust ("LMR Trust") and The Monument Trust Company
Limited, a Guernsey, Channel Islands corporation ("LMR Trustee" and,
collectively with IPC Advisors, LMR Investments, IPC Equity, the Family Trust,
the Family Trustee and LMR Trust, the "Reporting Persons") hereby amend the
report on Schedule 13D filed on October 21, 1999, as amended by Amendment No. 1
to Schedule 13D filed on December 23, 1999 (the "Schedule 13D") in respect of
the common stock, par value $0.001 per share (the "Common Stock") of Balanced
Care Corporation, a Delaware corporation (the "Issuer"), as set forth below.
Unless otherwise indicated, each capitalized term used herein but not defined
herein shall have the meaning ascribed to such term in the Schedule 13D.
Item 2. Identity and Background.
a. The names of the persons filing this statement are IPC Advisors
S.A.R.L., a Luxembourg corporation ("IPC Advisors"), LMR Investments Limited, a
Cayman Islands corporation ("LMR Investments"), The LMR Family Trust, a Cayman
Islands trust (the "Family Trust"), Caledonian Bank & Trust Limited, a Cayman
Islands corporation (the "Family Trustee"), IPC Equity Holdings Limited, a
Cayman Islands corporation ("IPC Equity"), LMR Trust, a Guernsey, Channel
Islands trust ("LMR Trust") and The Monument Trust Company Limited, a Guernsey,
Channel Islands corporation ("LMR Trustee" and, collectively with IPC Advisors,
LMR Investments, the Family Trust, the Family Trustee and LMR Trust, the
"Reporting Persons"). On June 2, 2000, the Family Trust contributed 100% of the
outstanding capital stock of LMR Investments to IPC Equity, a wholly-owned
subsidiary of the Family Trust. On July 21, 2000, the Family Trust transferred
100% of the outstanding capital stock of IPC Equity to LMR Trust. The LMR
Trustee is the trustee of the LMR Trust. The Family Trust and the Family
Trustee no longer have voting or dispositive power over the Common Stock of the
Issuer.
The LMR Trustee has discretion regarding investment and voting
decisions as trustee for the LMR Trust. The Family Trustee has discretion
regarding investment and voting decisions as trustee for the Family Trust. LMR
Protector Limited, a Cayman Islands corporation, is the protector of the Family
Trust and the LMR Trust and has the power under the trust declarations to
remove or replace the LMR Trustee and the Family Trustee.
The names of the directors of IPC Advisors are Henry Reichmann and J.B.
Unsworth. The names of the directors and executive officers of the Family
Trustee are W.S. Walker, D.G. Bird, G.J.R. Stein, A.J.E. Foster, D.S. Sargison,
D.J.V. Burge, D.S. Walker, B.G.H. McGrath, Vijayabalan Murugesu and F.M. Barrie.
The names of the directors and executive officers of the LMR Trustee are Simon
Brooks, Stephen John Harlow, Simon Richard Henning, Geoffrey Robert Le Page,
Andrew John Tabemer, Ansel Edwin Holder and Kenneth Rayner. The names of the
directors of LMR Investments and IPC Equity are Henry Reichmann and J.B.
Unsworth. The names of the directors of LMR Protector Limited are Henry
Reichmann and J.B. Unsworth.
b. The business address of IPC Advisors is IPC Advisors S.A.R.L., 28
rue Jean Baptiste Fresez, L-1542 Luxembourg. The business address of
Page 10 of 15 pages.
<PAGE> 11
each of the directors of IPC Advisors is IPC Advisors S.A.R.L. c/o Unsworth &
Associates, Herengracht 483, 1017 BT, Amsterdam, The Netherlands.
The business address for each of LMR Investments and IPC Equity is c/o
Unsworth & Associates, Herengracht 483, 1017 BT, Amsterdam, The Netherlands. The
business address of J.B. Unsworth and Henry Reichmann is c/o Unsworth &
Associates, Herengracht 483, 1017 BT, Amsterdam, The Netherlands. The business
address of the LMR Trust is c/o The Monument Trust Company Limited, P.O. Box
236, Canada Court, St. Peter Port, Guernsey, Channel Islands, GY1 4LE. The
business address of the Family Trust is Caledonian House, Jennette Street, P.O.
Box 1043, George Town, Grand Cayman, Cayman Islands.
The business address of the LMR Trustee is The Monument Trust Company
Limited, P.O. Box 236, Canada Court, St. Peter Port, Guernsey, Channel Islands,
GY1 4LE. The business address of each of the directors and executive officers
of the LMR Trustee is as follows:
<TABLE>
<S> <C>
Simon Brooks 14 New Street, St. Peter Port, Guernsey
Stephen John Harlow 14 New Street, St. Peter Port, Guernsey
Simon Richard Henning 14 New Street, St. Peter Port, Guernsey
Geoffrey Robert Le Page 14 New Street, St. Peter Port, Guernsey
Andrew John Tabemer 14 New Street, St. Peter Port, Guernsey
Ansel Edwin Holder Canada Court, Upland Road, St. Peter Port, Guernsey
Kenneth Rayner Canada Court, Upland Road, St. Peter Port, Guernsey
</TABLE>
The business address of the Family Trustee is Caledonian House,
Jennette Street, P.O. Box 1043, George Town, Grand Cayman, Cayman Islands. The
business address of each of the directors and executive officers of the Family
Trustee is Caledonian House, Jennette Street, P.O. Box 1043, George Town, Grand
Cayman, Cayman Islands.
The business address of LMR Protector Limited is Walker House, P.O.
Box 265, Mary Street, George Town, Grand Cayman. The business address of each
of the directors and executive officers of LMR Protector Limited is c/o
Unsworth & Associates, Herengracht 483, 1017 BT, Amsterdam, The Netherlands.
c. IPC Advisors, LMR Investments Limited and IPC Equity are
corporations whose principal business is to hold, finance and participate in
investments. Each of the Family Trust and the LMR Trust is a trust whose
principal business is to hold assets on behalf of beneficiaries of the trust.
Each of the Family Trustee and the LMR Trustee is a corporation whose principal
business is to provide professional trustee and corporate management services.
The present principal occupation of each of the officers and directors
of IPC Advisors is a private investor. The present principal occupation of each
of the directors of LMR Investments and IPC Equity is a corporate executive.
The present principal occupation of each of the directors and
executive officers of the LMR Trustee is as follows:
Page 11 of 15 pages.
<PAGE> 12
<TABLE>
<S> <C>
Simon Brooks Chartered Accountant
Stephen John Harlow Chartered Accountant
Simon Richard Henning Chartered Accountant
Geoffrey Robert Le Page Accountant
Andrew John Tabemer Chartered Accountant
Ansel Edwin Holder Managing Director - Banking
Kenneth Rayner Head of Trust for British Isles
</TABLE>
The present principal occupation of each of the directors and
executive officers of the Family Trustee is:
<TABLE>
<S> <C>
W.S. Walker Chairman of the Family Trustee
D.G. Bird Non-executive Director of Family Trustee
G.J.R. Stein Attorney-at-law with W.S. Walker & Company
A.J.E. Foster Attorney-at-law with W.S. Walker & Company
D.S. Sargison Managing Director of Trustee
D.J.V. Burge Managing Director of Family Caledonian (Isle
of Man) Limited
D.S. Walker Assisting Managing Director of Family Trustee
B.G.H. McGrath Assisting Managing Director of Family Trustee
Vijayabalan Murugesu Assisting Managing Director of Family Trustee
F.M. Barrie Assistant Secretary of Family Trustee
</TABLE>
The present principal occupation of Joseph Reichmann is a corporate
executive.
d. During the past five years, none of the persons referred to in
paragraph (a) above has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
e. During the past five years, none of the persons referred to in
paragraph (a) above has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and, as a result of such
proceeding, was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
f. IPC Advisors is organized under the laws of Luxembourg. LMR
Investments and IPC Equity are organized under the laws of the Cayman Islands.
Each of the directors of IPC Advisors is a Canadian citizen. Each of
the directors of LMR Investments and IPC Equity is a Canadian citizen.
The LMR Trust is organized under the laws of Guernsey, Channel Islands.
The LMR Trustee is organized under the laws of Guernsey, Channel Islands. Each
of the directors and executive officers of the LMR Trustee is a British citizen.
The Family Trust is organized under the laws of the Cayman Islands. The
Family Trustee is organized under the laws of the Cayman Islands. The directors
and executive officers of the Family Trustee have the following citizenship:
<TABLE>
<S> <C>
W.S. Walker Cayman Islands
D.G. Bird Cayman Islands
G.J.R. Stein United Kingdom
A.J.E. Foster United Kingdom
D.S. Sargison United Kingdom
D.J.V. Burge United Kingdom
D.S. Walker Cayman Islands
B.G.H. McGrath Republic of Ireland
Vijayabalan Murugesu Malaysia
F.M. Barrie United Kingdom
</TABLE>
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended and restated as follows:
IPC Advisors acquired the Common Stock of the Issuer for investment
purposes. IPC Advisors will continuously evaluate its ownership of Common Stock
and the Issuer's business and industry. Depending on market conditions and other
factors that IPC Advisors may deem material to their investment decision, IPC
Advisors 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 IPC Advisors now owns or may
hereafter acquire. Accordingly, IPC Advisors should not be considered a passive
investor.
Page 12 of 15 pages.
<PAGE> 13
As described in the Issuer's Current Report filed on July 19, 2000, HR
Investments Limited, RH Investments Limited and VXM Investments Limited, each a
Cayman Island corporation (collectively, the "Purchasers"), each entered into a
Purchase Agreement, dated as of June 30, 2000, with the Issuer under which the
Purchasers agreed to purchase from the Issuer Unsecured Convertible Grid
Debentures in an aggregate principal amount equal to $14,000,000 (the
"Debenture Transactions"). The Reporting Persons may be considered part of a
"group" with the Purchasers.
Other than the Debenture Transactions, IPC Advisors currently has no
plans or proposals, though IPC Advisors reserves the right, subject to the terms
and conditions of the Subscription Agreement, to subsequently devise or
implement plans or 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 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and restated as follows:
(a) IPC Advisors directly holds 17,040,000 shares of Common Stock
which represent approximately 49.8% of the issued and
outstanding shares of Common Stock. The LMR Trust and the LMR
Trustee are, pursuant to Rule 13d-3 of the Exchange Act, no
longer deemed to be the beneficial owners of such shares.
Page 13 of 15 pages.
<PAGE> 14
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: July 27, 2000
IPC Advisors S.A.R.L.
By: /s/ J.B. Unsworth
---------------------------
Name: J.B. Unsworth
Title: Manager
LMR Investments Limited
By: /s/ J.B. Unsworth
---------------------------
Name: J.B. Unsworth
Title: Director
The LMR Family Trust by Caledonian
Bank & Trust Limited in its capacity
as Trustee
By: /s/ Fiona M. Barrie
---------------------------
Name: Fiona M. Barrie
Title: Officer
By: /s/ David Sargison
---------------------------
Name: David Sargison
Title: Managing Director
Caledonian Bank & Trust Limited in
its capacity as Trustee of The LMR
Family Trust
By: /s/ Fiona M. Barrie
---------------------------
Name: Fiona M. Barrie
Title: Officer
By: /s/ David Sargison
---------------------------
Name: David Sargison
Title: Managing Director
Page 14 of 15 pages.
<PAGE> 15
LMR Trust by The Monument Trust
Company Limited in its capacity
as Trustee
By: /s/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
The Monument Trust Company Limited
in its capacity as Trustee of LMR
Trust
By: /s/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
Page 15 of 15 pages.
