<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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 31, 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 20 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 20 Pages.
<PAGE> 3
SCHEDULE 13D
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CUSIP NO. 057630-10-5 PAGE 3 OF 20 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) [X]
INSTRUCTIONS) (b) [ ]
2
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
WC
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO ITEM 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
SHARES (SEE INSTRUCTIONS) [ ]
12
-------------------------------------------------------------------------------------
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 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
LXB Investments Limited
-------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
2
-------------------------------------------------------------------------------------
SEC USE ONLY
3
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ---------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY
EACH 8
REPORTING 17,040,000
PERSON ---------------------------------------------------------------------
WITH SOLE DISPOSITIVE POWER
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 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Lillian Trust
-------------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE (a) [X]
INSTRUCTIONS) (b) [ ]
2
-------------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS)
4
N/A
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO 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> 6
SCHEDULE 13D
<TABLE>
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CUSIP NO. 057630-10-5 PAGE 6 OF 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
VXM 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
WC
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ---------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 2,333,333.5
REPORTING ---------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,333,333.5
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,333,333.5
-------------------------------------------------------------------------------------
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
6.39%
-------------------------------------------------------------------------------------
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 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Vivian Trust
-------------------------------------------------------------------------------------
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
5 TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Geurnsey, Channel Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ---------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 2,333,333.5
REPORTING ---------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,333,333.5
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,333,333.5
-------------------------------------------------------------------------------------
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
6.39%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
<TABLE>
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CUSIP NO. 057630-10-5 PAGE 8 OF 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
RH 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
WC
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ---------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 2,333,333.5
REPORTING ---------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,333,333.5
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,333,333.5
-------------------------------------------------------------------------------------
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
6.39%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
<TABLE>
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CUSIP NO. 057630-10-5 PAGE 9 OF 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Rachel Trust
-------------------------------------------------------------------------------------
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
5 TO 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 2,333,333.5
REPORTING ---------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,333,333.5
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,333,333.5
-------------------------------------------------------------------------------------
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
6.39%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
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CUSIP NO. 057630-10-5 PAGE 10 OF 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
HR 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
WC
-------------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
-------------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
-------------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES ---------------------------------------------------------------------
BENEFICIALLY SHARED VOTING POWER
OWNED BY 8
EACH 2,333,333
REPORTING ---------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,333,333
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,333,333
-------------------------------------------------------------------------------------
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
6.39%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
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CUSIP NO. 057630-10-5 PAGE 11 OF 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Henry Trust
-------------------------------------------------------------------------------------
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
5 TO 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 2,333,333
REPORTING ---------------------------------------------------------------------
PERSON SOLE DISPOSITIVE POWER
WITH 9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10
2,333,333
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,333,333
-------------------------------------------------------------------------------------
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
6.39%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
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CUSIP NO. 057630-10-5 PAGE 12 OF 20 PAGES
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<S> <C>
NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
The Monument Trust Company 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
5 TO 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 24,040,000; 17,040,000 as trustee of the Lillian Trust;
REPORTING 2,333,333.5 as trustee of the Rachel Trust; 2,333,333.5 as
PERSON trustee of the Vivian Trust; and 2,333,333 as trustee of the
WITH Henry Trust
---------------------------------------------------------------------
SOLE DISPOSITIVE POWER
9
0
---------------------------------------------------------------------
SHARED DISPOSITIVE POWER
10 24,040,000; 17,040,000 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
-------------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
24,040,000; 17,040,000 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
-------------------------------------------------------------------------------------
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
58.4%
-------------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
14
CO
-------------------------------------------------------------------------------------
</TABLE>
<PAGE> 13
Item 1. Security and Issuer.
This statement relates to the common stock of the Issuer, par value
$0.001 per share (the "Common Stock") of Balanced Care Corporation, a Delaware
corporation (the "Issuer"). The address of the Issuer's principal executive
offices is 1215 Manor Drive, Mechanicsburg, Pennsylvania 17055.
Item 2. Identity and Background.
a. The names of the persons filing this statement are IPC Advisors
S.A.R.L., a Luxemburg corporation ("IPC Advisors"), LXB Investments Limited, a
Cayman Islands corporation ("LXB Investments"), Lillian Trust, a Guernsey,
Channel Islands Trust (the "Lillian Trust"); VXM Investments Limited, a Cayman
Islands corporation ("VXM Investment"), Vivian Trust, a Guernsey, Channel
Islands trust (the "Vivian Trust"), RH Investments Limited, a Cayman Islands
corporation ("RH Investments"), Rachel Trust, a Guernsey, Channel Islands trust
(the "Rachel Trust"), Henry Trust, a Guernsey, Channel Islands Trust (the
"Henry Trust"), HR Investments Limited ("HR Investments") and The Monument
Trust Company Limited, a Guernsey, Channel Islands corporation, as trustee of
the Lillian Trust, the Vivian Trust, the Rachel Trust and the Henry Trust (the
"Trustee" and, collectively with IPC Advisors, LXB Investments, the Lillian
Trust, VXM Investments, the Vivian Trust, RH Investments, the Rachel Trust, HR
Investments and the Henry Trust, the "Reporting Persons"). The Reporting
Persons are making this single joint filing because they may be deemed to
constitute a "group" within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934 (the "Exchange Act"). LXB Investments owns 100% of the
outstanding capital stock of IPC Advisors and the Lillian Trust owns 100% of
the equity of LXB Investments. LXB Investments acquired 100% of the outstanding
capital stock of IPC Advisors pursuant to an agreement, dated July 31, 2000,
between LMR Investments Limited, a Cayman Islands corporation and LXB
Investments. The Vivian Trust owns 100% of the outstanding capital stock of VXM
Investments. The Rachel Trust owns 100% of the outstanding capital stock of RH
Investments. The Henry Trust owns 100% of the outstanding capital stock of HR
Investments.
The Trustee has discretion regarding investment and voting decisions
as trustee for the Lillian Trust, the Vivian Trust, the Rachel Trust and the
Henry Trust. LMR Protector Limited, a Cayman Islands corporation, is the
protector of the Lillian Trust, the Vivian Trust, the Rachel Trust and the
Henry Trust and has the power under the trust declarations to remove or replace
the Trustee.
The names of the directors of IPC Advisors are Henry Reichmann and
J.B. Unsworth. The names of the directors of LXB Investments, VXM Investments,
RH Investments and HR Investments are Henry Reichmann and J.B. Unsworth. The
names of the directors and executive officers of the 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
and executive officers of LMR Protector Limited are J.B. Unsworth and Henry
Reichmann.
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 each of the
directors of IPC Advisors is IPC Advisors S.A.R.L., 28 rue Jean Baptiste Fresez,
L-1542 Luxembourg.
The business address for each of LXB Investments, VXM Investments, RH
Investments and the HR Investments 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
Page 13 of 20 Pages
<PAGE> 14
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 Lillian Trust, the Vivian Trust, the Rachel Trust
and the Henry 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 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 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 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, LXB Investments, VXM Investments, RH Investments
and HR Investments are corporations whose principal business is to hold,
finance and participate in investments. Each of the Lillian Trust, the Vivian
Trust, the Rachel Trust and the Henry Trust is a trust whose principal business
is to hold assets on behalf of beneficiaries of the trust. The 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 LXB Investments, VXM Investments, RH Investments and HR
Investments is a corporate executive.
The present principal occupation of each of the directors and
executive officers of the Trustee is as follows:
<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 Henry Reichmann and J.B.
Unsworth is a corporate executive.
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).
Page 14 of 20 Pages
<PAGE> 15
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. LXB
Investments, VXM Investments, RH Investments and the Investments 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 LXB Investments, VXM Investments, RH Investments and HR
Investments is a Canadian citizen.
Each of the Lillian Trust, the Vivian Trust, the Rachel Trust and the
Henry Trust is organized under the laws of Guernsey, Channel Islands.
The Trustee is organized under the laws of Guernsey, Channel Islands.
Each of the directors and executive officers of the Trustee is a British
citizen.
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.
Page 15 of 20 Pages
<PAGE> 16
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.
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.
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 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.
a. IPC Advisors directly holds 17,040,000 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 17,040,000 shares
of Common Stock, which represent approximately 49.8% of the issued and
outstanding shares of Common Stock.
Page 16 of 20 Pages
<PAGE> 17
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 24,040,000 shares of Common Stock, which represent approximately
58.4% of the issued and outstanding shares of Common Stock.
Page 17 of 20 Pages
<PAGE> 18
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: August 1, 2000
IPC Advisors S.A.R.L.
By: /s/ J.B. Unsworth
---------------------------
Name: J.B. Unsworth
Title: Manager
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/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
The Monument Trust Company Limited in
its capacity as Trustee of the Lillian
Trust
By: /s/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
Page 18 of 20 Pages
<PAGE> 19
Dated: July __, 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/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
The Monument Trust Company Limited in
its capacity as Trustee of the Vivian
Trust
By: /s/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
Page 19 of 20 Pages
<PAGE> 20
Dated: July __, 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/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
The Monument Trust Company Limited in
its capacity as Trustee of the Rachel
Trust
By: /s/ S.J. Harlow
---------------------------
Name: S.J. Harlow
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/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
The Monument Trust Company Limited in
its capacity as Trustee of the Henry
Trust
By: /s/ S.J. Harlow
---------------------------
Name: S.J. Harlow
Title: Director
Page 20 of 20 Pages
