<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 1996
I.C.H. Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-7697 43-6069928
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
500 North Akard Street
Dallas, Texas 75201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 954-7111
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
ICH Corporation, a Delaware corporation (the "Corporation") filed a
voluntary petition with the United States Bankruptcy Court for the Northern
District of Texas, Dallas Division (the "Bankruptcy Court") under Chapter 11 of
the United States Bankruptcy Code (the "Code"), Case No. 395-36351-RCM-11, on
October 10, 1995. The Corporation is required to file Monthly Operating Reports
with the Bankruptcy Court and the United States Trustee pursuant to Bankruptcy
Rule 2015 and the United States Trustee's Operating Guidelines and Reporting
Requirements for Chapter 11 Cases. In connection therewith, attached hereto as
exhibit 99 is the Monthly Operating Report for the Month Ending June 1996, filed
with the Bankruptcy Court on July 22, 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Financial Report for June 1996.
1
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
I.C.H. CORPORATION
Date: July 23, 1996 By: /s/Susan A. Brown
----------------------------------------
Susan A. Brown, Chairman of the Board,
Director, Co-Chief Executive Officer,
Chief Financial Officer and Treasurer
2
<PAGE>
<TABLE>
<CAPTION>
Index to Exhibits
Sequentially
Numbered
Exhibit Number Description Pages
<S> <C> <C>
99 Monthly Operating Report for the Month Ending 44
June 1996, filed with the United States Bankruptcy
Court for the Northern District of Texas, Dallas
Division, Case No. 395-36351-RCM-11.
</TABLE>
<PAGE>
CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS
CASE NUMBER: 395-36351-5CM-11 02/13/95
JUDGE: HON. ROBERT MCGUIRE
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: JUNE, 1996
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I
DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY
OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-6) AND THE ACCOMPANYING
ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT
AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS
BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
DIRECTOR, CHAIRMAN OF THE BOARD,
CO-CHIEF EXECUTIVE OFFICER,
/s/SUSAN A. BROWN CHIEF FINANCIAL OFFICER AND TREASURER
- --------------------------------------- ------------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
SUSAN A. BROWN 7/22/96
- --------------------------------------- ------------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
VICE PRESIDENT - FINANCIAL REPORTING
/s/DAVID A. COMMONS SOUTHWESTERN FINANCIAL SERVICES CORP.
- --------------------------------------- ------------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
DAVID A. COMMONS 7/22/96
- --------------------------------------- ------------------------------------
PRINTED NAME OF PREPARER DATE
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996 ACCRUAL BASIS-1
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEET
Schedule June 30 May 31
Reference Balances Balances
ASSETS
<S> <C> <C> <C>
1. Unrestricted cash 1.A $686,545 $58,481
Short-term investments 1.B 90,092,078 86,208,801
2. Restricted cash & short-term investments 1.C 103,366,794 102,949,958
------------ ------------
3. Total cash 194,145,417 189,217,240
4. Accounts receivable 4.A 29,059 24,987
Federal income tax refund 4.B 786,100 786,100
Income tax recoverable from purchaser 4.C 7,848,517 7,848,517
6. Notes receivable 6.A 27,581,800 27,581,800
10.Investment real estate 10.A 4,400,000 4,400,000
13.Due from insiders 0 0
15.Investment in subsidiaries 15.A 109,536,732 109,905,257
Investment common stocks & bonds 15.B 40,444,706 40,496,609
Distribution & liquidation interest in CFSB 15.C 18,000,000 18,000,000
Tax indemnification 15.D 24,600,000 24,600,000
Other assets 15.E 1,459,702 4,178,550
------------ ------------
Total assets $428,832,033 $427,039,060
============ ============
POSTPETITION LIABILITIES
17.Accounts payable and accrued expenses 27.C 1,566,998 966,234
Accrued interest 27.B 19,911 17,648
18.Taxes payable 25.A 84 37
------------ ------------
Total postpetition liabilities 1,586,993 983,919
------------ ------------
PREPETITION LIABILITIES
24.Secured notes payable 24.A 30,323,863 30,323,863
25.Accrued taxes 25.A 20,026,257 17,430,046
26.Unsecured notes payable 26.A 372,162,000 372,162,000
27.Accrued interest 27.B 15,673,899 15,674,618
Other liabilities 27.C 18,551,153 18,695,756
------------ ------------
Total prepetition liabilities 456,737,172 454,286,283
------------ ------------
EQUITY
30.Prepetition owners' equity (deficit) (108,884,661) (108,884,661)
31.Postpetition cumulative profit 72,287,850 73,496,937
32.Change in unrealized gains 7,104,679 7,156,582
------------ ------------
Total equity (29,492,132) (28,231,142)
------------ ------------
TOTAL PREPETITION LIABILITIES, POSTPETITION
LIABILITIES AND EQUITY $428,832,033 $427,039,060
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
CASH IN BANKS- UNRESTRICTED
June 30 May 31
Account Name Account No.
<S> <C> <C> <C>
Bank of Louisville 2449-393-8 $4,139.82 $4,139.82
Operating Account
Bank of Louisville 2449-390-3 64,951.96 64,972.62
General Account
Bank One 90484306 6,044.76 2,696.37
Custody Account
Bank One 100171305 575,458.09 (28,833.98)
Operating Account
First Farmers 70-007-419 17,959.05 5,717.87
Dining Room Account
First Farmers 70-007-427 17,291.00 9,088.00
Pro Shop Account
Petty Cash @ Perry Park 700.00 700.00
----------- ----------
Total unrestricted cash in banks $686,544.68 $58,480.70
=========== ==========
</TABLE>
SCHEDULE 1A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
SHORT TERM INVESTMENTS
June 30 May 31
<S> <C> <C>
United States Treasury Bills
4.89% Due 06/06/96 $0.00 $13,490,784.94
United States Treasury Bills
4.89% Due 06/13/96 0.00 11,980,341.20
United States Treasury Bills
4.97% Due 08/01/96 13,442,023.65 0.00
United States Treasury Bills
5.02% Due 06/20/96 0.00 11,968,108.83
United States Treasury Bills
5.00% Due 08/15/96 19,874,686.72 0.00
United States Treasury Bills
4.98% Due 06/20/96 0.00 10,472,341.28
Bank of Louisville
Repurchase Agreement 4.80% Due 07/5/96 80,685.12 0.00
Bank of Louisville
Repurchase Agreement 4.80% Due 06/5/96 0.00 80,363.67
Bank One Texas
Time Deposit 5.750% Due 06/03/96 0.00 1,300,000.00
Bank One Texas
Time Deposit 5.5000% Due 07/01/96 7,170,000.00 0.00
United States Treasury Bills
5.040% Due 08/29/96 19,834,545.20 0.00
United States Treasury Bills
4.95% Due 06/13/96 0.00 12,978,544.10
Unites States Treasury Bills
4.85% due 6/20/96 0.00 23,938,317.37
Unites States Treasury Bills
5.09% due 9/12/96 24,741,562.61 0.00
United States Treasury Bills
5.06% Due 9/12/96 4,948,574.34 0.00
-------------- --------------
Total short-term investments $90,092,077.64 $86,208,801.39
============== ==============
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
RESTRICTED CASH AND SHORT TERM INVESTMENTS
Account Name Account No. June 30 May 31
<S> <C> <C> <C>
Latter & Blum Property 0005-65040 $31,633.79 $32,733.41
Management, Inc.
As Agent of Republic Tower
Rental Trust Account
ICH & CFC (1) 40 75k012013 1,180.60 1,389.60
Tax Ind Escrow 40 75k012005
Purchase Price Escrow
Texas Commerce Bank (2) 088-05177043 1,612.50 1,627.79
Upfront Buyer Expenses
Texas Commerce Bank (2) 088-05177035 2,210.16 2,235.78
Expense Collateral Account
Texas Commerce Bank (2) 088-05176995 5,777.78 5,777.78
Termination Collateral Account
ICH & Southwest Financial Corp.(3) 3855124256 0.00 (430.05)
Escrow Account
United States Treasury Bills(1)
5.095% due 9/19/96 367,781.57 366,040.19
Fidelity Institutional Cash
Due 12/31/96 at Maturity 144,334.72 142,847.10
United States Treasury Bills (3)
7.782% Due 6/06/96 0.00 102,397,736.82
United States Treasury Bills(3)
4.86% Due 7/5/96 102,812,263.18 0.00
-------------- ---------------
Total restricted cash and short term investments $103,366,794.30 $102,949,958.42
=============== ===============
(1) Escrows established related to sale of Integrity National Life Insurance
Company to Citizens Financial Corporation.
(2) Escrows established related to proposed sale to Shinnecock Holdings Inc.
(3) Escrows established related to sale to Southwestern Financial Corp.
</TABLE>
SCHEDULE 1.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
ACCOUNTS RECEIVABLE
June 30 May 31
<S> <C> <C>
Perry Park:
Maintenance Fees Receivable $139,958.77 $139,274.78
Water/Sewer Accounts Receivable 1,484.65 1,307.20
Allowance for doubtful accounts (130,000.00) (130,000.00)
----------- -----------
11,443.42 10,581.98
Other - Due from FMI 3,210.69 0.00
HM/Jackson Products, L.P. 14,405.02 14,405.02
----------- -----------
Total $29,059.13 $24,987.00
=========== ===========
</TABLE>
SCHEDULE 4.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX REFUND DUE
June 30 May 31
<S> <C> <C>
1993 Form 1120X Refund $786,100.00 $786,100.00
=========== ===========
</TABLE>
SCHEDULE 4.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES
June 30 May 31
<S> <C> <C>
Due from Southwestern Financial Corporation for
income tax settlement from sale of Southwestern Life,
Union Bankers, Constitution and Marquette $7,848,517.00 $7,848,517.00
============= =============
</TABLE>
SCHEDULE 4.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
NOTES RECEIVABLE
June 30 May 31
Victor Sayyah
<S> <C> <C>
Citibank Prime + 0.5% Due 10/15/2001 $27,000,000.00 $27,000,000.00
Ballard Texas Properties (1)
8.0% Due 10/31/02 581,800.00 581,800.00
-------------- --------------
Total notes receivable $27,581,800.00 $27,581,800.00
============== ==============
NOTES
(1) Promissory note secured by Las Villas Apts. Houston, Texas
</TABLE>
SCHEDULE 6.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
INVESTMENT REAL ESTATE
June 30 May 31
DESCRIPTION
<S> <C> <C>
Perry Park $4,634,116.10 $4,634,116.10
Allowance for loss on Perry Park (3,049,462.30) (3,049,462.30)
Republic Tower - Office Bldg 2,000,000.00 2,000,000.00
Baton Rouge, Louisiana - Land 1,125,000.00 1,125,000.00
Allowance for loss on land (640,000.00) (640,000.00)
Ponderosa Inn, Burley ID - Golf Course 844,599.55 844,599.55
Deltona Lakes, Florida - Land 1,213.00 1,213.00
Additional Allowance for Loss (Unallocated) (515,466.35) (515,466.35)
------------- -------------
Total investment real estate $4,400,000.00 $4,400,000.00
============= =============
</TABLE>
SCHEDULE 10.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
INVESTMENT IN SUBSIDIARIES
June 30 May 31
<S> <C> <C>
SWL Holding Corporation $0.00 $0.00
Care Financial Corporation 99,371,101.00 99,371,101.00
SLC Financial Services 240,541.00 240,541.00
Facilities Management Installation 9,364,344.00 9,732,869.00
BML Agency 560,746.41 560,746.41
--------------- ---------------
Investment in Affiliates $109,536,732.41 $109,905,257.41
=============== ===============
</TABLE>
NOTES:
(a) Bankers Multiple Line Insurance Company ("BML"), a wholly-owned subsidiary
of Care Financial Corporation, sold Modern American Life Insurance Company
and Western Pioneer Life Insurance Company as of June 28, 1996. Net
proceeds to BML of the sale of Modern American and Western Pioneer were
approximately $27 million, including certain real estate and mineral
interests valued at $11 million distributed to BML by Modern American and
Western Pioneer in connection with the sale. BML also received an
assignment of any federal income tax refunds payable to Modern American for
periods prior to January 1, 1996.
In addition, BML sold Philadelpia American Life Insuramce Company. BML
utilized approximately $6 million of the proceeds from the sale to purchase
certain securities, real estate, limited partnership interests and
reinsurance receivables from Philadelphia American at the closing, as
required under the purchase agreement. ICH estimates the net proceeds from
the sale of Philadelphia American, the liquidation of the securities, real
estate, limited partnership interests, and the settlement of reinsurance
receivables assigned to BML by Philadelphia American will total
approximately $11 million.
SCHEDULE 15.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
INVESTMENT IN COMMON STOCKS AND BOND
NUMBER
OF SHARES June 30 May 31
<S> <C> <C> <C>
Common Stocks (at market value):
Commonwealth Industries 200 $200.00 $200.00
Churchill Downs 10,000 360,000.00 415,000.00
XRC Corp. 5,595 559.50 559.50
National Energy Group, Inc. 730 2,555.00 2,098.75
Ky Central Life Insurance Co. 463 46.30 115.75
Ky Investors 300 3,975.00 4,012.50
Worthington Industries 3,667 76,548.63 73,798.38
IMO Industries 2 11.50 14.25
Transamerica Title 10 810.00 810.00
-------------- --------------
Total common stocks $444,705.93 $496,609.13
============== ==============
Change between periods represents
change in unrealized ($51,903.20)
==============
Bonds - Unaffiliated:
Southwestern Financial Corp.
7.0% Due 12/15/2005 40,000,000.00 40,000,000.00
-------------- --------------
Total Common Stocks & Bonds $40,444,705.93 $40,496,609.13
============== ==============
</TABLE>
SCHEDULE 15.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION
June 30 May 31
<S> <C> <C>
Distribution and liquidation interest in
CFSB Corporation (Estimated) $18,000,000.00 $18,000,000.00
============== ==============
</TABLE>
NOTE:
Letter Agreement dated March 29, 1993, from Consolidated National
Corporation, (CNC) to ICH conveying to ICH, and agreeing that ICH has a 27.7%
share in, and is entitled to receive 27.7% of, all economic benefits that CNC
actually receives pursuant to that certain Agreement dated January 25, 1993
between CNC, James M. Fail and CFSB Corporation.
SCHEDULE 15.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
TAX INDEMNIFICATION
June 30 May 31
<S> <C> <C>
Tenneco Indemnification $24,600,000.00 $24,600,000.00
============== ==============
</TABLE>
NOTE:
ICH has accrued $24,600,000 representing estimated amounts recoverable from
Tenneco under the Tax Indemnification provision of the 1986 Stock Purchase
Agreement between ICH Corporation and Tenneco, Inc. Actual amount owing under
such indemnification provision may be more or less.
SCHEDULE 15.D
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
OTHER ASSETS
June 30 May 31
<S> <C> <C>
Accrued Interest on Short Term Investments $3,565.96 $472.69
Accrued Interest on Bonds-Unaffiliated 124,444.44 1,291,111.11
Accrued Stock Dividend 0.00 0.00
Accrued Interest on Notes Receivable 1,331,691.83 (a) 2,886,965.73
------------- -------------
Total other assets $1,459,702.23 $4,178,549.53
============= =============
</TABLE>
NOTE:
(a) Accrued interest on note receivable postpetition was reversed. Remaining
balance reflects prepetition interest.
SCHEDULE 15.E
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
SECURED NOTES PAYABLE
June 30 May 31
<S> <C> <C>
Victor Sayyah $30,000,000.00(1) $30,000,000.00
c/o Lord, Bissell & Brook
James R. Wimmer
115 South La Salle Street
Chicago, IL 60603
Ozark National Life Insurance Co. 323,863.22(2) 323,863.22
500 East 9th
Kansas City MO 64106
-------------- --------------
$30,323,863.22 $30,323,863.22
============== ==============
</TABLE>
NOTES:
(1) Secured by note receivable of $27,000,000. Unsecured in amount of
$3,000,000. See Schedule 6.A
(2) Dated 6-2-78 Mortgage
Unplatted property situated in Glenwood Hall & Country Club, also known as
Perry Park Resort, Owenton County Recorded in Book 75 page 576, dated
9-28-71
SCHEDULE 24.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
ACCRUED TAXES
June 30 May 31
<S> <C> <C> <C>
Prepetition:
Commonwealth of Kentucky 1989-1992 State Income $2,310,000.00 $2,310,000.00
Revenue Cabinet Tax Audit
Frankfort, KY 40619
Intercompany payable per tax
sharing agreement & other (a) 6,616,257.00 4,020,046.00
Internal Revenue Service Reserve for Federal
Income Tax Audit 11,100,000.00 11,100,000.00
-------------- --------------
Total prepetition accrued taxes 20,026,257.00 17,430,046.00
Postpetition:
Commonwealth of Kentucky 06/01/96 thru 06/30/96 84.15 37.14
Revenue Cabinet Sales & Use Tax
Frankfort, KY 40619
-------------- --------------
Total accrued taxes $20,026,341.15 $17,430,083.14
============== ==============
</TABLE>
NOTE:
(a) Increase reflects federal income tax contributions received from
subsidiaries per tax sharing agreement and is offset by a corresponding
increase in short-term investments.
SCHEDULE 25.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
UNSECURED NOTES PAYABLE
June 30 May 31
<S> <C> <C>
Tenneco Inc. $21,900,000.00 $21,900,000.00
9.50% Note Due 12/31/96
Note due 1997, interest at prime
Castle settlement 3,000,000.00 3,000,000.00
Bank of Louisville
11 1/4% Subordinated Notes Due 1996 256,101,000.00 256,101,000.00
Bank of Louisville
11 1/4% Subordinated Notes Due 2003 91,161,000.00 91,161,000.00
--------------- ---------------
Total unsecured notes payable $372,162,000.00 $372,162,000.00
=============== ===============
</TABLE>
SCHEDULE 26.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
ACCRUED INTEREST
June 30 May 31
<S> <C> <C>
Prepetition:
Accrued Interest on Secured Debt 1,584,770.86 $1,584,770.86
Accrued Interest on Unsecured Debt 14,089,128.15 14,089,847.33
-------------- --------------
Total prepetition accrued interest 15,673,899.01 15,674,618.19
Postpetition:
Accrued Interest on Secured Debt (Ozark) 19,910.93 17,648.32
-------------- --------------
Total accrued interest 15,693,809.94 15,692,266.51
============== ==============
</TABLE>
NOTE:
Prepetition interest is accrued only through October 10, 1995, the date
company filed for bankruptcy.
SCHEDULE 27.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
OTHER LIABILITIES
June 30 May 31
<S> <C> <C>
PREPETITION:
Fractional Shares Payable @
Bank of Louisville $181,198.61 $181,198.61
P.O. Box 1101
Louisville, KY 40201-1101
Common Stock Dividend Payable @
Bank of Louisville 201,453.80 201,453.80
P.O. Box 1101
Louisville, KY 40201-1101
Preferred Dividend Payable @
Bank of Louisville 81,166.40 81,166.40
P.O. Box 1101
Louisville, KY 40201-1101
Bank of Louisville
Escrow Fund Acct #6063 442,803.60 442,405.81
P.O. Box 1101
Louisville, KY 40201-1101
Facilities Management Installation
Inter-company account payable 6,304,530.11 6,304,530.11
Retired Employee Liability 5,565,000.00 5,565,000.00
Lawrence Johnson
Lease-Jefferson Building
202 West Hill Street
Champaign, IL 61820 0.00 145,000.00
Robert T. Shaw & C. Fred Rice (a)
Independent Contractor and Services Agreement
Dated February 11, 1994 5,775,000.00 5,775,000.00
-------------- --------------
18,551,152.52 18,695,754.73
-------------- --------------
Postpetition:
Due Bankers Multiple Line 393,688.32 0.00
Real Estate Expense Accrual 668.76 0.00
DueSubtotal of prepetition liabilities 5,643.00 16,778.06
General Expense Accrual 1,166,997.30 949,454.95
-------------- --------------
Subtotal of postpetition liabilities 1,566,997.38 966,233.01
-------------- --------------
Total other liabilities $20,118,149.90 $19,661,987.74
============== ==============
</TABLE>
Note:
(a) Independent Services Contracts between the debtor and Bob Shaw and the
debtor and Fred Rice were terminated as of the petition date. The amount
shown represents the total remaining amount due under the contracts. The
allowable amount of the claim has not been determined by the Bankruptcy
Court.
SCHEDULE 27.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996 ACCRUAL BASIS-2
<TABLE>
<CAPTION>
INCOME STATEMENT
Schedule Month only Period to date
Reference Balance From 12/31/95
<S> <C> <C> <C>
REVENUES:
Interest income $1,079,702 $5,682,028
Perry Park revenues 78,334 240,639
Realized capital gains(losses) 1.A 0 (653,768)
Other income 1.B 1,591 11,927
------------ ------------
Total revenues 1,159,627 5,280,826
------------ ------------
EXPENSES:
9. Directors fees 9 5,500 28,250
11.General and administrative 102,729 1,205,773
------------ ------------
108,229 1,234,023
------------ ------------
15.Income before non-operating income and expenses 1,051,398 4,046,803
------------ ------------
OTHER INCOME AND EXPENSES:
16.Equity in earnings (losses) of subsidiaries 16.A (368,525) (1,326,328)
18.Gain (loss) on sale of subsidiary 0 0
19.Miscellaneous income (expense):
Adjustment to accrued interest on note
receivable to prepetition balance (1,555,274)
20.Interest expense 18 (1,543) (19,192)
------------ ------------
Net other income (expenses) (1,925,342) (1,345,520)
------------ ------------
REORGANIZATION EXPENSES:
23.Professional fees 23 316,696 2,000,398
24.U.S. Trustee fees 24 0 20,500
------------ ------------
316,696 2,020,898
------------ ------------
27.Tax expense (benefit) 27 18,447 (3,744,336)
------------ ------------
Net income (loss) (1,209,087) 4,424,721
Change in unrealized (51,904) 7,121,153
Net equity (deficit) at beginning of period (28,231,141) (41,038,006)
------------ ------------
Net equity (deficit) at end of period ($29,492,132) ($29,492,132)
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
REALIZED CAPITAL GAINS(LOSSES):
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Writedown of real estate and equipment $0.00 ($653,731.00)
Sale of short term investments 0.00 (36.79)
----- ------------
$0.00 ($653,767.79)
===== ============
</TABLE>
SCHEDULE 1.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
OTHER INCOME
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Commission income $1,589.30 $10,996.06
Miscellaneous income 1.74 930.74
--------- ----------
$1,591.04 $11,926.80
========= ==========
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
DIRECTORS FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Stanley Stegner $2,750.00 $13,000.00
Keith Tucker 0.00 2,250.00
Vernon Zimmerman 2,750.00 13,000.00
--------- ----------
$5,500.00 $28,250.00
========= ==========
</TABLE>
SCHEDULE 9
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Care Financial Corp 0.00 ($696,604.00)
SLC Financial Services 0.00 13,541.00
Facilities Management Installation, Inc. (368,525.00) (643,265.00)
BML Agency 0.00 0.00
------------ --------------
($368,525.00) ($1,326,328.00)
============ ==============
</TABLE>
NOTE:
Equity in earnings is calculated on a monthly basis only for FMI.
SCHEDULE 16.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
INTEREST EXPENSE
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Ozark National Life $1,543.43 $19,191.75
--------- ----------
$1,543.43 $19,191.75
========= ==========
</TABLE>
SCHEDULE 18
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
PROFESSIONAL FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Paid & Accrued Postpetition:
Paid during period:
Coopers & Lybrand $0.00 $129,590.57
Winstead, Sechrest & Minick 841.98 414,571.85
Donaldson, Lufkin & Jenrette 0.00 228,886.04
Rodney D. Moore 0.00 102,764.85
Houlihan Lokey Howard & Zukin 0.00 329,933.44
Gibson, Dunn & Crutcher 98,311.37 340,446.25
----------- -------------
Total paid for period 99,153.35 1,546,193.00
Change in accrual 217,542.35 454,204.84
----------- -------------
Total reorganization professional fees $316,695.70 $2,000,397.84
=========== =============
</TABLE>
SCHEDULE 23
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
U.S. TRUSTEE FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
ICH Corporation $0.00 $10,000.00
CARE Financial Corp 0.00 $5,250.00
SWL Holding Corp 0.00 $5,250.00
----- ----------
Total $0.00 $20,500.00
===== ==========
</TABLE>
SCHEDULE 24
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
TAXES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Franchise taxes $9,623.25 $106,609.26
State (KY) income tax 0.00 11,211.37
Sales taxes 1,799.82 4,971.28
Other taxes 7,024.36 26,751.10
Current F.I.T. Provision (Benefit) 0.00 (3,893,879.00)
---------- --------------
Total $18,447.43 ($3,744,335.99)
========== ==============
</TABLE>
SCHEDULE 27
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11 ACCRUAL BASIS-3
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS
<S> <C> <C>
Cash at beginning of month $189,217,240
Receipts from operations:
Interest received 2,243,276
Perry Park revenues 77,473
Other 1,591
----------
Non-operating receipts: 2,322,340
Federal Income tax contributions from subsidiaries
per tax sharing agreement 2,596,211
Franklin IN land sale - BML 393,688
----------
Total cash received 5,312,239 5,312,239
---------- ------------
Total cash available 194,529,479
Cash disbursed for operations:
General expenses 260,962
Taxes 18,447
Directors fees (see schedule at Accrual Basis-6) 5,500
----------
284,909
Non-operating disbursements:
NONE 0
Cash disbursed for reorganization costs:
Professional fees
See schedule at Accrual Basis-6. 99,153
U.S. Trustee Fees 0
----------
Total cash disbursed 384,062 384,062
---------- ------------
Cash at end of month $194,145,417
============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
ACCRUAL BASIS-4
ACCOUNTS RECEIVABLE
Due to nature of its business as an insurance holding company, ICH's
receivables are not significant (See asset schedule 4.A) and no attempts are
made to age them.
POSTPETITION TAXES
All taxes were paid current with the filing and postpetition filings and
payments continue to be made in the normal course of business.
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
June 30, 1996
<TABLE>
<CAPTION>
ACCRUAL BASIS-6
PAYMENTS TO INSIDERS:
<S> <C>
Directors Fees:
Stanley Stegner $2,750.00
Vernon Zimmerman 2,750.00
----------
$5,500.00
Payments to affiliates:
NONE
NOTE:
Executive officers' salaries are paid by Facilities Management
Installation, Inc. (FMI). See FMI's schedule of payments to insiders at FMI
Accrual-6.
PAYMENTS TO PROFESSIONALS:
Related to reorganization:
Winstead, Sechrest & Minick $841.98
Coopers & Lybrand 0.00
Houlihan, Lokey, Howard & Zukin 0.00
Gibson, Dunn & Crutcher 98,311.37
----------
Total reorganization professional fees $99,153.35
==========
</TABLE>
SECURED NOTES, LEASES AND ADEQUATE PROTECTION PAYMENTS:
All lease and insurance payments were current as of date of filing and have
continued to be paid in postpetition period in normal course of business. Two
notes that are secured by real property are paid annually (next payment is June
1996).
<PAGE>
CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS
CASE NUMBER: 395-36351-5CM-11 02/13/95
MONTH: MARCH 1996
QUESTIONNAIRE YES NO
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE
THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT
OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X (1)
3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES OR
LOANS) DUE FROM RELATED PARTIES X
4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES
THIS REPORTING PERIOD? X
5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE
DEBTOR FROM ANY PARTY? X
6. ARE ANY POST PETITION PAYROLL TAXES PAST DUE? X
7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES
PAST DUE? X
8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
10. ARE ANY AMOUNT SOWED TO POSTPETITION CREDITORS
DELINQUENT? X
11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE
REPORTING PERIOD? X
12. ARE ANY WAGE PAYMENTS PAST DUE? X
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES" PROVIDE A DETAILED
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
(1) Pursuant to Approved Cash Management Motion.
INSURANCE YES NO
1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND
OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X
2. ARE ALL PREMIUM PAYMENTS PAID CURRENT X
3. PLEASE ITEMIZE POLICIES BELOW.
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO." OR IF ANY POLICIES
HAVE BEEN CANCELED OR NOT RENEWED DURING THIS REPORTING PERIOD. PROVIDE AN
EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
Copies of first page of policies were previously provided; coverage remains
in effect; all payments are current.
INSTALLMENT PAYMENTS
TYPE OF PAYMENT AMOUNT &
POLICY CARRIER PERIOD COVERED FREQUENCY
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