- --------------------------------------------------------------------------------
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): August 20, 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 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 July 1996, filed
with the Bankruptcy Court on August 20, 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Financial Report for July 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: September 4, 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>
Index to Exhibits
Sequentially
Numbered
Exhibit Number Description Pages
99 Monthly Operating Report for the Month Ending 45
July 1996, filed with the United States Bankruptcy
Court for the Northern District of Texas, Dallas
Division, Case No. 395-36351-RCM-11.
3
<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: JULY, 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 08/20/96
- --------------------------------------- ------------------------------------
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 08/20/96
- --------------------------------------- ------------------------------------
PRINTED NAME OF PREPARER DATE
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996 ACCRUAL BASIS-1
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEET
Schedule July 31 June 30
Reference Balances Balances
ASSETS
<S> <C> <C> <C>
1. Unrestricted cash 1.A $8,545 $686,545
Short-term investments 1.B 90,173,926 90,092,078
2. Restricted cash & short-term investments 1.C 103,456,945 103,366,794
------------ ------------
3. Total cash 193,639,416 194,145,417
4. Accounts receivable 4.A 63,187 29,059
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 109,677,323 109,536,732
Investment common stocks & bonds 15.B 40,430,458 40,444,706
Distribution & liquidation interest in CFSB Corp 15.C 18,000,000 18,000,000
Tax indemnification 15.D 24,600,000 24,600,000
Other assets 15.E 1,694,716 1,459,702
------------ ------------
Total assets $428,721,517 $428,832,033
============ ============
POSTPETITION LIABILITIES
17.Accounts payable and accrued expenses 27.C 926,316 1,566,998
Accrued interest 27.B 22,249 19,911
18.Taxes payable 25.A 27 84
------------ ------------
Total postpetition liabilities 948,592 1,586,993
------------ ------------
PREPETITION LIABILITIES
24.Secured notes payable 24.A 30,323,863 30,323,863
25.Accrued taxes 25.A 20,026,257 20,026,257
26.Unsecured notes payable 26.A 372,162,000 372,162,000
27.Accrued interest 27.B 15,673,899 15,673,899
Other liabilities 27.C 18,108,349 18,551,153
------------ ------------
Total prepetition liabilities 456,294,368 456,737,172
------------ ------------
EQUITY
30.Prepetition owners' equity (deficit) (108,884,661) (108,884,661)
31.Postpetition cumulative profit 73,272,787 72,287,850
32.Change in unrealized gains 7,090,431 7,104,679
------------ ------------
Total equity (28,521,443) (29,492,132)
------------ ------------
TOTAL PREPETITION LIABILITIES, POSTPETITION
LIABILITIES AND EQUITY $428,721,517 $428,832,033
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
CASH IN BANKS- UNRESTRICTED
July 31 June 30
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 64,951.96
General Account
Bank One 90484306 4,261.59 6,044.76
Custody Account
Bank One 100171305 (77,416.38) 575,458.09
Operating Account
First Farmers 70-007-419 1,039.22 17,959.05
Dining Room Account
First Farmers 70-007-427 10,869.00 17,291.00
Pro Shop Account
Petty Cash @ Perry Park 700.00 700.00
---------- ----------
Total unrestricted cash in banks $8,545.21 $686,544.68
========== ===========
</TABLE>
SCHEDULE 1A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
SHORT TERM INVESTMENTS
July 31 June 30
<S> <C> <C>
United States Treasury Bills
4.97% Due 08/01/96 13,500,000.00 13,442,023.65
United States Treasury Bills
5.00% Due 08/15/96 19,960,844.64 19,874,686.72
Bank of Louisville
Repurchase Agreement 4.80% Due 07/5/96 0.00 80,685.12
Bank of Louisville
Repurchase Agreement 4.80% Due 08/5/96 81,007.86 0.00
Bank One Texas
Time Deposit 5.625% Due 08/01/96 6,890,000.00 0.00
Bank One Texas
Time Deposit 5.5000% Due 07/01/96 0.00 7,170,000.00
United States Treasury Bills
5.040% Due 08/29/96 19,921,136.28 19,834,545.20
Unites States Treasury Bills
5.09% due 9/12/96 24,850,654.38 24,741,562.61
United States Treasury Bills
5.06% Due 9/12/96 4,970,282.84 4,948,574.34
-------------- --------------
Total short-term investments $90,173,926.00 $90,092,077.64
============== ==============
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
RESTRICTED CASH AND SHORT TERM INVESTMENTS
Account Name Account No. July 31 June 30
<S> <C> <C>
Latter & Blum Property 0005-65040 $31,633.79 $31,633.79
Management, Inc.
As Agent of Republic Tower
Rental Trust Account
ICH & CFC (1) 40 75k012013 365.90 1,180.60
Tax Ind Escrow 40 75k012005
Purchase Price Escrow
Texas Commerce Bank (2) 088-05177043 1,597.22 1,612.50
Upfront Buyer Expenses
Texas Commerce Bank (2) 088-05177035 2,197.46 2,210.16
Expense Collateral Account
Texas Commerce Bank (2) 088-05176995 5,777.78 5,777.78
Termination Collateral Account
ICH & Southwest Financial Corp.(3) 3855124256 1,334.48 0.00
Escrow Account
United States Treasury Bills(1)
5.095% due 9/19/96 109,232.61 367,781.57
Fidelity Institutional Cash
Due 12/31/96 at Maturity 144,334.72 144,334.72
United States Treasury Bills(3)
4.86% Due 7/5/96 103,160,470.90 102,812,263.18
--------------- ---------------
Total restricted cash and short term investments $103,456,944.86 $103,366,794.30
=============== ===============
</TABLE>
(1) Escrows established related to sale of Integrity National Life Insurance
Company to Citizens Financial Corporation. $250,000 purchase price escrow
released in July.
(2) Escrows established related to proposed sale to Shinnecock Holdings Inc.
(3) Escrows established related to sale to Southwestern Financial Corp.
SCHEDULE 1.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
ACCOUNTS RECEIVABLE
July 31 June 30
<S> <C> <C>
Perry Park:
Maintenance Fees Receivable $141,463.75 $139,958.77
Water/Sewer Accounts Receivable 0.00 1,484.65
Allowance for doubtful accounts (130,000.00) (130,000.00)
----------- -----------
11,463.75 11,443.42
Other - Due from FMI 0.00 3,210.69
Other - Due from BML 17,243.19 0.00
Other - Due from SWFS 20,075.33 0.00
HM/Jackson Products, L.P. 14,405.02 14,405.02
----------- -----------
Total $63,187.29 $29,059.13
=========== ===========
</TABLE>
SCHEDULE 4.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX REFUND DUE
July 31 June 30
<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
July 31, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES
July 31 June 30
<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
July 31, 1996
<TABLE>
<CAPTION>
NOTES RECEIVABLE
July 31 June 30
<S> <C> <C>
Victor Sayyah
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
============== ==============
</TABLE>
NOTES
(1) Promissory note secured by Las Villas Apts. Houston, Texas
SCHEDULE 6.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
INVESTMENT REAL ESTATE
July 31 June 30
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
July 31, 1996
<TABLE>
<CAPTION>
INVESTMENT IN SUBSIDIARIES
July 31 June 30
<S> <C> <C>
SWL Holding Corporation $0.00 $0.00
Care Financial Corporation 99,371,101.00 99,371,101.00
SLC Financial Services 252,536.00 240,541.00
Facilities Management Installation 9,416,465.00 9,364,344.00
BML Agency 637,220.73 560,746.41
--------------- ---------------
Investment in Affiliates $109,677,322.73 $109,536,732.41
=============== ===============
</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 Insurance 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
July 31, 1996
<TABLE>
<CAPTION>
INVESTMENT IN COMMON STOCKS AND BOND
NUMBER
OF SHARES July 31 June 30
<S> <C> <C> <C>
Common Stocks (at market value):
Commonwealth Industries 200 $200.00 $200.00
Churchill Downs 10,000 352,500.00 360,000.00
XRC Corp. 5,595 559.50 559.50
National Energy Group, Inc. 730 2,782.76 2,555.00
Ky Central Life Insurance Co. 463 46.30 46.30
Ky Investors 300 3,993.90 3,975.00
Worthington Industries 3,667 69,673.00 76,548.63
IMO Industries 2 11.00 11.50
Transamerica Title 10 691.25 810.00
-------------- --------------
Total common stocks $430,457.71 $444,705.93
============== ==============
Change between periods represents change in unrealized ($14,248.22)
==============
Bonds - Unaffiliated:
Southwestern Financial Corp.
7.0% Due 12/15/2005 40,000,000.00 40,000,000.00
-------------- --------------
Total Common Stocks & Bonds $40,430,457.71 $40,444,705.93
============== ==============
</TABLE>
SCHEDULE 15.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION
July 31 June 30
<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
July 31, 1996
<TABLE>
<CAPTION>
TAX INDEMNIFICATION
July 31 June 30
<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
July 31, 1996
<TABLE>
<CAPTION>
OTHER ASSETS
July 31 June 30
<S> <C> <C>
Accrued Interest on Short Term Investments $1,368.19 $3,565.96
Accrued Interest on Bonds-Unaffiliated 357,777.78 124,444.44
Accrued Stock Dividend 0.00 0.00
Accrued Interest on Notes Receivable 1,335,570.50 1,331,691.83
------------- -------------
Total other assets $1,694,716.47 $1,459,702.23
============= =============
</TABLE>
SCHEDULE 15.E
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
SECURED NOTES PAYABLE
July 31 June 30
<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
July 31, 1996
<TABLE>
<CAPTION>
ACCRUED TAXES
July 31 June 30
<S> <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 6,616,257.00 6,616,257.00
Reserve for Federal Income Tax Audit 11,100,000.00 11,100,000.00
-------------- --------------
Total prepetition accrued taxes $20,026,257.00 $20,026,257.00
============== ==============
Postpetition:
Commonwealth of Kentucky 07/01/96 thru 07/31/96 26.92 84.15
Revenue Cabinet Sales & Use Tax
Frankfort, KY 40619
-------------- --------------
Total postpetition accrued taxes $26.92 $84.15
============== ==============
</TABLE>
SCHEDULE 25.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
UNSECURED NOTES PAYABLE
July 31 June 30
<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
--------------- ---------------
$372,162,000.00 $372,162,000.00
=============== ===============
</TABLE>
Total unsecured notes payable
SCHEDULE 26.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
ACCRUED INTEREST
July 31 June 30
<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 14,089,128.15
-------------- --------------
Total prepetition accrued interest $15,673,899.01 $15,673,899.01
============== ==============
NOTE:
Interest is accrued only through October 10, 1995, the date company filed for
bankruptcy.
Postpetition:
Accrued Interest on Secured Debt (Ozark) 22,248.96 19,910.93
-------------- --------------
Total postpetition accrued interest $22,248.96 $19,910.93
============== ==============
</TABLE>
SCHEDULE 27.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
OTHER LIABILITIES
July 31 June 30
PREPETITION:
<S> <C> <C>
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 0.00 442,803.60
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
Robert T. Shaw & C. Fred Rice (a)
Independent Contractor and Services Agreement
Dated February 11, 1994 5,775,000.00 5,775,000.00
-------------- --------------
Total of prepetition liabilities $18,108,348.92 $18,551,152.52
============== ==============
Postpetition:
Due Bankers Multiple Line $0.00 $393,688.32
Due Facilities Management 15,226.31 0.00
Real Estate Expense Accrual 668.76 668.76
Due Southwestern Financial Services 82,500.00 5,643.00
General Expense Accrual 827,919.75 1,166,997.30
-------------- --------------
Total of postpetition liabilities $926,314.82 $1,566,997.38
============== ==============
</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
Monthly Operating Report
July 31, 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 $984,378 $6,666,406
Perry Park revenues 84,817 325,456
Realized capital gains(losses) 1.A (734) (654,502)
Other income 1.B 1,070 12,997
------------ ------------
Total revenues 1,069,531 6,350,357
------------ ------------
EXPENSES:
9. Directors fees 9 4,000 32,250
11.General and administrative 256,835 1,462,608
------------ ------------
260,835 1,494,858
------------ ------------
15.Income before non-operating income and expenses 808,696 4,855,499
------------ ------------
OTHER INCOME AND EXPENSES:
16.Equity in earnings (losses) of subsidiaries 16.A 140,590 (1,185,738)
18.Gain (loss) on sale of subsidiary 16.B 72,625 72,625
19.Miscellaneous income (expense):
Write-off prepetition liability related to
BOL terminated escrow agreement 442,803 442,803
20.Interest expense 18 (2,338) (21,530)
------------ ------------
Net other income (expenses) 653,680 (691,840)
------------ ------------
REORGANIZATION EXPENSES:
23.Professional fees 23 466,571 2,466,969
24.U.S. Trustee fees 24 4,250 24,750
------------ ------------
470,821 2,491,719
------------ ------------
27.Tax expense (benefit) 27 6,618 (3,737,718)
------------ ------------
Net income (loss) 984,937 5,409,658
Change in unrealized (14,248) 7,106,905
Net equity (deficit) at beginning of period (29,492,132) (41,038,006)
------------ ------------
Net equity (deficit) at end of period ($28,521,443) ($28,521,443)
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
REALIZED CAPITAL GAINS(LOSSES):
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 (734.13) (770.92)
-------- ------------
($734.13) ($654,501.92)
======== ============
</TABLE>
SCHEDULE 1.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
OTHER INCOME
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Commission income $1,069.79 $12,065.85
Miscellaneous income 0.00 930.74
--------- ----------
$1,069.79 $12,996.59
========= ==========
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
DIRECTORS FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Stanley Stegner $2,000.00 $15,000.00
Keith Tucker 0.00 2,250.00
Vernon Zimmerman 2,000.00 15,000.00
--------- ----------
$4,000.00 $32,250.00
========= ==========
</TABLE>
SCHEDULE 9
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 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 11,995.00 25,536.00
Facilities Management Installation, Inc. 52,121.00 (591,144.00)
BML Agency 76,474.32 76,474.32
----------- --------------
$140,590.32 ($1,185,737.68)
=========== ==============
</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
July 31, 1996
<TABLE>
<CAPTION>
GAINS (LOSSES) ON SALES OF SUBSIDIARIES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Adjusted Capital & Surplus settlement related to sale of
Integrity National Life $72,625.00 $72,625.00
--------- ---------
72,625.00 72,625.00
========= =========
</TABLE>
SCHEDULE 16.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
INTEREST EXPENSE
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Ozark National Life $2,338.03 $21,529.78
--------- ----------
$2,338.03 $21,529.78
========= ==========
</TABLE>
SCHEDULE 18
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
PROFESSIONAL FEES
Month only Period to date
Balance From 12/31/95
Paid & Accrued Postpetition:
<S> <C> <C>
Paid during period:
Coopers & Lybrand $8,823.40 $138,413.97
Winstead, Sechrest & Minick 217,210.57 631,782.42
Donaldson, Lufkin & Jenrette 0.00 228,886.04
Rodney D. Moore 0.00 102,764.85
Houlihan Lokey Howard & Zukin 220,958.30 550,891.74
Gibson, Dunn & Crutcher 60,944.57 401,390.82
Pryor, Cashman 191,936.20 191,936.20
Southwest Securities 86,883.88 86,883.88
Lightfoot 18,891.87 18,891.87
----------- -------------
Total paid for period 805,648.79 2,351,841.79
Change in accrual (339,077.55) 115,127.29
----------- -------------
Total reorganization professional fees $466,571.24 $2,466,969.08
=========== =============
</TABLE>
SCHEDULE 23
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
U.S. TRUSTEE FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
ICH Corporation $3,750.00 $13,750.00
CARE Financial Corp $250.00 $5,500.00
SWL Holding Corp $250.00 $5,500.00
--------- ----------
Total $4,250.00 $24,750.00
========= ==========
</TABLE>
SCHEDULE 24
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
TAXES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Franchise taxes ($18,417.00) $88,192.26
State (KY) income tax 18,417.00 29,628.37
Sales taxes 221.53 5,192.81
Other taxes 6,396.71 33,147.81
Current F.I.T. Provision (Benefit) 0.00 (3,893,879.00)
----------- --------------
Total $6,618.24 ($3,737,717.75)
=========== ==============
</TABLE>
SCHEDULE 27
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11 ACCRUAL BASIS-3
Monthly Operating Report
July 31, 1996
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS
<S> <C> <C>
Cash at beginning of month $194,145,417
Receipts from operations:
Interest received 749,363
Perry Park revenues 84,817
Other 336
---------
Non-operating receipts: 834,516
Adjusted Capital & Surplus settlement on sale of
Integrity National Life 72,625
0
---------
Total cash received 907,141 907,141
--------- ------------
Total cash available 195,052,558
Cash disbursed for operations:
General expenses 592,625
Taxes 6,618
Directors fees (see schedule at Accrual Basis-6) 4,000
---------
603,243
Non-operating disbursements:
NONE 0
Cash disbursed for reorganization costs:
Professional fees
See schedule at Accrual Basis-6. 805,649
U.S. Trustee Fees 4,250
---------
Total cash disbursed 1,413,142 1,413,142
--------- ------------
Cash at end of month $193,639,416
============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
July 31, 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
July 31, 1996
<TABLE>
<CAPTION>
ACCRUAL BASIS-6
PAYMENTS TO INSIDERS:
<S> <C>
Directors Fees:
Stanley Stegner $2,000.00
Vernon Zimmerman 2,000.00
-----------
$4,000.00
===========
Payments to affiliates:
Facilities Management Installation $163,056.96
Settle-up from INL-Citizen National
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 $217,210.57
Coopers & Lybrand 8,823.40
Houlihan, Lokey, Howard & Zukin 220,958.30
Gibson, Dunn & Crutcher 60,944.57
Pryor, Cashman 191,936.20
Southwest Securities 86,883.88
Lightfoot 18,891.87
-----------
Total reorganization professional fees $805,648.79
===========
</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.
<PAGE>
CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS
CASE NUMBER: 395-36351-5CM-11 02/13/95
MONTH: JULY 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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