-----------------------------------------------------------------------------
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): May 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. On April 3, 1996, the Corporation filed a
request for no-action with the Securities and Exchange Commission (the "SEC") to
allow the Corporation to file such Monthly Operating Reports with the SEC under
cover of 8-K in lieu of filing the periodic reports required by the Securities
and Exchange Act of 1934, as amended. On May 10, 1996, the SEC advised the
Corporation that it had no objection to the Corporation's proposed procedure of
substituted filings prior to the completion of the liquidation of the
Corporation. In connection therewith, attached hereto as exhibit 99 is the
Monthly Operating Report for the Month Ending April 1996, filed with the
Bankruptcy Court on May 20, 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Financial Report for April 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: June 3, 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 35
April 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-RCM-11 02/13/95
JUDGE: HON. ROBERT MCGUIRE
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: APRIL, 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 05/20/96
- --------------------------------------- ------------------------------------
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 05/20/96
- --------------------------------------- ------------------------------------
PRINTED NAME OF PREPARER DATE
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996 ACCRUAL BASIS-1
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEET
Schedule April 30 March 31
Reference Balances Balances
ASSETS
<C> <C> <C> <C>
1. Unrestricted cash 1.A $317,680 $399,322
Short-term investments 1.B 86,288,730 86,076,774
2. Restricted cash & short-term investments 1.C 102,527,562 102,116,174
------------ ------------
3. Total cash 189,133,972 188,592,270
4. Accounts receivable 4.A 22,136 21,256
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 110,193,393 110,273,824
Investment common stocks & bonds 15.B 40,492,491 40,491,994
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 3,744,592 3,317,617
------------ ------------
Total assets $426,803,001 $425,913,378
============ ============
POSTPETITION LIABILITIES
17.Accounts payable and accrued expenses 27.C 1,201,337 1,077,192
18.Taxes payable 0 0
------------ ------------
Total postpetition liabilities 1,201,337 1,077,192
------------ ------------
PREPETITION LIABILITIES
24.Secured notes payable 24.A 30,323,863 30,323,863
25.Accrued taxes 25.A 17,430,046 17,430,046
26.Unsecured notes payable 26.A 372,162,000 372,162,000
27.Accrued interest 27.B 15,674,618 15,674,618
Other liabilities 27.C 18,695,791 19,087,229
------------ ------------
Total prepetition liabilities 454,286,318 454,677,756
------------ ------------
EQUITY
30.Prepetition owners' equity (deficit) (108,884,661) (108,884,661)
31.Postpetition cumulative profit 73,047,543 71,891,123
32.Change in unrealized gains 7,152,464 7,151,968
------------ ------------
Total equity (28,684,654) (29,841,570)
------------ ------------
TOTAL PREPETION LIABILITIES, POSTPETITION
LIABILITIES AND EQUITY $426,803,001 $425,913,378
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
CASH IN BANKS- UNRESTRICTED
April 30 March 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 64,972.62 65,279.32
General Account
Bank One 90484306 1,792.56 1,152.38
Custody Account
Bank One 100171305 243,805.90 324,582.46
Operating Account
First Farmers 70-007-419 1,020.66 1,632.29
Dining Room Account
First Farmers 70-007-427 1,248.00 1,836.00
Pro Shop Account
Petty Cash @ Perry Park 700.00 700.00
----------- -----------
Total unrestricted cash in banks $317,679.56 $399,322.27
=========== ===========
</TABLE>
SCHEDULE 1A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
SHORT TERM INVESTMENTS
April 30 March 31
<S> <C> <C>
United States Treasury Bills
4.89% Due 06/06/96 $13,433,931.15 $0.00
United States Treasury Bills
4.89% Due 06/13/96 11,929,852.83 0.00
United States Treasury Bills
4.90% Due 05/09/96 11,986,885.14 0.00
United States Treasury Bills
4.73% Due 04/04/96 0.00 11,495,440.12
United States Treasury Bills
4.89% Due 05/30/96 13,446,734.43 0.00
United States Treasury Bills
5.10% Due 04/25/96 0.00 24,924,748.61
Bank of Louisville
Repurchase Agreement 4.75% Due 05/6/96 80,036.30 0.00
Bank of Louisville
Repurchase Agreement 4.75% Due 04/5/96 0.00 79,720.74
Bank One Texas
Time Deposit 5.250% Due 04/05/96 0.00 1,730,000.00
Bank One Texas
Time Deposit 5.3125% Due 05/01/96 1,435,000.00 0.00
United States Treasury Bills
5.145% Due 05/02/96 23,996,553.25 23,893,609.18
United States Treasury Bills
4.87% Due 04/11/96 0.00 9,986,426.32
Unites States Tresury Bills
5.00% due 4/18/96 0.00 13,966,829.27
United States Treasury Bills
4.85% Due 5/16/96 9,979,736.97 0.00
-------------- --------------
Total short-term investments $86,288,730.07 $86,076,774.24
============== ==============
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
RESTRICTED CASH AND SHORT TERM INVESTMENTS
Account Name Account No. April 30 March 31
<S> <C> <C> <C>
Latter & Blum Property 0005-65040 $32,733.41 $32,733.41
Management, Inc.
As Agent of Republic Tower
Rental Trust Account
ICH & CFC (1) 40 75k012013 1,389.60 1,389.60
Tax Ind Escrow 40 75k012005
Purchase Price Escrow
Texas Commerce Bank (2) 088-05177043 1,658.47 1,673.77
Upfront Buyer Expenses
Texas Commerce Bank (2) 088-05177035 2,248.65 2,261.52
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 2,163.24
Escrow Account
United States Treasury Bills (1)
5.025% Due 03/21/96 0.00 0.00
United States Treasury Bills(1)
4.91% due 6/20/96 364,484.92 362,992.33
United States Treasury Bills(3)
4.655% Due 04/04/96 0.00 139,945.52
Fidelity Institutional Cash
Due 12/31/96 at Maturity 142,311.16 0.00
United States Treasury Bills (3)
4.97% Due 4/11/96 0.00 101,567,236.64
United States Treasury Bills(3)
4.75% Due 5/9/96 101,976,958.34 0.00
--------------- ---------------
Total restricted cash and short term investments $102,527,562.33 $102,116,173.81
=============== ===============
</TABLE>
(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.
SCHEDULE 1.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
ACCOUNTS RECEIVABLE
April 30 March 31
Perry Park:
<S> <C> <C>
Maintenance Fees Receivable $136,468.76 $135,718.25
Water/Sewer Accounts Receivable 937.93 1,132.26
Allowance for doubtful accounts (130,000.00) (130,000.00)
----------- -----------
7,406.69 6,850.51
Due from ACC 324.54 0.00
HM/Jackson Products, L.P. 14,405.02 14,405.00
----------- -----------
Total $22,136.25 $21,255.51
=========== ===========
</TABLE>
SCHEDULE 4.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX REFUND DUE
April 30 March 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
April 30, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES
April 30 March 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
April 30, 1996
<TABLE>
<CAPTION>
NOTES RECEIVABLE
April 30 March 31
<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
April 30, 1996
<TABLE>
<CAPTION>
INVESTMENT REAL ESTATE
April 30 March 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
April 30, 1996
<TABLE>
<CAPTION>
INVESTMENT IN SUBSIDIARIES
April 30 March 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 Managment Installation 10,021,005.00 10,101,436.00
BML Agency 560,746.41 560,746.41
--------------- ---------------
Investment in Affiliates $110,193,393.41 $110,273,824.41
=============== ===============
</TABLE>
NOTES:
(a) Includes equity in earnings and unrealized gains of retained
subsidiaries through December 31, 1995.
(b)Bankers Multiple Line (BML), a wholly-owned subsidiary of Care Financial
Corporation, entered into definitive agreements to sell Modern American Life,
Western Pioneer Life and Philadelphia American Life. Net proceeds from the sales
and the value of certain assets which will be retained by BML will be
approximately $40 million. The sales are scheduled to close during the second
quarter.
Sales of subsidiaries are subject to a number of uncertainties which may
impact the ultimate sale completion and proceeds. These uncertainties include
(i) the results of the purchaser's due diligence, (ii) receipt of regulatory
approvals, and (iii) the ability of purchaser to arrange financing. Therefore,
proceeds ultimately recovered from the sale of subsidiaries may be more or less
than amounts indicated in the definitive agreements.
SCHEDULE 15.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30 ,1996
<TABLE>
<CAPTION>
INVESTMENT IN COMMON STOCKS AND BOND
NUMBER
OF SHARES April 30 March 31
Common Stocks (at market value):
<S> <C> <C> <C>
Commonwealth Industries 200 $200.00 $200.00
Churchill Downs 10,000 410,000.00 410,000.00
XRC Corp. 5,595 559.50 559.50
National Energy Group, Inc. 730 2,053.13 2,190.00
Ky Central Life Insurance Co. 463 289.38 1,389.00
Ky Investors 300 3,900.00 4,012.50
Worthington Industries 3,667 74,715.13 72,881.63
IMO Industries 2 13.50 12.75
Transamerica Title 10 760.00 748.75
-------------- --------------
$492,490.64 $491,994.13
============== ==============
Total common stocks
Change between periods represents change in unrealized $496.51
==============
Bonds - Unaffiliated:
Southwestern Financial Corp.
7.0% Due 12/15/2005 40,000,000.00 40,000,000.00
-------------- --------------
Total Common Stocks & Bonds $40,492,490.64 $40,491,994.13
============== ==============
</TABLE>
SCHEDULE 15.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION
April 30 March 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
April 30, 1996
<TABLE>
<CAPTION>
TAX INDEMNIFICATION
April 30 March 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
April 30, 1996
<TABLE>
<CAPTION>
OTHER ASSETS
April 30 March 31
<S> <C> <C>
Accrued Interest on Short Term Investments $1,030.37 $1,030.37
Accrued Interest on Bonds-Unaffiliated 1,057,233.74 824,444.44
Accrued Stock Dividend 5.00 5.00
Accrued Interest on Notes Receivable 2,686,315.07 2,492,136.99
Glenwood Hall Suspense 8.30 0.00
------------- -------------
Total other assets $3,744,592.48 $3,317,616.80
============= =============
</TABLE>
SCHEDULE 15.E
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
SECURED NOTES PAYABLE
April 30 March 31
<S> <C> <C> <C>
Victor Sayyah Secured by note receivable of $27,000,000. $30,000,000.00(1) $30,000,000.00(1)
c/o Lord, Bissell & Brook See Schedule 6.A
James R. Wimmer
115 South La Salle Street
Chicago, IL 60603
Ozark National Life Insurance Co. Dated 6-2-78 Mortgage 323,863.22 323,863.22
500 East 9th Unplatted property situated in Glenwood Hall & Country
Kansas City MO 64106 Club, also known as Perry Park Resort, Owenton County
Recorded in Book 75 page 576, dated 9-28-71
-------------- --------------
$30,323,863.22 $30,323,863.22
============== ==============
</TABLE>
NOTES:
(1) Unsecured in amount of $ 3,000,000.
SCHEDULE 24.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
ACCRUED TAXES
April 30 March 31
Prepetition:
<S> <C> <C>
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
(Reflects net amount due through 12/31/95) 4,020,046.00 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 $17,430,046.00 $17,430,046.00
============== ==============
</TABLE>
SCHEDULE 25.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30
<TABLE>
<CAPTION>
UNSECURED NOTES PAYABLE
April 30 March 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
April 30, 1996
<TABLE>
<CAPTION>
ACCRUED INTEREST
April 30 March 31
<S> <C> <C>
Accrued Interest on Secured Debt 1,584,770.86 $1,584,770.86
Accrued Interest on Unsecured Debt 14,089,847.33 14,089,847.33
-------------- --------------
Total accrued interest $15,674,618.19 $15,674,618.19
============== ==============
</TABLE>
NOTE:
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
April 30, 1996
<TABLE>
<CAPTION>
OTHER LIABILITIES
April 30 March 31
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 442,442.51 442,442.51
P.O. Box 1101
Louisville, KY 40201-1101
Facilities Management Installation
Inter-company account payable 6,304,530.11 6,304,530.11
Phil Allen
Consulting Service Contract 0.00(a) 391,437.00
Retired Employee Liability 5,565,000.00 5,565,000.00
Lawrence Johnson
Lease-Jefferson Building
202 West Hill Street
Champaign, IL 61820 145,000.00 145,000.00
Robert T. Shaw & C. Fred Rice (b)
Independent Contractor and Services Agreement
Dated February 11, 1994 5,775,000.00 5,775,000.00
-------------- --------------
Subtotal of prepetition liabilities 18,695,791.43 19,087,228.43
-------------- --------------
Postpetition:
Due ICH Corporation 62.00 0.00
Due Marquette National Life 3,210.69 0.00
Due Southwestern Financial Services 199,758.85 169,382.72
General Expense Accrual 1,001,577.21 907,809.75
-------------- --------------
Subtotal of postpetition liabilities 1,201,336.06 1,077,192.47
-------------- --------------
Total other liabilities $19,897,127.49 $20,164,420.90
============== ==============
</TABLE>
Note:
(a) Eliminated accrual pursuant to Court Order dated April 30, 1996
approving rejection of executory contract which was also agreed to by Mr. Allen.
(b) 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
April 30, 1996 ACCRUAL BASIS-2
<TABLE>
<CAPTION>
INCOME STATEMENT
Schedule Month only Period to date
Reference Balance From 12/31/95
REVENUES:
<S> <C> <C> <C>
Interest income $1,205,196 $4,927,994
Perry Park revenues 52,315 104,125
Realized capital gains(losses) 1.A 0 (653,768)
Other income 1.B 2,045 8,352
------------ ------------
Total revenues 1,259,556 4,386,703
------------ ------------
EXPENSES:
9. Directors fees 9 4,000 18,750
11.General and administrative (a) (280,767) 1,004,911
------------ ------------
(276,767) 1,023,661
------------ ------------
15.Income before non-operating income and expenses 1,536,323 3,363,042
------------ ------------
OTHER INCOME AND EXPENSES:
16.Equity in earnings (losses) of subsidiaries 16.A (80,431) (669,667)
18.Gain (loss) on sale of subsidiary 0 0
19.Miscellaneous income (expense):
None
20.Interest expense 0 0
------------ ------------
Net other income and expenses (80,431) (669,667)
------------ ------------
REORGANIZATION EXPENSES:
23.Professional fees 23 292,238 1,315,909
24.U.S. Trustee fees 24 5,500 20,500
------------ ------------
297,738 1,336,409
------------ ------------
27.Taxes 27 1,735 (3,827,448)
------------ ------------
Net income (loss) 1,156,419 5,184,414
Change in unrealized 497 7,168,938
Net equity (deficit) at beginning of period (29,841,570) (41,038,006)
------------ ------------
Net equity (deficit) at end of period ($28,684,654) ($28,684,654)
============ ============
</TABLE>
Note:
(a) Credit to general expenses results from elimination of liability for
executory contract with Phil Allen. See Schedule 27.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 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 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
April 30, 1996
<TABLE>
<CAPTION>
OTHER INCOME
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Commission income $2,045.02 $7,423.02
Miscellaneous income 0.00 929.00
--------- ---------
$2,045.02 $8,352.02
========= =========
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
DIRECTORS FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Stanley Stegner $2,000.00 $8,250.00
Keith Tucker 0.00 2,250.00
Vernon Zimmerman 2,000.00 8,250.00
--------- ----------
$4,000.00 $18,750.00
========= ==========
</TABLE>
SCHEDULE 9
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 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. (80,431.00) 13,396.00
BML Agency 0.00 0.00
----------- ------------
($80,431.00) ($669,667.00)
=========== ============
</TABLE>
NOTE:
Equity in earnings is calculated on a quarterly basis for subsidiaries, except
Facilities Management Installation, Inc., which is done monthly.
SCHEDULE 16.A
<PAGE>
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
PROFESSIONAL FEES
Month only Period to date
Balance From 12/31/95
Paid & Accrued Postpetition:
Paid during period:
<S> <C> <C>
Coopers & Lybrand $26,197.77 $129,590.57
Winstead, Sechrest & Minick 9,781.39 154,619.60
Donaldson, Lufkin & Jenrette 0.00 228,886.04
Rodney D. Moore 0.00 102,764.85
Houlihan Lokey Howard & Zukin 136,096.77 269,933.44
Gibson, Dunn & Crutcher 26,394.11 141,329.51
----------- -------------
Total paid for period 198,470.04 1,027,124.01
Change in accrual 93,767.46 288,784.75
----------- -------------
Total reorganization professional fees $292,237.50 $1,315,908.76
=========== =============
</TABLE>
SCHEDULE 23
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
U.S. TRUSTEE FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
ICH Corporation $5,000.00 $10,000.00
CARE Financial Corp 250.00 $5,250.00
SWL Holding Corp 250.00 $5,250.00
--------- ----------
Total $5,500.00 $20,500.00
========= ==========
</TABLE>
SCHEDULE 24
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
TAXES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Franchise taxes ($11,392.99) $36,786.01
State (KY) income tax 11,392.37 11,211.37
Sales taxes 36.28 2,067.28
Other taxes 1,699.56 16,366.56
Current F.I.T. Provision 0.00 (3,893,879.00)
--------- --------------
Total $1,735.22 ($3,827,447.78)
========= ==============
</TABLE>
SCHEDULE 27
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11 ACCRUAL BASIS-3
Monthly Operating Report
April 30, 1996
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS
<S> <C> <C>
Cash at beginning of month $188,592,270
Receipts from operations:
Interest received 778,221
Perry Park revenues 51,759
Other 2,045
------------
Non-operating receipts: 832,025
Sale of subsidiaries 0
Total cash received 832,025 832,025
------------ ------------
Total cash available 189,424,295
Cash disbursed for operations:
General expenses 80,618
Taxes, net of contributions from subsidiaries per tax
sharing agreement 1,735
Directors fees (see schedule at Accrual Basis-6) 4,000
------------
86,353
Non-operating disbursements:
NONE
Cash disbursed for reorganization costs:
Professional fees
See schedule at Accrual Basis-6. 198,470
U.S. Trustee Fees 5,500
------------
Total cash disbursed 290,323 290,323
------------ ------------
Cash at end of month $189,133,972
============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
April 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
April 30, 1996
<TABLE>
<CAPTION>
ACCRUAL BASIS-6
PAYMENTS TO INSIDERS:
Directors Fees:
<S> <C>
Stanley Stegner $2,000.00
Vernon Zimmerman 2,000.00
---------
$4,000.00
=========
</TABLE>
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.
<TABLE>
<CAPTION>
PAYMENTS TO PROFESSIONALS:
Related to reorganization:
<S> <C>
Winstead, Sechrest & Minick $9,781.39
Coopers & Lybrand 26,197.77
Houlihan, Lokey, Howard & Zukin 136,096.77
Gibson, Dunn & Crutcher 26,394.11
-----------
Total reorganization professional fees $198,470.04
===========
</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-RCM-11 02/13/95
MONTH: APRIL 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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