<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): April 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 periodic financial 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 periodic financial report for March 1996 filed with the
Bankruptcy Court on April 22, 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Financial Report for March 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: May 7, 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 Financial Report for March 1996. 5
3
<PAGE>
EXHIBIT 99
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: MARCH, 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 4/18/96
- --------------------------------------- ------------------------------------
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 4/18/96
- --------------------------------------- ------------------------------------
PRINTED NAME OF PREPARER DATE
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996 ACCRUAL BASIS-1
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEET
Schedule March 31 February 29
Reference Balances Balances
--------- -------- --------
ASSETS
<S> <C> <C> <C>
1. Unrestricted cash ................................................. 1.A $ 399,322 ($ 303,582)
Short-term investments ............................................ 1.B 86,076,774 76,763,158
2. Restricted cash & short-term investments .......................... 1.C 102,116,174 101,683,919
------------- -------------
3. Total cash ........................................................ 188,592,270 178,143,496
4. Accounts receivable ............................................... 4.A 21,256 260,430
Federal income tax refund ......................................... 4.B 786,100 786,100
Income tax recoverable from purchaser ............................. 4.C 7,848,517 0
6. Notes receivable .................................................. 6.A 27,581,800 27,581,800
10.Investment real estate ............................................ 10.A 4,400,000 4,915,466
Vehicles .......................................................... 10.B 0 98,008
Office equipment .................................................. 10.C 0 18,871
Equipment ......................................................... 10.D 0 21,386
13.Due from insiders ................................................. 0 0
15.Investment in subsidiaries ........................................ 15.A 110,273,824 103,348,640
Investment common stocks & bonds .................................. 15.B 40,491,994 50,502,848
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 3,317,617 3,482,903
------------- -------------
Total assets .............................................. $ 425,913,378 $ 411,759,948
============= =============
POSTPETITION LIABILITIES
17.Accounts payable and accrued expenses ............................. 27.C 1,077,192 841,010
18.Taxes payable ..................................................... 25.A 0 22
------------- -------------
Total postpetition liabilities ............................ 1,077,192 841,032
------------- -------------
PREPETITION LIABILITIES
24.Secured notes payable ............................................. 24.A 30,323,863 30,323,863
25.Accrued taxes ..................................................... 25.A 17,430,046 13,514,492
26.Unsecured notes payable ........................................... 26.A 372,162,000 372,162,000
27.Accrued for executory contracts ................................... 27.A 0 5,775,000
Accrued interest .................................................. 27.B 15,674,618 16,502,501
Other liabilities ................................................. 27.C 19,087,229 12,650,666
------------- -------------
Total prepetition liabilities ............................. 454,677,756 450,928,523
------------- -------------
EQUITY
30.Prepetition owners' equity (deficit) .............................. (108,884,661) (108,884,661)
31.Postpetition cumulative profit (loss) ............................. 71,891,123 68,822,698
32.Change in unrealized gains (losses) ............................... 7,151,968 52,356
------------- -------------
Total equity .............................................. (29,841,570) (40,009,607)
------------- -------------
TOTAL PREPETITION LIABILITIES, POSTPETITION
LIABILITIES AND EQUITY .................................... $ 425,913,378 $ 411,759,948
============= =============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
CASH IN BANKS- UNRESTRICTED
March 31 February 29
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 65,279.32 65,360.26
General Account
Bank One ..................................................... 90484306 1,152.38 8,216.87
Custody Account
Bank One (1) ................................................. 100171305 324,582.46 (383,968.10)
Operating Account
First Farmers ................................................ 70-007-419 1,632.29 1,104.61
Dining Room Account
First Farmers ................................................ 70-007-427 1,836.00 1,265.00
Pro Shop Account
Petty Cash @ Perry Park ...................................... 700.00 300.00
-------------- --------------
Total unrestricted cash in banks .......................... $ 399,322.27 ($ 303,581.54)
============== ==============
</TABLE>
NOTE:
(1)As reported to the United States Trustee, this is a "zero balance account"
which is funded daily from short-term investments so that all checks presented
for payment are promptly honored. This system allows all available cash, held in
short-term investments, to continue to earn interest.
SCHEDULE 1A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
SHORT TERM INVESTMENTS
March 31 February 29
<S> <C> <C>
Northern Trust Time Deposit
5.40% Due 03/01/96 ......................... $ 0.00 $ 1,380,000.00
United States Treasury Bills
4.84% Due 03/07/96 ......................... 0.00 2,997,570.53
United States Treasury Bills
4.60% Due 03/14/96 ......................... 0.00 24,958,355.15
United States Treasury Bills
4.73% Due 04/04/96 ......................... 11,495,440.12 11,448,532.27
United States Treasury Bills
4.84% Due 03/28/96 ......................... 0.00 24,908,462.37
United States Treasury Bills
5.10% Due 04/25/96 ......................... 24,924,748.61 0.00
Bank of Louisville
Repurchase Agreement 4.80% Due 03/6/96 ..... 0.00 79,403.13
Bank of Louisville
Repurchase Agreement 4.75% Due 04/5/96 ..... 79,720.74 0.00
Bank One Texas
Time Deposit 5.250% Due 04/05/96 ........... 1,730,000.00 0.00
United States Treasury Bills
4.96% Due 03/07/96 ......................... 0.00 10,990,834.69
United States Treasury Bills
5.145% Due 05/02/96 ........................ 23,893,609.18 0.00
United States Treasury Bills
4.87% Due 04/11/96 ......................... 9,986,426.32 0.00
Unites States Treasury Bills
5.00% due 4/18/96 .......................... 13,966,829.27 0.00
----------------- -----------------
Total short-term investments .......... $ 86,076,774.24 $ 76,763,158.14
================= =================
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
RESTRICTED CASH AND SHORT TERM INVESTMENTS
Account Name Account No. March 31 February 29
<S> <C> <C> <C>
Latter & Blum Property 0005-65040 $32,733.41 $47,022.00
Management, Inc.
As Agent of Republic Tower
Rental Trust Account
ICH & CFC (1) 40 75k012013 1,389.60 1,084.89
Tax Ind Escrow 40 75k012005
Purchase Price Escrow
Texas Commerce Bank (2) 088-05177043 1,673.77 1,673.77
Upfront Buyer Expenses
Texas Commerce Bank (2) 088-05177035 2,261.52 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 2,163.24 1,498.38
Escrow Account
United States Treasury Bills (1)
5.025% Due 03/21/96 0.00 361,976.48
United States Treasury Bills(1)
4.91% due 6/20/96 362,992.33 0.00
United States Treasury Bills(3)
4.655% Due 04/04/96 139,945.52 0.00
United States Treasury Bills(3)
4.310% Due 03/07/96 0.00 139,899.08
United States Treasury Bills (3)
4.97% Due 4/11/96 101,567,236.64 0.00
United States Treasury Bills(3)
5.197% Due 03/14/96 0.00 101,122,725.41
--------------- ---------------
Total restricted cash and short term investments $102,116,173.81 $101,683,919.31
=============== ===============
</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
March 31, 1996
<TABLE>
<CAPTION>
ACCOUNTS RECEIVABLE
March 31 February 29
<S> <C> <C>
Perry Park:
Maintenance Fees Receivable ........................... $ 135,718.25 $ 139,170.23
Water/Sewer Accounts Receivable ....................... 1,132.26 1,004.53
Allowance for doubtful accounts ....................... (130,000.00) 0.00
-------------- --------------
6,850.51 140,174.76
ICH/NTS Hangar Receivable from Liquidation of Joint Venture 0.00 105,850.00
HM/Jackson Products, L.P. ................................. 14,405.00 14,405.00
-------------- --------------
Total .................................................. $ 21,255.51 $ 260,429.76
============== ==============
</TABLE>
SCHEDULE 4.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX REFUND DUE
March 31 February 29
<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
March 31, 1996
<TABLE>
<CAPTION>
FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES
March 31 February 29
<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 $0.00
============= =====
</TABLE>
SCHEDULE 4.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
NOTES RECEIVABLE
March 31 February 29
<S> <C> <C>
Victor Sayyah
Citibank Prime + .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
March 31, 1996
<TABLE>
<CAPTION>
INVESTMENT REAL ESTATE
March 31 February 29
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) 0.00
---------------- ----------------
Total investment real estate .............. $ 4,400,000.00 $ 4,915,466.35
================ ================
</TABLE>
SCHEDULE 10.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
VEHICLES
DESCRIPTION March 31 February 29
<S> <C> <C>
Golf Carts - 1989 ....................... $ 0.00 $ 1,573.35
Golf Carts - 1991 ....................... 0.00 14,251.00
Golf Carts - 1993 ....................... 0.00 20,764.27
Golf Carts - 1994 ....................... 0.00 59,753.58
Tractor w/mower ......................... 0.00 1,665.90
-------- -------------
Total vehicles ....................... $ 0.00 $ 98,008.10
======== =============
</TABLE>
NOTES
All vehicles carried at zero value.
SCHEDULE 10.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
OFFICE EQUIPMENT
DESCRIPTION March 31 February 29
<S> <C> <C>
F & E Home Office .................. $ 0.00 $ 12,041.25
F & E American Pyramid ............. 0.00 5,659.29
F & E Dining Room .................. 0.00 268.72
F & E Recreation Hall .............. 0.00 901.42
-------- -------------
Total office equipment .......... $ 0.00 $ 18,870.68
======== =============
</TABLE>
Notes:
All office equipment carried at zero value.
SCHEDULE 10.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
EQUIPMENT
DESCRIPTION March 31 February 29
<S> <C> <C>
Maintenance Equipment ...................... $ 0.00 $ 7,101.29
Ice Cube Machine ........................... 0.00 230.28
Construction Equip - American Pyramid ...... 0.00 5,298.32
Construction Equipment ..................... 0.00 2,863.80
Snapper Mower .............................. 0.00 185.81
John Deere Mower w/Mulcher ................. 0.00 5,706.30
-------- -------------
Total equipment ......................... $ 0.00 $ 21,385.80
======== =============
</TABLE>
NOTES:
All equipment carried at zero value
SCHEDULE 10.D
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
INVESTMENT IN SUBSIDIARIES
March 31 February 29
<S> <C> <C>
SWL Holding Corporation ............ $ 0.00 $ 0.00
Care Financial Corporation ......... 99,371,101.00 92,957,238.00
SLC Financial Services ............. 240,541.00 227,000.00
Facilities Management Installation .. 10,101,436.00 10,164,402.00
BML Agency ......................... 560,746.41 (c) 0.00
------------------ ------------------
Investment in Affiliates ............ $ 110,273,824.41 $ 103,348,640.00
================== ==================
</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. The above carrying values do not reflect the estimated
recoverable values from proposed sales of these companies because expected sales
prices exceed carrying values and Generally Accepted Accounting Principles do
not permit gains to be recognized until realized. Sales of subsidiaries are
subject to a number of uncertainties which may impact the ultimate sale
completion and proceeds. These uncertainties include (i) the reults of the
purchasers' due diligence, (ii) receipt of regulatory approvals, and (iii) the
ability of the purchasers to arrange financing. Therefore, proceeds ultimately
recovered from the sales of subsidiaries may be more or less than amounts
indicated in the definitive agreements.
(c) Transferred from other assets (Schedule 15.E).
SCHEDULE 15.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
INVESTMENT IN COMMON STOCKS AND BOND
NUMBER
OF SHARES March 31 February 29
Common Stocks (at market value):
<S> <C> <C> <C>
Commonwealth Industries .............. 200 $ 200.00 $ 200.00
Churchill Downs ...................... 10,000 410,000.00 415,000.00
XRC Corp. ............................ 5,595 559.50 559.50
National Energy Group, Inc. .......... 730 2,190.00 2,098.75
Ky Central Life Insurance Co. ........ 463 1,389.00 1,389.00
Ky Investors ......................... 300 4,012.50 3,993.90
Worthington Industries ............... 3,667 72,881.63 78,840.50
IMO Industries ....................... 2 12.75 12.50
Transamerica Title ................... 10 748.75 753.75
------------- --------------
$ 491,994.13 $ 502,847.90
============= ==============
Total common stocks
Change between periods represents change in unrealized. ($ 10,853.77)
=============
Rights to Common Stock
PennCorp ............................................ 0.00 (a) 10,000,000.00
------------- --------------
Bonds - Unaffiliated:
Southwestern Financial Corp.
7.0% Due 12/15/2005 ................................... 40,000,000.00 40,000,000.00
------------- --------------
Total Common Stocks & Bonds ........................ $40,491,994.13 $50,502,847.90
============= =============
</TABLE>
Note:
(a) Collected in cash with interest in March.
SCHEDULE 15.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION
March 31 February 29
<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
March 31, 1996
<TABLE>
<CAPTION>
TAX INDEMNIFICATION
March 31 February 29
<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
March 31, 1996
<TABLE>
<CAPTION>
OTHER ASSETS
March 31 February 29
<S> <C> <C>
Deferred Tax Asset .......................... $ 0.00 $ 39,084.00
Accrued Interest on Short Term Investments .. 1,030.37 471.68
Accrued Interest on Bonds-Unaffiliated ...... 824,444.44 591,111.11
Accrued Stock Dividend ...................... 5.00 5.00
Accrued Interest on Notes Receivable ........ 2,492,136.99 2,291,486.29
Investment in BML Agency, Inc. .............. 0.00 560,746.41
---------------- ----------------
Total other assets ....................... $ 3,317,616.80 $ 3,482,904.49
================ ================
</TABLE>
NOTES:
BML Agency was transferred to investments in subsidiaries (Schedule 15.A).
Deferred tax asset was written off.
SCHEDULE 15.E
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31,1996
<TABLE>
<CAPTION>
SECURED NOTES PAYABLE
March 31 February 29
<S> <C> <C> <C>
Victor Sayyah Secured by note receivable of $27,000,000. $30,000,000.00 (1) $30,000,000.00
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 180,820.58 180,820.58
500 East 9th Unplatted property situated in Glenwood
Kansas City MO 64106 Hall & Country Club, also known as Perry
Park Resort, Owenton County Recorded in Book
75 page 576, dated 9-28-71 Value:
Modern American Life Insurance Co Dated 6-2-78 Mortgage 70,173.31 70,173.31
500 North Akard 21.6666% interest in participation loan
Dallas TX 75201 Tract 1-7 Riverlake Subdivision
Tract 8-12 Perry Park Resort, unplotted property
Value:
Modern American Life Insurance Co Dated 6-2-78 Mortgage 72,869.33 72,869.33
500 North Akard 22.5% interest in participation loan
Dallas TX 75201 Unplotted property Glenwood Hall & Country
Club, also known as Perry Park Resort
-------------- --------------
Total secured notes payable $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
March 31, 1996
<TABLE>
<CAPTION>
ACCRUED TAXES
March 31 February 29
Prepetition:
<S> <C> <C>
Commonwealth of Kentucky 1989-1992 State $2,310,000.00 $2,310,000.00
Revenue Cabinet Income Tax Audit
Frankfort, KY 40619
Intercompany payable per tax sharing agreement & other
(Reflects net amount due through 12/31/95) 4,020,046.00 104,492.09
Internal Revenue Service Reserve for Federal
Income Tax Audit 11,100,000.00 11,100,000.00
-------------- --------------
17,430,046.00 13,514,492.09
Total prepetition accrued taxes
Postpetition:
Commonwealth of Kentucky 02/01/96 thru 02/29/96 0.00 21.86
Revenue Cabinet Sales & Use Tax
Frankfort, KY 40619
-------------- --------------
Total accrued taxes $17,430,046.00 $13,514,513.95
============== ==============
</TABLE>
SCHEDULE 25.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31
<TABLE>
<CAPTION>
UNSECURED NOTES PAYABLE
March 31 February 29
<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
March 31, 1996
<TABLE>
<CAPTION>
ACCRUED FOR EXECUTORY CONTRACTS
March 31 February 29
<S> <C> <C>
Robert T. Shaw and Independent Contractor and
C. Fred Rice Services Agreement
4211 Norbourne Boulevard Dated February 11, 1994 $0.00 (b) $5,775,000.00
----- -------------
Louisville, KY 40207
Total accrued for executory contracts $0.00 $5,775,000.00
===== =============
</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.
(b) Transferred to other liabilities (schedule 27.C)
SCHEDULE 27.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, `996
<TABLE>
<CAPTION>
ACCRUED INTEREST
March 31 February 29
<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 (a) 14,917,730.59
----------------- -----------------
Total accrued interest ............ $ 15,674,618.19 $ 16,502,501.45
================= =================
</TABLE>
NOTE:
Interest is accrued only through October 10, 1995, the date company filed
for bankruptcy.
(a) Decrease in accrued interest on unsecured debt represents interest from
6/1/95 (last payment date) to 10/10/95 on bond held by Constitution, which was
dividended to ICH prior to sale of Constitution.
SCHEDULE 27.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
OTHER LIABILITIES
March 31 February 29
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 442,442.51 442,880.51
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 391,437.00 391,437.00
Retired Employee Liability 5,565,000.00 (a) 4,903,000.00
Lawrence Johnson
Lease-Jefferson Building
202 West Hill Street
Champaign, IL 61820 145,000.00 145,000.00
Robert T. Shaw & C. Fred Rice
Independent Contractor and Services Agreement
Dated February 11, 1994 5,775,000.00 (b) 0.00
-------------- --------------
Subtotal of prepetition liabilities 19,087,228.43 12,650,666.43
-------------- --------------
Postpetition:
Due Southwestern Financial Services 169,382.72 103,177.19
General Expense Accrual 907,809.75 737,833.01
-------------- --------------
Subtotal of postpetition liabilities 1,077,192.47 841,010.20
-------------- --------------
Total other liabilities $20,164,420.90 $13,491,676.63
============== ==============
</TABLE>
Note:
(a) Increase in retired employee liability based on annual calculation of
liability performed by an independent actuary based on updated census and
economic assumptions as of December 31, 1995.
(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. Transferred
from executory contracts (Schedule 27.A).
SCHEDULE 27.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 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 $1,341,676 $3,722,797
Perry Park revenues 21,667 51,810
Realized capital gains (losses) 1.A (653,731) (653,768)
Other income 1.B 1,043 6,307
------------ ------------
Total revenues 710,655 3,127,146
------------ ------------
EXPENSES:
9. Directors fees 9 4,000 14,750
11.General and administrative 379,383 1,285,677
------------ ------------
383,383 1,300,427
------------ ------------
15.Income before non-operating income and expenses 327,272 1,826,719
------------ ------------
OTHER INCOME AND EXPENSES:
16.Equity in earnings (losses) of subsidiaries 16.A (746,029) (589,236)
18.Gain (loss) on sale of subsidiary 0 0
19.Miscellaneous income (expense):
None
20.Interest expense 0 0
------------ ------------
Net other income and expenses (746,029) (589,236)
------------ ------------
REORGANIZATION EXPENSES:
23.Professional fees 23 385,675 1,023,671
24.U.S. Trustee fees 24 0 15,000
------------ ------------
385,675 1,038,671
------------ ------------
27.Tax expense (benefit) 27 (3,872,856) (3,829,183)
------------ ------------
Net income (loss) 3,068,424 4,027,995
Change in unrealized 7,099,613 7,168,441
Net equity (deficit) at beginning of period (40,009,607) (41,038,006)
------------ ------------
Net equity (deficit) at end of period ($29,841,570) ($29,841,570)
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
REALIZED CAPITAL GAINS (LOSSES):
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Writedown of real estate and equipment ... ($ 653,731.00) ($ 653,731.00)
Sale of short term investments ........... 0.00 (36.79)
-------------- --------------
($ 653,731.00) ($ 653,767.79)
============== ==============
</TABLE>
SCHEDULE 1.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
OTHER INCOME
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Commission income ................... $ 1,043.26 $ 5,378.00
Miscellaneous income ................ (0.10) 929.00
------------ ------------
$ 1,043.16 $ 6,307.00
============ ============
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
DIRECTORS FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Stanley Stegner ...................... $ 2,000.00 $ 6,250.00
Keith Tucker ......................... 0.00 2,250.00
Vernon Zimmerman ..................... 2,000.00 6,250.00
------------- -------------
$ 4,000.00 $ 14,750.00
============= =============
</TABLE>
SCHEDULE 9
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 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 ....................... ($ 696,604.00) ($ 696,604.00)
SLC Financial Services .................... 13,541.00 13,541.00
Facilities Management Installation, Inc. .. (62,966.00) 93,827.00
BML Agency ................................ 0.00 0.00
-------------- --------------
($ 746,029.00) ($ 589,236.00)
============== ==============
</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>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 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 ....................... $ 4,846.94 $ 103,392.80
Winstead, Sechrest & Minick ............. 77,014.28 144,838.21
Donaldson, Lufkin & Jenrette ............ 0.00 228,886.04
Rodney D. Moore ......................... 0.00 102,764.85
Houlihan Lokey Howard & Zukin ........... 133,836.67 133,836.67
Gibson, Dunn & Crutcher ................. 0.00 114,935.40
-------------- ----------------
Total paid for period ........... 215,697.89 828,653.97
Change in accrual .......................... 169,976.74 195,017.29
-------------- ----------------
Total reorganization professional fees .. $ 385,674.63 $ 1,023,671.26
============== ================
</TABLE>
SCHEDULE 23
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
U.S. TRUSTEE FEES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
ICH Corporation ................... $ 0.00 $ 5,000.00
CARE Financial Corp ............... 0.00 5,000.00
SWL Holding Corp .................. 0.00 5,000.00
-------- -------------
Total ............................. $ 0.00 $ 15,000.00
======== =============
</TABLE>
SCHEDULE 24
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
March 31, 1996
<TABLE>
<CAPTION>
TAXES
Month only Period to date
Balance From 12/31/95
<S> <C> <C>
Franchise taxes ................... $ 15,141.49 $ 48,179.00
State (KY) income tax ............. 0.13 (181.00)
Sales taxes ....................... 434.86 2,031.00
Other taxes ....................... 5,446.90 14,667.00
Current F.I.T. Provision (benefit). (3,893,879.01) (3,893,879.00)
---------------- ----------------
Total ............................. ($ 3,872,855.63) ($ 3,829,183.00)
================ ================
</TABLE>
SCHEDULE 27
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11 ACCRUAL BASIS-3
Monthly Operating Report
February 29, 1996
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS
<S> <C> <C>
Cash at beginning of month ........................................... $178,143,496
Receipts from operations:
Interest received ................................................. 907,133
Perry Park revenues ............................................... 24,991
Collection of amount due from Penncorp for stock in cash .......... 10,000,000
Other ............................................................. 1,043
----------------
Non-operating receipts: .............................................. 10,933,167
Sale of subsidiaries .............................................. 0
----------------
Total cash received ............................................... 10,933,167 10,933,167
---------------- ----------------
Total cash available .............................................. 189,076,663
Cash disbursed for operations:
General expenses .................................................. 243,649
Taxes, net of contributions from subsidiaries per tax
sharing agreement ............................................. 21,046
Directors fees (see schedule at Accrual Basis-6) .................. 4,000
----------------
268,695
Non-operating disbursements:
Contribution to Modern American for F.I.T ......................... 0
Cash disbursed for reorganization costs:
Professional fees
See schedule at Accrual Basis-6 .............................. 215,698
U.S. Trustee Fees ................................................. 0
----------------
Total cash disbursed .............................................. 484,393 484,393
---------------- ----------------
Cash at end of month ................................................. $188,592,270
================
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
February 29, 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
February 29, 1996
ACCRUAL BASIS-6
<TABLE>
<CAPTION>
PAYMENTS TO INSIDERS:
Directors Fees:
<S> <C>
Stanley Stegner ....................................... $ 2,000.00
Keith Tucker .......................................... 0.00
Vernon Zimmerman ...................................... 2,000.00
------------
$4,000.00
============
Payments to affiliates:
NONE $0.00
0.00
------------
$0.00
============
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:
<S> <C>
Winstead, Sechrest & Minick ............................... $ 77,014.28
Donaldson, Lufkin & Jenrette .............................. 0.00
Coopers & Lybrand ......................................... 4,846.94
Houlihan, Lokey, Howard & Zukin ........................... 133,836.67
Gibson, Dunn & Crutcher ................................... 0.00
------------
Total reorganization professional fees .................... $ 215,697.89
============
</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. (2)
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.
(2) 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
- ------ ------- -------------- ---------
- ------ ------- -------------- ---------
- ------ ------- -------------- ---------
- ------ ------- -------------- ---------
