- --------------------------------------------------------------------------------
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): February 21, 1997
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 January 1997,
filed with the Bankruptcy Court on February 21, 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Financial Report for January 1997.
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: March 7, 1997 By: /s/Susan A. Brown
-----------------
Susan A. Brown, Attorney-in-Fact
2
<PAGE>
Index to Exhibits
Sequentially
Numbered
Exhibit Number Description Pages
99 Monthly Operating Report for the Month Ending 37
January 1997, 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: JANUARY, 1997
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:
/s/SUSAN A. BROWN MANAGING TRUSTEE
- --------------------------------------- ------------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
SUSAN A. BROWN 2/20/97
- --------------------------------------- ------------------------------------
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 2/20/97
- --------------------------------------- ------------------------------------
PRINTED NAME OF PREPARER DATE
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997 ACCRUAL BASIS-1
COMPARATIVE BALANCE SHEET
<TABLE>
<CAPTION>
Schedule January 31 December 31
Reference Balances Balances
<S> <C> <C> <C>
ASSETS
1. Unrestricted cash 1.A $209,353 $454,698
Short-term investments 1.B 93,189,740 92,000,564
2. Restricted cash & short-term
investments 1.C 106,020,563 105,586,641
------------ ------------
3. Total cash 199,419,656 198,041,903
4. Accounts receivable 4.A 73,931 593,049
Income tax recoverable from purchaser 4.C 7,848,517 7,848,517
6. Notes receivable 6.A 27,000,000 27,000,000
10.Investment real estate 10.A 2,585,000 2,585,000
15.Investment in subsidiaries 15.A 98,094,728 98,750,232
Investment common stocks & bonds 15.B 40,419,380 40,434,476
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 1,690,291 1,456,816
------------ ------------
Total assets $419,731,503 $419,309,993
============ ============
POSTPETITION LIABILITIES
17.Accounts payable and accrued expenses 27.C 5,624,281 491,456
Accrued interest 27.B 36,126 33,788
18.Taxes payable 25.A 22 12
------------ ------------
Total postpetition liabilities 5,660,429 525,256
------------ ------------
PREPETITION LIABILITIES
24.Secured notes payable 24.A 30,323,863 30,323,863
25.Accrued taxes 25.A 4,798,368 4,798,368
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 18,125,920 18,105,759
------------ ------------
Total prepetition liabilities 441,084,050 441,063,889
------------ ------------
EQUITY
30.Prepetition owners' equity (deficit) (108,884,661) (108,884,661)
31.Postpetition cumulative profit 72,263,858 76,982,585
32.Change in unrealized gains 9,607,827 9,622,924
------------ ------------
Total equity (27,012,976) (22,279,152)
------------ ------------
TOTAL PREPETITION LIABILITIES, POSTPETITION
LIABILITIES AND EQUITY $419,731,503 $419,309,993
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
CASH IN BANKS- UNRESTRICTED
<TABLE>
<CAPTION>
January 31 December 31
Account Name Account No.
<S> <C> <C>
Bank of Louisville 2449-393-8 ($261.15) $4,139.82
Operating Account
Bank of Louisville 2449-390-3 63,196.95 64,527.41
General Account
Bank One 90484306 22,064.75 26,649.83
Custody Account
Bank One 100171305 121,992.26 351,705.25
Operating Account
First Farmers 70-007-419 1,022.27 1,080.37
Dining Room Account
First Farmers 70-007-427 1,038.00 5,895.00
Pro Shop Account
Petty Cash @ Perry Park 300.00 700.00
----------- -----------
Total unrestricted cash in banks $209,353.08 $454,697.68
=========== ===========
</TABLE>
SCHEDULE 1A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
SHORT TERM INVESTMENTS
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
United States Treasury Bills
4.46% Due 01/16/97 $0.00 $19,962,741.01
United States Treasury Bills
4.96% Due 02/06/97 44,968,961.51 0.00
United States Treasury Bills
4.95% Due 01/23/97 0.00 19,939,224.23
United States Treasury Bills
5.94% Due 01/30/97 0.00 24,900,500.23
United States Treasury Bills
5.00% Due 01/23/97 0.00 24,923,098.43
Bank One Texas
Time Deposit 5.50% Due 02/03/97 3,275,000.00 0.00
BankAmerica Corp
Time Deposit 5.875% Due 01/02/97 0.00 2,275,000.00
United States Treasury Bills
4.925% Due 02/06/97 19,986,289.43 0.00
United States Treasury Bills
4.86% Due 02/13/97 24,959,489.06 0.00
-------------- --------------
Total short-term investments $93,189,740.00 $92,000,563.90
============== ==============
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
RESTRICTED CASH AND SHORT TERM INVESTMENTS
<TABLE>
<CAPTION>
Account Name Account No. January 31 December 31
<S> <C> <C>
Latter & Blum Property 0005-65040 $16,594.99 $12,446.75
Management, Inc.
As Agent of Republic Tower
Rental Trust Account
ICH & Southwest Financial Corp. (1) 3855124256 0.00 (93.44)
Escrow Account
Bank of Louisville (2)
Repurchase Agreement 4.80% Due 01/03/97 0.00 82,659.54
Bank of Louisville (2)
Repurchase Agreement 4.80% Due 02/3/97 82,990.18 0.00
Fidelity Institutional Cash
Due 12/31/97 at Maturity 3,055.93 2,931.79
United States Treasury Bills (1)
Due 01/23/97 0.00 54,766,165.03
United States Treasury Bills (1)
Due 02/06/97 105,917,922.29 50,722,531.61
--------------- ---------------
Total restricted cash and short term investments $106,020,563.39 $105,586,641.28
=============== ===============
</TABLE>
(1) Escrows established related to sale to Southwestern Financial Corp.
(2) Escrow established related to tax obligations of Consolidated Fidelity.
SCHEDULE 1.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
ACCOUNTS RECEIVABLE
<TABLE>
<CAPTION>
January 31 December 31
Perry Park:
<S> <C> <C>
Maintenance Fees Receivable $150,311.89 $148,254.36
Allowance for doubtful accounts (130,000.00) (130,000.00)
---------- -----------
20,311.89 18,254.36
Other - Due from SWFS 53,618.37 18,381.98
Shaw - Tax settlement 0.00 550,000.00
Income accrual Pro Shop & Dining Room 0.00 6,412.63
---------- -----------
Total $73,930.26 $593,048.97
========== ===========
</TABLE>
SCHEDULE 4.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
FEDERAL INCOME TAX RECOVERABLE FROM PURCHASER ON SALE OF SUBSIDIARIES
<TABLE>
<CAPTION>
January 31 December 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
January 31, 1997
NOTES RECEIVABLE
<TABLE>
<CAPTION>
January 31 December 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
Allowance for loss - Ballard Texas Properties (581,800.00) (581,800.00)
------------- --------------
Total notes receivable 27,000,000.00 $27,000,000.00
============= ==============
</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
January 31, 1997
INVESTMENT REAL ESTATE
<TABLE>
<CAPTION>
January 31 December 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) (2,330,466.35) (2,330,466.35)
------------- -------------
Total investment real estate $2,585,000.00 $2,585,000.00
============= =============
</TABLE>
SCHEDULE 10.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
INVESTMENT IN SUBSIDIARIES
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
SWL Holding Corporation $0.00 $0.00
Care Financial Corporation 88,500,000.00 (a) 88,500,000.00
SLC Financial Services 0.00 (b) 261,167.37
Facilities Management Installation 9,351,959.00 9,396,296.00
BML Agency 242,769.05 (b) 592,769.05
-------------- --------------
Investment in Affiliates $98,094,728.05 $98,750,232.42
============== ==============
</TABLE>
NOTES:
(a) Reflects estimated realizable value of remaining assets owned, net of
liabilities.
(b) Dividends were received from SLC Financial Services of $260,739.85 and BML
Agency of $350,000.00 during January.
SCHEDULE 15.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
INVESTMENT IN COMMON STOCKS AND BOND
<TABLE>
<CAPTION>
NUMBER
OF SHARES January 31 December 31
<S> <C> <C>
Common Stocks (at market value):
Commonwealth Industries 200 $200.00 $200.00
Churchill Downs 10,000 340,000.00 360,000.00
XRC Corp. 5,595 559.50 559.50
National Energy Group, Inc. 730 2,646.25 2,509.01
Ky Central Life Insurance Co. 463 46.30 46.30
Ky Investors 300 4,050.00 3,900.00
Worthington Industries 3,667 71,048.13 66,464.38
IMO Industries 2 7.25 6.25
Transamerica Title 10 822.50 790.00
-------------- --------------
Total common stocks $419,379.93 $434,475.44
============== ==============
Change between periods represents
change in unrealized ($15,095.51)
==============
Bonds - Unaffiliated:
Southwestern Financial Corp.
7.0% Due 12/15/2005 40,000,000.00 40,000,000.00
-------------- --------------
Total Common Stocks & Bonds $40,419,379.93 $40,434,475.44
============== ==============
</TABLE>
SCHEDULE 15.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
DISTRIBUTION AND LIQUIDATION INTEREST IN CFSB CORPORATION
<TABLE>
<CAPTION>
January 31 December 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
January 31, 1997
TAX INDEMNIFICATION
<TABLE>
<CAPTION>
Janaury 31 December 31
<S> <C> <C>
Tenneco Indemnification $24,600,000.00 $24,600,000.00
============== ==============
</TABLE>
NOTE:
ICH has announced a settlement with Tenneco, Inc. (Tenneco Settlement). Pursuant
to the Tenneco Settlement, ICH and Tenneco shall mutually release all claims
against each other and Tenneco shall pay to ICH the sum of $18.5 million and
cancel the 9 1/2% unsecured note due 1996 of ICH. On January 16, 1997, the
Bankruptcy Court approved the Tenneco Settlement.
SCHEDULE 15.D
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
OTHER ASSETS
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
Accrued Interest on Short Term Investments $821.25 $679.87
Accrued Interest on Bonds-Unaffiliated 357,777.78 124,444.44
Accrued Interest on Notes Receivable 1,347,206.51 1,343,327.84
Allowance for loss - Ballard Texas Properties (15,514.68) (11,636.01)
------------- -------------
Total other assets $1,690,290.86 $1,456,816.14
============= =============
</TABLE>
SCHEDULE 15.E
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
SECURED NOTES PAYABLE
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
Victor Sayyah $30,000,000.00 (1) $30,000,000.00
c/o Lord, Bissell & Brook
James R. Wimmer
115 South La Salle Street
Chicago, IL 60603
Ozark National Life Insurance Co. 323,863.22 (2) 323,863.22
500 East 9th
Kansas City MO 64106
-------------- --------------
$30,323,863.22 $30,323,863.22
============== ==============
</TABLE>
NOTES:
(1) Secured by note receivable of $27,000,000.
Unsecured in amount of $ 3,000,000.
See Schedule 6.A
(2) Dated 6-2-78 Mortgage
Unplatted property situated in Glenwood Hall & Country Club, also known as
Perry Park Resort, Owenton County Recorded in Book 75 page 576, dated
9-28-71
SCHEDULE 24.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
ACCRUED TAXES
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
Prepetition:
Commonwealth of Kentucky 1989-1992 State Income $69,569.00 $69,569.00
Revenue Cabinet Tax Audit
Frankfort, KY 40619
Intercompany payable per tax
sharing agreement & other 4,728,799.00 4,728,799.00
------------- -------------
Total prepetition accrued taxes $4,798,368.00 $4,798,368.00
============= =============
Postpetition:
Commonwealth of Kentucky 01/01/97 thru 01/31/97 $21.69 $12.02
Revenue Cabinet Sales & Use Tax
Frankfort, KY 40619
------------- -------------
Total postpetition accrued taxes $21.69 $12.02
============= =============
</TABLE>
SCHEDULE 25.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
UNSECURED NOTES PAYABLE
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
Tenneco Inc. $21,900,000.00 (a) $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>
NOTE:
(a) ICH has announced a settlement with Tenneco, Inc. (Tenneco Settlement).
Pursuant to the Tenneco Settlement, ICH and Tenneco shall mutually release
all claims against each other and Tenneco shall pay to ICH the sum of $18.5
million and cancel the 9 1/2% unsecured note due 1996 of ICH. On January
16, 1997, the Bankruptcy Court approved the Tenneco Settlement.
SCHEDULE 26.A
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
ACCRUED INTEREST
<TABLE>
<CAPTION>
January 31 December 31
<S> <C> <C>
Prepetition:
Accrued Interest on Secured Debt 1,584,770.86 1,584,770.86
Accrued Interest on Unsecured Debt 14,089,128.15 14,089,128.15
-------------- --------------
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) 36,126.30 33,788.27
-------------- --------------
Total postpetition accrued interest $36,126.30 $33,788.27
============== ==============
</TABLE>
SCHEDULE 27.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
OTHER LIABILITIES
<TABLE>
<CAPTION>
January 31 December 31
PREPETITION:
<S> <C> <C>
Fractional Shares Payable @
Bank of Louisville $179,765.09 $179,765.09
P.O. Box 1101
Louisville, KY 40201-1101
Common Stock Dividend Payable @
Bank of Louisville 200,398.57 200,398.57
P.O. Box 1101
Louisville, KY 40201-1101
Preferred Dividend Payable @
Bank of Louisville 81,064.70 81,064.70
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
Bank of Louisville 20,161.47 0.00
Trust services 9/12/95
-------------- --------------
Total of prepetition liabilities $18,125,919.94 $18,105,758.47
============== ==============
POSTPETITION:
Security deposit on real estate investment $100.00 $100.00
Real Estate Expense Accrual 1,308.95 1,805.06
Facilities Management Installation 0.00 21,665.79
General Expense Accrual 5,622,871.52 (b) 467,885.19
-------------- --------------
Total of postpetition liabilities $5,624,280.47 $491,456.04
============== ==============
</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) Includes accruals of $225,000 for postage, $350,000 for Bank of Louisville
fees, $4,200,000 for bonuses, $215,000 for KY license tax and $632,872 for
professional fees.
SCHEDULE 27.C
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997 ACCRUAL BASIS-2
INCOME STATEMENT
<TABLE>
<CAPTION>
Schedule Month only Period to date
Reference Balance From 12/31/96
<S> <C> <C>
REVENUES:
Interest income $1,118,833 $1,118,833
Perry Park revenues 10,583 10,583
Realized capital gains(losses) 0 0
Other income 1.B 2,056 2,056
------------ ------------
Total revenues 1,131,472 1,131,472
------------ ------------
EXPENSES:
9. Directors fees 0 0
11.General and administrative 5,125,098 5,125,098
------------ ------------
5,125,098 5,125,098
------------ ------------
15.Income before non-operating
income and expenses (3,993,626) (3,993,626)
------------ ------------
OTHER INCOME AND EXPENSES:
16.Equity in earnings (losses) of
subsidiaries 16.A (44,336) (44,336)
18.Gain (loss) on sale of subsidiary 0 0
19.Miscellaneous income (expense):
20.Interest expense 18 (2,338) (2,338)
------------ ------------
Net other income (expenses) (46,674) (46,674)
------------ ------------
REORGANIZATION EXPENSES:
23.Professional fees 23 456,326 456,326
24.U.S. Trustee fees 24 8,000 8,000
------------ ------------
464,326 464,326
------------ ------------
27.Tax expense (benefit) 27 214,102 214,102
------------ ------------
Net income (loss) (4,718,728) (4,718,728)
Change in unrealized (15,096) (15,096)
Net equity (deficit) at beginning of period (22,279,152) (22,279,152)
------------ ------------
Net equity (deficit) at end of period ($27,012,976) ($27,012,976)
============ ============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
OTHER INCOME
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/96
<S> <C> <C>
Commission income $2,056.32 $2,056.32
--------- ---------
$2,056.32 $2,056.32
========= =========
</TABLE>
SCHEDULE 1.B
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
EQUITY IN EARNINGS (LOSSES) OF SUBSIDIARIES
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/96
<S> <C> <C>
Care Financial Corp $0.00 $0.00
SLC Financial Services 0.00 0.00
Facilities Management Installation, Inc. (44,336.00)(a) (44,336.00)
BML Agency 0.00 0.00
----------- -----------
($44,336.00) ($44,336.00)
=========== ===========
</TABLE>
NOTE:
(a) 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
January 31, 1997
INTEREST EXPENSE
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/96
<S> <C> <C>
Ozark National Life $2,338.03 $2,338.03
--------- ---------
$2,338.03 $2,338.03
========= =========
</TABLE>
SCHEDULE 18
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
PROFESSIONAL FEES
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/96
Paid & Accrued Postpetition:
Paid during period:
<S> <C> <C>
Winstead, Sechrest & Minick $79,553.52 $79,553.52
Houlihan Lokey Howard & Zukin 80,121.14 80,121.14
Gibson, Dunn & Crutcher 39,734.82 39,734.82
Pryor, Cashman 48,067.78 48,067.78
Southwest Securities 28,396.00 28,396.00
Lightfoot 15,466.15 15,466.15
----------- -----------
Total paid for period 291,339.41 291,339.41
Change in accrual 164,986.33 164,986.33
----------- -----------
Total reorganization professional fees $456,325.74 $456,325.74
=========== ===========
</TABLE>
SCHEDULE 23
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
U.S. TRUSTEE FEES
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/96
<S> <C> <C>
ICH Corporation $7,500.00 $7,500.00
CARE Financial Corp 250.00 250.00
SWL Holding Corp 250.00 250.00
--------- ---------
Total $8,000.00 $8,000.00
========= =========
</TABLE>
SCHEDULE 24
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
TAXES
<TABLE>
<CAPTION>
Month only Period to date
Balance From 12/31/96
<S> <C> <C>
State (KY) income tax $208,730.00 $208,730.00
Sales taxes 740.85 740.85
Other taxes 4,630.81 4,630.81
----------- -----------
Total $214,101.66 $214,101.66
=========== ===========
</TABLE>
SCHEDULE 27
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11 ACCRUAL BASIS-3
Monthly Operating Report
January 31, 1997
CASH RECEIPTS AND DISBURSEMENTS
<TABLE>
<S> <C> <C>
Cash at beginning of month $198,041,903
Receipts from operations:
Interest received 885,358
Perry Park revenues 10,583
Other 2,056
------------
897,997
Non-operating receipts:
Shaw - Tax settlement 550,000
Dividend SLC Financial Services 260,740
Dividend BML Agency 350,000
------------
Total cash received 2,058,737 2,058,737
------------ ------------
Total cash available 200,100,640
Cash disbursed for operations:
General expenses 382,543
Taxes (898)
Directors fees (see schedule at Accrual Basis-6 0
------------
381,645
Non-operating disbursements:
0
Cash disbursed for reorganization costs:
Professional fees
See schedule at Accrual Basis-6. 291,339
U.S. Trustee Fees 8,000
------------
Total cash disbursed 680,984 680,984
------------ ------------
Cash at end of month $199,419,656
============
</TABLE>
<PAGE>
I.C.H. Corporation
Case No. 395-36351-RCM-11
Monthly Operating Report
January 31, 1997
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
January 31, 1997
ACCRUAL BASIS-6
PAYMENTS TO INSIDERS:
Directors Fees:
NONE
Payments to affiliates:
NONE
PAYMENTS TO PROFESSIONALS:
Related to reorganization:
Winstead, Sechrest & Minick $79,553.52
Houlihan, Lokey, Howard & Zukin 80,121.14
Gibson, Dunn & Crutcher 39,734.82
Pryor, Cashman 48,067.78
Southwest Securities 28,396.00
Lightfoot 15,466.15
-----------
Total reorganization professional fees $291,339.41
===========
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.
<PAGE>
CASE NAME: I.C.H. CORPORATION ACCRUAL BASIS-7
CASE NUMBER: 395-36351-5CM-11 02/13/95
MONTH: JANUARY 1997
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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