<PAGE>   1
                                                                   EXHIBIT 99.11

                               TO THE HOLDERS OF

                         COMPREHENSIVE CARE CORPORATION
                   7 1/2% CONVERTIBLE SUBORDINATED DEBENTURES
                    DUE APRIL 15, 2010 (CUSIP NO. 204620AA6)


NOTICE IS HEREBY given to the holders of the above-referenced Debentures, as
provided for under the Indenture dated as of April 25, 1985 between
Comprehensive Care Corporation, a Delaware Corporation (the "Company"), and
Bank of America National Trust and Savings Association (the "Trustee"), that
the Company failed to make its interest payment on the Debentures which was due
and payable on October 17, 1994.  Pursuant to Section 6.01 of the Indenture,
the Company is in default under the Indenture effective as of November 17,
1994.

Pursuant to Section 6.02 of the Indenture, based on this default by the
Company, the Trustee by notice to the Company, or the holders of at least 25%
in principal amount of the outstanding Debentures by notice to the Company and
the Trustee, may declare the principal of and accrued interest on all the
Debentures to be due and payable.  The Trustee wishes to further inform the
holders of the Debentures that, pursuant to Section 6.05 of the Indenture, the
holders of not less than a majority of the $9,538,000 aggregate principal
amount of outstanding Debentures have the right to direct the Trustee's actions
concerning this default by the Company, subject to the conditions contained in
the Indenture.  If the Trustee does not receive directions from the requisite
number of holders of the Debentures, the Trustee will formulate a course of
action to take concerning this default by the Company.  The Trustee has not as
of this date declared the principal of and accrued interest on all the
Debentures to be due and payable, and the Trustee is continuing to consider
whether such a notice of acceleration would presently be in the best interest
of the holders of the Debentures.

The Trustee will continue with its duties under the Indenture and will monitor
developments in this matter and intends to communicate with the holders of the
Debentures as it deems appropriate as it learns of developments concerning this
matter.  Any directions or inquiries regarding this matter should be directed
to Ms. Sandy Chan, Associate Administrator, Bank of America National Trust and
Savings Association, Corporate Trust Administration, Department #8510, 333
South Beaudry Avenue, 25th Floor, Los Angeles, California 90017, telephone:
(213) 345-46452.

NOTE:    If you are a nominee or a depository and not a beneficial holder,
         please forward copies of this notice immediately to your clients who
         are beneficial holders of the Debentures.

Dated:   November 22, 1994

         BANK OF AMERICA NATIONAL TRUST

         AND SAVINGS ASSOCIATION, as Trustee
<PAGE>   2
                               TO THE HOLDERS OF

                         COMPREHENSIVE CARE CORPORATION
                 7 1/2% OF CONVERTIBLE SUBORDINATED DEBENTURES
                    DUE APRIL 15, 2010 (CUSIP NO. 204620AA6)
                               (THE "SECURITIES")

NOTICE IS HEREBY given to the Holders of the above-referenced Securities, as
provided for under the Indenture dated as of April 25, 1985 (the "Indenture")
between Comprehensive Care Corporation, a Delaware corporation (the "Company"),
and Bank of America National Trust and Savings Association (the "Trustee"),
that (1) as more fully described below, the Holders of at least 25% in
principal amount of the currently outstanding Securities have by written notice
to the Company and the Trustee declared the principal of and accrued interest
on all the Securities to be due and payable, and (2) as more fully described
below, the Company has delivered to the Trustee, and has requested the Trustee
to mail to the Holders, both (a) the enclosed notice from the Company setting
February 28, 1995, as the special record date and also as the payment date for
the interest payment on the Securities which the Company failed to make on
October 17, 1994 (the "Company Notice"), and (b) the enclosed Notice of
Rescission of Acceleration. Capitalized terms not otherwise defined herein
shall have the same meanings as set forth in the Indenture.

As the Holders are aware, on November 23, 1994, the Trustee notified the
Holders by mail that an Event of Default had occurred under the Indenture in
that the Company had failed to make its interest payment on the Securities
which was due and payable on October 17, 1994, and had continued to fail to
make such missed interest payment for a period of 30 days.

The Trustee has received written notices dated February 6 and 9, 1995, from
twenty-one (21) Holders of the Securities declaring the principal of and
accrued interest on all the Securities to be due and payable (the "Written
Notices").  The Trustee understands that the Company has also received the
Written Notices.  The aggregate principal amount of the outstanding Securities
registered in the names of the twenty-one (21) Holders who sent the Written
Notices is $3,017,000.  The aggregate principal amount of all currently
outstanding Securities is $9,538,000.  Thus, the aggregate principal amount of
the outstanding Securities registered in the names of the twenty-one (21)
Holders who sent the Written Notices is approximately 31.63% of the aggregate
principal amount of all currently outstanding Securities.  Pursuant to Section
6.02 of the Indenture, upon receipt by the Company and the Trustee of the
Written Notices, the principal of and accrued interest on all the Securities
become immediately due and payable.

Section 6.02 of the Indenture provides that "[t]he Holders of a majority in
principal amount of the then outstanding Securities by notice to the Trustee
may rescind an acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if any existing Events of Default have
been cured or waived except nonpayment of principal or interest that has become
due solely because of the acceleration."  The Trustee has not as of this date
been notified of any judgment or decree with which a rescission of the
acceleration of the Securities would conflict; and as of this date the only
existing Event of Default of which the Trustee has been notified is the failure
of the Company to make the interest payment on the Securities which became due
and payable on October 17, 1994.

The Company has delivered to the Trustee, and has requested the Trustee to mail
to the Holders, both (1) the enclosed Company Notice setting February 28, 1995,
as the special record date and also as the payment date for the interest
payment on the Securities which the Company failed to make on October 17, 1994,
and (2) the enclosed Notice of Rescission of Acceleration.  Please note that,
as set forth on the Company Notice, the Company's payment of the missed October
17, 1994 interest payment (together with interest thereon from and including
October 15, 1994, and to but not including February 28, 1995) is expressly
conditioned upon the effective rescission of the acceleration of the Securities
by Holders of a majority in principal amount of the currently outstanding
Securities executing and returning to the Trustee the enclosed Notice of
Rescission of Acceleration on or before February 28, 1995.

If a Holder wants the principal of and accrued interest on all the Securities
to remain immediately due and payable, a Holder does not need to do anything.
If a Holder wants to rescind the acceleration of the principal of and interest
on the Securities, a Holder must execute the enclosed Notice of Rescission of
Acceleration and return that executed Notice of Rescission of Acceleration to
the Trustee at the address for the Trustee set forth in the following
paragraph.  An executed Notice of Rescission of Acceleration must be received
by the Trustee by no later than 1:00 p.m., Los Angeles, California time, on
February 28, 1995.

The Trustee will continue with its duties under the Indenture and will monitor
developments in this matter and intends to communicate with the Holders of the
Securities as it deems appropriate as it learns of developments concerning this
matter.  Any directions or inquiries regarding this matter should be directed
to Ms. Sandy Chan, Associate Administrator, Bank of America National Trust and
Savings Association, Corporate Trust Administration, Department #8510, 333
South Beaudry Avenue, 25th Floor, Los Angeles, California 90017, telephone
(213) 345-4652.

 NOTE:   If you are a nominee or a depository and not a beneficial holder,
         please forward copies of this notice immediately to your clients who
         are beneficial holders of the Securities.

Dated:   February 13, 1995
         BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, as Trustee
<PAGE>   3
                                  THIRD NOTICE

                               TO THE HOLDERS OF

                         COMPREHENSIVE CARE CORPORATION
                 7 1/2% OF CONVERTIBLE SUBORDINATED DEBENTURES
                    DUE APRIL 15, 2010 (CUSIP NO. 204620AA6)
                               (THE "SECURITIES")


THIS THIRD NOTICE IS HEREBY given to the Holders of the above-referenced
Securities, as provided for under the Indenture dated as of April 25, 1985 (the
"Indenture") between Comprehensive Care Corporation, a Delaware corporation
(the "Company"), and Bank of America National Trust and Savings Association
(the "Trustee"), that (1) the Company failed to make its interest payment on
the Securities which was due and payable April 17, 1995, and, pursuant to
Section 6.01 of the Indenture, such failure by the Company is another Event of
Default under the Indenture effective as of May 18, 1995, and (2) as more fully
described below, certain additional developments have occurred since the
Trustee's last notice to the Holders dated February 13, 1995.  Capitalized
terms not otherwise defined herein shall have the same meanings as set forth in
the Indenture.

As the Holders are aware, on November 22, 1994, the Trustee notified the
Holders by mail that an Event of Default had occurred under the Indenture in
that the Company had failed to make its interest payment on the Securities
which was due and payable on October 17, 1994, and had continued to fail to
make such missed interest payment for a period of 30 days.  On February 13,
1995, the Trustee notified the Holders by mail that (1) the Holders of at least
25% in principal amount of the then outstanding Securities had, pursuant to
Section 6.02 of the Indenture, by written notice to the Company and the Trustee
declared the principal of and accrued interest on all the Securities to be
immediately due and payable, and (2) the Company had delivered to the Trustee,
and had requested the Trustee to mail to the Holders, both a notice from the
Company and a Notice of Rescission of Acceleration.  In order to rescind the
acceleration of the Securities pursuant to Section 6.02 of the Indenture, the
Holders of at least a majority in principal amount of the then outstanding
Securities had to execute and return to the Trustee such Notice of Rescission
of Acceleration by 1:00 p.m., Los Angeles, California time, on February 28,
1995.  That did not occur.

The Company has informed the Trustee and has issued a press release announcing
that on March 3, 1995, the Company reached an agreement in principal with an ad
hoc committee of Holders.  The Company has informed the Trustee that such
agreement with the ad hoc committee of Holders provides, among other things,
for the Company to offer to purchase the outstanding Securities with cash and
common stock of the Company.  The Company has further informed the Trustee that
such agreement provides that the Company will submit such offer to the Holders
and will complete such offer within 180 days from March 3, 1995.  If the
Company has not completed such offer by that time, the Trustee intends to
communicate at that time with the Holders once again and seek directions from
the Holders concerning the exercise of appropriate remedies against the
Company.  Pursuant to the agreement with the ad hoc committee of Holders, the
involuntary bankruptcy petition which had been filed against the Company was
dismissed on March 7, 1995.

The Trustee will continue with its duties under the Indenture and will monitor
developments in this matter and intends to communicate with the Holders of the
Securities as it deems appropriate as it learns of developments concerning this
matter.  Any directions or inquiries regarding this matter should be directed
to Ms. Sandy Chan, Trust Officer, Bank of America National Trust and Savings
Association, Corporate Trust Administration, Department #8510, 333 South
Beaudry Avenue, 25th Floor, Los Angeles, California 90017, telephone (213)
345-4652.

 NOTE:   If you are a nominee or a depository and not a beneficial holder,
         please forward copies of this notice immediately to your clients who
         are beneficial holders of the Securities.

Dated:   May 23, 1995

         BANK OF AMERICA NATIONAL TRUST

         AND SAVINGS ASSOCIATION, as Trustee
<PAGE>   4
                                 FOURTH NOTICE
                               TO THE HOLDERS OF
                         COMPREHENSIVE CARE CORPORATION
                   7 1/2% CONVERTIBLE SUBORDINATED DEBENTURES
                    DUE APRIL 15, 2010 (CUSIP NO. 204620AA6)
                               (THE "SECURITIES")

         THIS FOURTH NOTICE IS HEREBY given to the Holders of the
above-referenced Securities, as provided for under the Indenture dated as of
April 25, 1985 (the "Indenture") between Comprehensive Care Corporation, a
Delaware corporation (the "Company"), and Bank of America National Trust and
Savings Association (the "Trustee"), that (1) the Company failed to make its
interest payment on the Securities which was due and payable on October 16,
1995, and, pursuant to Section 6.01 of the Indenture, such failure by the
Company is another Event of Default under the Indenture, effective as of
November 16, 1995; and (2) as more fully described below, certain additional
developments have occurred since the Trustee's last notice to the Holders dated
May 23, 1995.  Capitalized terms not otherwise defined herein shall have the
same meanings as set forth in the Indenture.

         As the Holders are aware, on November 22, 1994, the Trustee notified
the Holders by mail that an Event of Default had occurred under the Indenture
in that the Company had failed to make its interest payment on the Securities
which was due and payable on October 17, 1994, and had continued to fail to
make such missed interest payment for a period of 30 days. On February 13,
1995, the Trustee notified the Holders by mail that (1) the Holders of at least
25% in principal amount of the then outstanding Securities had, pursuant to
Section 6.02 of the Indenture, by written notice to the Company and the Trustee
declared the principal of and accrued interest on all the Securities to be
immediately due and payable, and (2) the Company had delivered to the Trustee,
and had requested the Trustee to mail to the Holders, both a notice from the
Company and a Notice of Rescission of Acceleration. In order to rescind the
acceleration of the Securities pursuant to Section 6.02 of the Indenture, the
Holders of at least a majority in principal amount of the then outstanding
Securities had to execute and return to the Trustee such Notice of Rescission
of Acceleration by 1:00 p.m., Los Angeles, California time on February 28,
1995. That did not occur.  On May 23, 1995, the Trustee notified the Holders by
mail (the "Third Notice") that (a) an additional Event of Default had occurred
under the Indenture in that the Company had failed to make its interest payment
on the Securities which was due and payable on April 17, 1995, and had
continued to fail to make such missed interest payment for a period of 30 days,
and (b) the Company had informed the Trustee that on March 3, 1995, the Company
reached an agreement in principle with an ad hoc committee of Holders
providing, among other things, for the Company to offer to purchase the
outstanding Securities with cash and common stock of the Company and that such
agreement provided that the Company would submit such offer to the Holders and
would complete such offer within 180 days from March 3, 1995.  To date, such
offer has not yet been submitted to the Holders.

         The Company has informed the Trustee (1) that the Company has
submitted to the United States Securities and Exchange Commission (the
"Commission") preliminary materials with respect to the offer to the Holders
referenced in the next to the last sentence of the preceding paragraph of this
Fourth Notice, (2) that the Company has received comments on these preliminary
materials from the Commission, and (3) that the Company is now responding to
such comments.  The Company has informed the Trustee that the Company cannot at
this time specify an exact date by which the foregoing described offer will be
submitted to the Holders.

         The Company has also informed the Trustee, and has issued a press
release announcing, that on October 20, 1995, the Company received a tax refund
from the Internal Revenue Service in the amount of $9,393,382.00 together with
accrued interest thereon in the amount of $80,956.10, that the Internal Revenue
Service offset against such tax refund amount $2,547,618.14, including
interest, then owed by the Company to the Internal Revenue Service pursuant to
a settlement agreement, and that the Company thereby actually received a net
tax refund in the amount of $6,926,719.96 from the Internal Revenue Service.

         The Trustee seeks direction from the Holders concerning how the
Holders wish the Trustee to proceed in connection with the delay which has
occurred in submitting the foregoing described offer to the Holders.

         The Trustee will continue with its duties under the Indenture and will
monitor developments in this matter and intends to communicate with the Holders
of the Securities as it deems appropriate as it learns of developments
concerning this matter. Any directions or inquiries regarding this matter
should be directed to Ms. Sandy Chan, Trust Officer, First Trust of California,
National Association, as agent for Bank of America National Trust and Savings
Association, Corporate Trust Administration, Department #8510, 333 South
Beaudry Avenue, 25th Floor, Los Angeles, California 90017, telephone: (213)
345-4652.

NOTE:    IF YOU ARE A NOMINEE OR A DEPOSITORY AND NOT A BENEFICIAL HOLDER,
         PLEASE FORWARD COPIES OF THIS NOTICE IMMEDIATELY TO YOUR CLIENTS WHO
         ARE BENEFICIAL HOLDERS OF THE SECURITIES.

Dated:   November 24, 1995


                                  BANK OF AMERICA NATIONAL TRUST AND
                                  SAVINGS ASSOCIATION, as Trustee
<PAGE>   5
                               TO THE HOLDERS OF

                         COMPREHENSIVE CARE CORPORATION
                 7 1/2% OF CONVERTIBLE SUBORDINATED DEBENTURES
                    DUE APRIL 15, 2010 (CUSIP NO. 204620AA6)


         NOTICE IS HEREBY GIVEN to the holders ("Holders") of the
above-referenced securities (the "Securities") pursuant to Section 7.05 of the
Indenture, dated as of April 25, 1985 (the "Indenture"), between Comprehensive
Care Corporation, a Delaware Corporation (the "Company") and First Trust of
California, National Association (as successor trustee of Bank of America
National Trust and Savings Association, (the "Trustee") as follows:

         Interest Due April 15, 1996.  The Company failed to pay interest on
         the Securities due on April 15, 1996 and failed to pay such interest
         within thirty (30) days after it became due and payable.  Such failure
         is an Event of Default under Section 6.01(1) of the Indenture.

         Principal Due April 15, 1996.  Section 6 of the Securities provides
         that five percent (5%) of the aggregate principal amount of the
         Securities were to be redeemed by the Company on April 15, 1996.  Such
         amount was subject to reduction as provided in Section 6 of the
         Securities and Section 3.01 of the Indenture upon notice to the
         Trustee from the Company at least fifty (50) days prior to the
         redemption date.  Notice from the Company, dated March 27, 1996, was
         received by the Trustee on April 1, 1996--fourteen days prior to the
         redemption date.  Accordingly, the Trustee determined that no credit
         or reduction was applicable to the April 15, 1996 principal
         redemption.  The Company failed to pay such amount due and payable on
         April 15, 1996.  Such failure is an Event of Default under Section
         6.01(2) of the Indenture.

         ADDITIONAL NOTICE IS HEREBY GIVEN that the Trustee has not received
notice from the Holders of a majority in principal amount of outstanding
securities to rescind the previously declared acceleration of principal of and
accrued interest on the Securities.  Accordingly, such acceleration is still in
effect.

         Reference is made to the Fourth Notice to the Holders, dated November
24, 1995 (the "Fourth Notice").  The Company has informed the Trustee that it
is diligently pursuing the tender offer for the outstanding Securities
referenced in the Fourth Notice, in that regard, has filed with the United
States Securities and Exchange Commission (the "Commission") certain documents
including a Schedule 13E-4 Issuer Tender Offer Statement and amendments and
exhibits thereto.  Such documents which are public information are available
from the Commission.  The Company has further informed the Trustee that the
Company intends to submit to the Holders a tender offer for the Securities upon
receipt of clearance from the Commission but that the Company cannot at this
time specify an exact date by which such submission will be made.

         The Trustee will continue with its duties under the Indenture.
Consistent with the foregoing, the Trustee will continue to monitor
developments in this matter and, as the Trustee deems appropriate, communicate
the same with the Holders.  Any directions or inquiries regarding this matter
should be directed to the Trustee at the following address:

                 First Trust of California, National Association
                 c/o First Trust National Association
                 First Trust Center, Suite 200
                 1800 East Fifth Street
                 Saint Paul, Minnesota 55101

Dated June 10, 1996

         NOTE:   Recipients of this Notice that are a nominee or depository of
                 a beneficial holder or beneficial holders of the Securities
                 are asked to please immediately forward copies of this Notice
                 to their respective beneficial holder(s).