Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ADVANTA CORP | mm02-2610_8k.htm |
Exhibit
99.1
UNITED
STATES BANKRUPTCY COURT
DISTRICT
OF DELAWARE
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
MONTHLY
OPERATING REPORT
|
Required
Documents
|
Form
No.
|
Document
Attached
|
Explanation
Attached
|
Affidavit/Supp.
Attached
|
|
Schedule
of Cash Receipts and Disbursements
|
MOR-1
|
X
|
||
|
Bank
Reconciliation (or copies of debtors bank reconciliations)
|
MOR-1a
|
X
|
||
|
Schedule
of Professional Fees Paid
|
MOR-1b
|
X
|
||
|
Copies
of bank statements
|
||||
|
Cash
disbursements journals
|
X
|
|||
|
Statements
of Operations
|
||||
|
For
the Reporting Period
|
MOR-2a
|
X
|
||
|
For
the Period from Petition Date through End of Reporting
Period
|
MOR-2b
|
X
|
||
|
Balance
Sheets
|
||||
|
As
of End of Current Reporting Period
|
MOR-3a
|
X
|
||
|
As
of Petition Date
|
MOR-3b
|
X
|
||
|
Status
of Postpetition Taxes
|
MOR-4
|
X
|
X
|
|
|
Copies
of IRS Form 6123 or payment receipt
|
||||
|
Copies
of tax returns filed during reporting period
|
||||
|
Summary
of Unpaid Postpetition Debts
|
MOR-4
|
X
|
||
|
Listing
of aged accounts payable
|
MOR-4
|
X
|
||
|
Accounts
Receivable Reconciliation and Aging
|
MOR-5
|
X
|
||
|
Debtor
Questionnaire
|
MOR-5
|
X
|
X
|
I declare
under penalty of perjury (28 U.S.C. Section 1746) that this report and the
attached documents are true
and correct to the best of my knowledge and belief.
|
/s/
Philip M. Browne
|
02/26/10
|
||
|
Signature
of Authorized Individual*
|
Date
|
||
|
Philip
M. Browne
|
Chief
Financial Officer
|
||
|
Printed
Name of the Authorized Individual
|
Title
of Authorized Individual
|
*
Authorized individual must be an officer, director or shareholder if debtor is a
corporation; a partner if debtor is a partnership; a manager or member if debtor
is a limited liability company.
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
||
|
In
Re: Advanta Corp., et al.
|
SCHEDULE
OF CASH RECEIPTS AND DISBURSEMENTS
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
|
Debtor
|
Advanta
Corp.
09-13931
(KJC)
|
Advanta
Business Services Holding Corp.
09-13935
(KJC)
|
Advanta
Service Corp.
09-13932
(KJC)
|
Advanta
Business Services Corp.
09-13933
(KJC)
|
Advanta
Shared Services Corp.
09-13934
(KJC)
|
Advanta
Finance Corp.
09-13944
(KJC)
|
Advanta
Mortgage Holding Co.
09-13938
(KJC)
|
Advanta
Mortgage Corp. USA
09-13937
(KJC)
|
Advanta
Investment Corp.
09-13942
(KJC)
|
|||||||||||||||||||||||||||
|
Cash
- Beginning of Reporting Period
|
81,416,951 | $ | 25,196,263 | $ | 1,644 | $ | 842,656 | $ | 534,918 | $ | 4,990 | $ | 90 | $ | 49,990 | $ | 4,990 | |||||||||||||||||||
|
Receipts
|
||||||||||||||||||||||||||||||||||||
|
Receivable
Receipts
|
2,076,309 | - | ||||||||||||||||||||||||||||||||||
|
Investment
Income
|
14,340 | 184,084 | - | |||||||||||||||||||||||||||||||||
|
C/O
Sale Portfolio Recoveries
|
121,795 | - | ||||||||||||||||||||||||||||||||||
|
Interco
Shared Services Receipts
|
40,751 | 594,011 | ||||||||||||||||||||||||||||||||||
|
Other
Receipts
|
38,660 | - | ||||||||||||||||||||||||||||||||||
|
Total
Receipts
|
2,291,854 | 184,084 | - | - | 594,011 | - | - | - | - | |||||||||||||||||||||||||||
|
Unrealized
gain / (loss) on investment
|
13,185 | |||||||||||||||||||||||||||||||||||
|
Intercompany
Transfers In / (Out)
|
A | 25,284,453 | (25,000,000 | ) | - | - | (276,396 | ) | - | - | - | - | ||||||||||||||||||||||||
|
Disbursements
|
||||||||||||||||||||||||||||||||||||
|
Personnel
Costs
|
654,437 | 8,778 | ||||||||||||||||||||||||||||||||||
|
Advertising
Costs
|
- | |||||||||||||||||||||||||||||||||||
|
Equipment
Costs
|
61,138 | |||||||||||||||||||||||||||||||||||
|
Net
Occupancy Costs
|
727,148 | |||||||||||||||||||||||||||||||||||
|
Other
Costs
|
332,259 | 10 | 80 | |||||||||||||||||||||||||||||||||
|
Business
Taxes / Licenses
|
- | - | ||||||||||||||||||||||||||||||||||
|
Interco
Shared Services Payments
|
166,781 | - | ||||||||||||||||||||||||||||||||||
|
Restructure
Fees
|
88,024 | - | ||||||||||||||||||||||||||||||||||
|
Total
Disbursements
|
2,029,786 | 10 | - | - | 8,858 | - | - | - | - | |||||||||||||||||||||||||||
|
Net
Cash Flow
|
25,546,521 | (24,815,926 | ) | - | - | 308,757 | - | - | - | - | ||||||||||||||||||||||||||
|
Cash
- End of Reporting Period
|
$ | 106,976,657 | $ | 380,337 | $ | 1,644 | $ | 842,656 | $ | 843,675 | $ | 4,990 | $ | 90 | $ | 49,990 | $ | 4,990 | ||||||||||||||||||
|
Notes:
|
|
|
A.
Intercompany Transfers In/Out do not net to zero in total due to an
account closure near December month-end. The $6,297 check for the balance
was not received by December 31, 2009 and was deposited in January
2010.
|
MOR-1
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
||
|
In
Re: Advanta Corp., et al.
|
SCHEDULE
OF CASH RECEIPTS AND DISBURSEMENTS
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
|
Advanta
Auto Finance Corp.
09-13939
(KJC)
|
Advanta
Advertising Inc.
09-13943
(KJC)
|
Advanta
Credit Card Rec. Corp.
09-14127
(KJC)
|
Advanta
Ventures Inc.
09-14125
(KJC)
|
Advantennis
Corp.
09-13941
(KJC)
|
ideablob
Corp.
09-14129
(KJC)
|
BizEquity
Corp.
09-14130
(KJC)
|
Great
Expectations Int'l Corp.
09-13945
(KJC)
|
Great
Expectations Franchise Corp.
09-13936
(KJC)
|
Total
|
|||||||||||||||||||||||||||||||
|
Cash
- Beginning of Reporting Period
|
$ | 80,074 | $ | 990 | $ | 21,138 | $ | 90 | $ | 61,447 | $ | 59,288 | $ | 8,025 | $ | 815 | $ | 3,446 | $ | 108,287,803 | ||||||||||||||||||||
|
Receipts
|
||||||||||||||||||||||||||||||||||||||||
|
Receivable
Receipts
|
- | - | - | 2,076,309 | ||||||||||||||||||||||||||||||||||||
|
Investment
Income
|
- | - | - | 198,424 | ||||||||||||||||||||||||||||||||||||
|
C/O
Sale Portfolio Recoveries
|
- | - | - | 121,795 | ||||||||||||||||||||||||||||||||||||
|
Interco
Shared Services Receipts
|
- | - | - | 634,762 | ||||||||||||||||||||||||||||||||||||
|
Other
Receipts
|
551 | - | - | 133 | 39,344 | |||||||||||||||||||||||||||||||||||
|
Total
Receipts
|
551 | - | - | - | - | - | 133 | - | - | 3,070,632 | ||||||||||||||||||||||||||||||
|
Unrealized
gain / (loss) on investment
|
13,185 | |||||||||||||||||||||||||||||||||||||||
|
Intercompany
Transfers In / (Out)
|
A | - | - | - | - | - | 6,297 | (8,057 | ) | - | - | 6,297 | ||||||||||||||||||||||||||||
|
Disbursements
|
||||||||||||||||||||||||||||||||||||||||
|
Personnel
Costs
|
- | - | - | 663,215 | ||||||||||||||||||||||||||||||||||||
|
Advertising
Costs
|
- | |||||||||||||||||||||||||||||||||||||||
|
Equipment
Costs
|
61,138 | |||||||||||||||||||||||||||||||||||||||
|
Net
Occupancy Costs
|
727,148 | |||||||||||||||||||||||||||||||||||||||
|
Other
Costs
|
1,713 | 336 | 334,398 | |||||||||||||||||||||||||||||||||||||
|
Business
Taxes / Licenses
|
- | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Interco
Shared Services Payments
|
- | - | - | 166,781 | ||||||||||||||||||||||||||||||||||||
|
Restructure
Fees
|
- | - | - | 88,024 | ||||||||||||||||||||||||||||||||||||
|
Total
Disbursements
|
- | - | 1,713 | - | - | - | - | 336 | - | 2,040,703 | ||||||||||||||||||||||||||||||
|
Net
Cash Flow
|
551 | - | (1,713 | ) | - | - | 6,297 | (7,925 | ) | (336 | ) | - | 1,036,226 | |||||||||||||||||||||||||||
|
Cash
- End of Reporting Period
|
$ | 80,625 | $ | 990 | $ | 19,425 | $ | 90 | $ | 61,447 | $ | 65,585 | $ | 100 | $ | 479 | $ | 3,446 | $ | 109,337,214 | ||||||||||||||||||||
|
Notes:
|
|
|
A.
Intercompany Transfers In/Out do not net to zero in total due to an
account closure near December month-end. The $6,297 check for the balance
was not received by December 31, 2009 and was deposited in January
2010.
|
MOR-1
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
CASH
DISBURSEMENTS JOURNALS
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
Advanta
Corp.
|
09-13931
(KJC)
|
||||||||||||||||||||
|
Total
Disbursements
|
1,030,666 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 1,030,666 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
Advanta
Shared Services Corp.
|
09-13934
(KJC)
|
||||||||||||||||||||
|
Total
Disbursements
|
948,263 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 948,263 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
Advanta
Credit Card Rec. Corp.
|
09-14127
(KJC)
|
||||||||||||||||||||
|
Total
Disbursements
|
1,713 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 1,713 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
Advanta
Business Serv. Holding Corp.
|
09-13935
(KJC)
|
||||||||||||||||||||
|
Total
Disbursements
|
126 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 126 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
BizEquity
Corp.
|
09-14130
(KJC)
|
||||||||||||||||||||
|
Total
Disbursements
|
59,097 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 59,097 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
ideablob
Corp.
|
09-14129
(KJC)
|
1 | |||||||||||||||||||
|
Total
Disbursements
|
502 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 502 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
|||||||||||||||
|
Great
Expectations International Inc.
|
09-13945
(KJC)
|
||||||||||||||||||||
|
Total
Disbursements
|
336 | ||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | ||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | ||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 336 | |||||||||||||||||||
|
Debtor
|
Case
No.
|
Jan
|
Feb
|
Mar
|
Quarterly
Disb.
|
Fees
|
||||||||||||||||||
|
Total
|
||||||||||||||||||||||||
|
Total
Disbursements
|
2,040,703 | |||||||||||||||||||||||
|
Less:
Transfers to Debtor in Possession Accounts
|
- | |||||||||||||||||||||||
|
Plus:
Estate Disbursements Made by Outside Sources
|
- | |||||||||||||||||||||||
|
Total
Disbursements For Calculating U.S. Trustee Quarterly Fees
|
$ | 2,040,703 | ||||||||||||||||||||||
|
The
following Debtors had zero disbursements during the
period:
|
||
|
Debtor
Name
|
Debtor
Case No.
|
|
|
Advanta
Service Corp.
|
09-13932
(KJC)
|
|
|
Advanta
Business Services Corp.
|
09-13933
(KJC)
|
|
|
Advanta
Mortgage Corp. USA
|
09-13937
(KJC)
|
|
|
Advanta
Mortgage Holding Company
|
09-13938
(KJC)
|
|
|
Advanta
Auto Finance Corporation
|
09-13939
(KJC)
|
|
|
Advantennis
Corp.
|
09-13941
(KJC)
|
|
|
Advanta
Investment Corp.
|
09-13942
(KJC)
|
|
|
Advanta
Advertising Inc.
|
09-13943
(KJC)
|
|
|
Advanta
Finance Corp.
|
09-13944
(KJC)
|
|
|
Advanta
Ventures Inc.
|
09-14125
(KJC)
|
|
|
Great
Expectations Franchise Corp.
|
09-13936
(KJC)
|
|
|
Great
Expectations Management Corp.
|
09-13940
(KJC)
|
|
|
TOTAL
FEES
|
$ -
|
MOR-1
|
UNITED STATES
BANKRUPTCY COURT
DISTRICT OF
DELAWARE
|
||
|
In
Re:
|
Chapter
11
|
|
|
Advanta
Corp., et al.
|
Case No.
09-13931 (KJC)
|
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
|
Debtors Statement
with Respect to Bank Account Reconciliations, Bank Statements and Bank
Accounts
For the Period From
January 1, 2010 to January 31, 2010
Bank
Account Reconciliations
The Debtors affirm
that bank reconciliations were prepared for all open and active Debtor bank
accounts as of January 31, 2010.
Bank
Statements and Bank Accounts
The Debtors affirm
that bank statements for all open and active bank accounts are retained by the
Debtors. There were no bank accounts opened by the Debtors during the
current reporting period. Attached is a list of Debtors’ bank
accounts and balances as of January 31, 2010.
MOR-1a
United
States Bankruptcy Court
District
of Delaware
|
In
Re: Advanta Corp., et al.
|
Chapter
11
|
|
Debtors
|
Case
No. 09-13931 (KJC)
|
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
List
of Bank Accounts for Debtor Entities
|
January
31, 2010
|
|||||||
|
Debtor
Case No.
|
Bank
|
Bank Balance
|
|||||
|
Advanta Corp. Accounts
|
|||||||
|
Master
Concentration (#XXX2271)
|
09-13931
(KJC)
|
Republic
First Bank
|
$ | 25,376,888.76 | |||
|
Accounts
Payable (#XXX2328)
|
09-13931
(KJC)
|
Republic
First Bank
|
406,355.69 | ||||
|
Investment
Notes Online Draft (#XXX1593)
|
09-13931
(KJC)
|
Republic
First Bank
|
0.01 | ||||
|
Investment
Notes Batch Checks (#XXX1607)
|
09-13931
(KJC)
|
Republic
First Bank
|
2,658.40 | ||||
|
Official
Check Funding (#XXX1216)
|
09-13931
(KJC)
|
Republic
First Bank
|
2,441,755.10 | ||||
|
Care
Assistance (#XXX2336)
|
09-13931
(KJC)
|
Republic
First Bank
|
138,439.44 | ||||
|
ACH
Taxes (#XXX2344)
|
09-13931
(KJC)
|
Republic
First Bank
|
0.01 | ||||
|
Utilities
Escrow Account (#XXX5890)
|
09-13931
(KJC)
|
Republic
First Bank
|
29,000.00 | ||||
|
Wachovia
Payroll Account (#XXXXXXXXX7257)
|
09-13931
(KJC)
|
Wachovia
|
15,510.12 | ||||
|
Wachovia
Foreign Exchange Wires (#XXXXXXXXX2709)
|
09-13931
(KJC)
|
Wachovia
|
20,177.63 | ||||
|
Total
Advanta Corp.
|
28,430,785.16 | ||||||
|
Entity Level Accounts
|
|||||||
|
Advanta
Shared Services Corp. (#XXX3235)
|
09-13934
(KJC)
|
Republic
First Bank
|
843,675.34 | ||||
|
Advanta
Credit Card Receivables Corp. (#XXX3332)
|
09-14127
(KJC)
|
Republic
First Bank
|
19,425.10 | ||||
|
Advanta
Advertising (#XXX3006)
|
09-13943
(KJC)
|
Republic
First Bank
|
990.00 | ||||
|
Advanta
Auto Finance (#XXX3014)
|
09-13939
(KJC)
|
Republic
First Bank
|
80,624.77 | ||||
|
Advanta
Business Services Corp. (#XXX3030)
|
09-13933
(KJC)
|
Republic
First Bank
|
842,655.56 | ||||
|
Advanta
Business Services Holding Corp. (#XXX3049)
|
09-13935
(KJC)
|
Republic
First Bank
|
380,337.17 | ||||
|
Advanta
Finance Corp. (#XXX3065)
|
09-13944
(KJC)
|
Republic
First Bank
|
4,990.00 | ||||
|
Advanta
Investment Corp. (#XXX3189)
|
09-13942
(KJC)
|
Republic
First Bank
|
4,990.00 | ||||
|
Advanta
Mortgage Corp. USA (#XXX3200)
|
09-13937
(KJC)
|
Republic
First Bank
|
49,990.00 | ||||
|
Advanta
Mortgage Holding Corp. (#XXX3219)
|
09-13938
(KJC)
|
Republic
First Bank
|
90.00 | ||||
|
Advanta
Service Corp. (#XXX3227)
|
09-13932
(KJC)
|
Republic
First Bank
|
1,643.73 | ||||
|
Advanta
Ventures Inc. (#XXX3391)
|
09-14125
(KJC)
|
Republic
First Bank
|
90.00 | ||||
|
Advantennis
Corp. (#XXX3243)
|
09-13941
(KJC)
|
Republic
First Bank
|
61,446.51 | ||||
|
BizEquity
Corp. (#XXX3286)
|
09-14130
(KJC)
|
Republic
First Bank
|
100.00 | ||||
|
ideablob
Corp. (#XXX3251)
|
09-14129
(KJC)
|
Republic
First Bank
|
65,584.98 | ||||
|
Great
Expectations Int'l Inc. (#XXXXXXX3439)
|
09-13945
(KJC)
|
PNC
|
478.69 | ||||
|
Great
Expectations Franchise Corp. (#XXXXXX3471)
|
09-13936
(KJC)
|
PNC
|
3,445.60 | ||||
|
Total
Entity Level
|
2,360,557.45 | ||||||
|
Ending
Bank Cash Balance
|
$ | 30,791,342.61 | |||||
|
Investment Accounts (all Advanta
Corp.)
|
|||||||
|
CRA
Advisors (#XXXXXXX5289)
|
09-13931
(KJC)
|
$ | 1,092,292.09 | ||||
|
Dreyfus
Fund 761 (#XXXXX4719)
|
09-13931
(KJC)
|
77,453,579.28 | |||||
|
Total
Investment Accounts
|
$ | 78,545,871.37 | |||||
|
Ending
Cash & Investments
|
$ | 109,337,213.98 | |||||
MOR-1a
United
States Bankruptcy Court
District
of Delaware
|
In
Re: Advanta Corp., et al.
|
Chapter
11
|
|
Debtors
|
Case
No. 09-13931 (KJC)
|
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
Schedule
of Section 327 Professional Fees and Expenses Paid
|
Check
|
Amount
Paid
|
Year-To-Date
|
|||||||||||||||||||||||
|
Payee
|
Period
Covered
|
Amount
Approved
|
Payor
|
Debtor
Case No.
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
|||||||||||||||
|
Garden
City Group
|
11/8/09-11/30/09
|
$ | 51,683.55 |
Advanta
Corp.
|
09-13931
(KJC)
|
Wire
700022
|
1/14/2010
|
$ | 37,973.78 | $ | 13,709.77 | $ | 37,973.78 | $ | 13,709.77 | ||||||||||
|
Garden
City Group
|
12/1/09
- 12/31/09
|
$ | 36,340.30 |
Advanta
Corp.
|
09-13931
(KJC)
|
Wire
700036
|
1/29/2010
|
$ | 29,381.89 | $ | 6,958.42 | $ | 29,381.89 | $ | 6,958.42 | ||||||||||
|
Note:
|
Fees
for Garden City for period 11/8 - 11/30 were $63,804.28. A retainer
in the amount of $25,830.50 was applied to reduce fees paid in the
reporting period to $37,973.78
|
MOR-1b
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
INCOME
STATEMENTS
FOR
THE MONTH ENDED JANUARY 31, 2010
(Unaudited)
|
(In thousands)
|
Advanta
Corp.
09-13931
(KJC)
|
Advanta
Business
Services
Holding
Corp.
09-13935
(KJC)
|
Advanta
Business
Services
Corp.
09-13933
(KJC)
|
Advanta
Shared
Services
Corp.
09-13934
(KJC)
|
Advanta
Service
Corp.
09-13932
(KJC)
|
Advanta
Advertising
Inc.
09-13943
(KJC)
|
Advantennis
Corp.
09-13941
(KJC)
|
Advanta
Investment
Corp.
09-13942
(KJC)
|
Advanta
Mortgage
Holding
Co.
09-13938
(KJC)
|
|||||||||||||||||||||||||||
|
Net
interest income
|
$ | 14 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
|
Provision
for credit losses
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Net
interest income after provision for credit losses
|
14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Noninterest
revenues (losses):
|
||||||||||||||||||||||||||||||||||||
|
Equity in
earnings of subs
|
(38,190 | ) | (1 | ) | 0 | 0 | 0 | (0 | ) | 0 | 0 | (1 | ) | |||||||||||||||||||||||
|
Intercompany
management fees
|
20 | 0 | 0 | 1,338 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
noninterest revenue
|
4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total
noninterest revenues (losses)
|
(38,166 | ) | (1 | ) | 0 | 1,338 | 0 | (0 | ) | 0 | 0 | (1 | ) | |||||||||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||||||||||||||
|
Personnel
expense
|
564 | 0 | 0 | 379 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
External
processing
|
(1 | ) | 0 | 0 | 14 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
Advertising
expense
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Professional
fees
|
0 | 0 | 0 | (74 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
Consultant
fees
|
206 | 0 | 0 | (29 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
Equipment
expense
|
9 | 0 | 0 | 68 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Telephone
expense
|
3 | 0 | 0 | 20 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Occupancy
expense
|
0 | 0 | 0 | 602 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
servicing fees
|
1,154 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
expenses
|
177 | 0 | 0 | 211 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total
operating expenses
|
2,111 | 0 | 0 | 1,192 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Professional fees
|
1,260 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Severance
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Trustee quarterly fees
|
2 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorganization
items
|
1,262 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Pretax
income (loss)
|
(41,526 | ) | (1 | ) | (1 | ) | 139 | (1 | ) | (1 | ) | (0 | ) | (0 | ) | (1 | ) | |||||||||||||||||||
|
Income
tax expense (benefit)
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Net
income (loss)
|
$ | (41,526 | ) | $ | (1 | ) | $ | (1 | ) | $ | 139 | $ | (1 | ) | $ | (1 | ) | $ | (0 | ) | $ | (0 | ) | $ | (1 | ) | ||||||||||
Note:
The Income Statements were prepared on an accrual basis and include the
financial results for the Debtor entities. The statements do not
eliminate intercompany revenues, costs or management fees. These
Income Statements do not include the financial results of non-debtor entities
controlled by the Debtors and therefore, do not represent the consolidated
financial results of Advanta Corp. Advanta
Corp.’s investment in subsidiaries and stockholder’s equity balances at January
31, 2010 and its equity in earnings of subs for the periods then ended reflect
the impact of its subsidiary, Advanta
Bank Corp., adopting Accounting Standard Update 2009-17, Consolidations (Topic
810), effective January 1, 2010, and Advanta Bank Corp. electing to record its
securitization trust assets and
liabilities at fair value. Advanta Corp. management has not evaluated
the accounting decisions or elections made by Advanta Bank Corp. management in
the reporting period and therefore, has
not concluded on these decisions or elections for the reporting
period.
MOR-2a
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
INCOME
STATEMENTS
FOR
THE MONTH ENDED JANUARY 31, 2010
(Unaudited)
|
(In
thousands)
|
Advanta
Auto
Finance
Corp.
09-13939
(KJC)
|
Advanta
Mortgage
Corp.
USA
09-13937
(KJC)
|
Advanta
Finance
Corp.
09-13944
(KJC)
|
Advanta
Credit
Credit
Card
Rec.
Corp.
09-14127
(KJC)
|
Advanta
Ventures
Inc.
09-14125
(KJC)
|
BizEquity
Corp.
09-14130
(KJC)
|
ideablob
Corp.
09-14129
(KJC)
|
Great
Expectations
Int'l
Inc.
09-13945
(KJC)
|
Great
Expectations
Franchise
Corp.
09-13936
(KJC)
|
Great
Expectations
Mgmt.
Corp.
09-13940
(KJC)
|
||||||||||||||||||||||||||||||
|
Net
interest income
|
$ | 0 | $ | 0 | $ | 0 | $ | 646 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
|
Provision
for credit losses
|
0 | 0 | 0 | 1,223 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Net
interest income after provision for credit losses
|
0 | 0 | 0 | (577 | ) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Noninterest
revenues (losses):
|
||||||||||||||||||||||||||||||||||||||||
|
Equity in
earnings of subs
|
0 | (0 | ) | 0 | 0 | 21 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Intercompany
management fees
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
noninterest revenue
|
1 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
noninterest revenues (losses)
|
1 | (0 | ) | 0 | 10 | 21 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||||||||||||||||||
|
Personnel
expense
|
0 | 0 | 0 | 0 | 0 | 0 | (0 | ) | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
External
processing
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Advertising
expense
|
0 | 0 | 0 | 0 | 0 | (1 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Professional
fees
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Consultant
fees
|
0 | 0 | 0 | 0 | 0 | (9 | ) | (0 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
|
Equipment
expense
|
0 | 0 | 0 | 0 | 0 | (14 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Telephone
expense
|
0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Occupancy
expense
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
servicing fees
|
0 | 0 | 0 | 155 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
expenses
|
0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
operating expenses
|
0 | 0 | 0 | 157 | 0 | (22 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Reorg. exp. -
Professional fees
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Reorg. exp. -
Severance
|
0 | 0 | 0 | 0 | 0 | (1 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Reorg. exp. -
Trustee quarterly fees
|
0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Reorganization
items
|
0 | 0 | 0 | 0 | 0 | (0 | ) | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
| 0 | (1 | ) | (0 | ) | (724 | ) | 21 | 22 | (1 | ) | (0 | ) | 0 | 0 | ||||||||||||||||||||||||||
|
Income
tax expense (benefit)
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Net
income (loss)
|
$ | 0 | $ | (1 | ) | $ | (0 | ) | $ | (724 | ) | $ | 21 | $ | 22 | $ | (1 | ) | $ | (0 | ) | $ | 0 | $ | 0 | |||||||||||||||
Note:
The Income Statements were prepared on an accrual basis and include the
financial results for the Debtor entities. The statements do not
eliminate intercompany revenues, costs or management fees. These Income
Statements do not include the financial results of non-debtor entities
controlled by the Debtors and therefore, do not represent the consolidated
financial results of Advanta Corp. Advanta Corp.’s investment in subsidiaries
and stockholder’s equity balances at January 31, 2010 and its equity in earnings
of subs for the periods then ended reflect the impact of its subsidiary, Advanta
Bank Corp., adopting Accounting Standard Update 2009-17, Consolidations (Topic
810), effective January 1, 2010, and Advanta Bank Corp. electing to record its
securitization trust assets and liabilities at fair value. Advanta
Corp. management has not evaluated the accounting decisions or elections made by
Advanta Bank Corp. management in the reporting period and therefore, has not
concluded on these decisions or elections for the reporting period.
MOR-2a
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
INCOME
STATEMENTS
FOR
THE PERIOD FROM PETITION DATE THROUGH JANUARY 31, 2010
(Unaudited)
|
(In
thousands)
|
Advanta
Corp.
09-13931
(KJC)
|
Advanta
Business
Services
Holding
Corp.
09-13935
(KJC)
|
Advanta
Business
Services
Corp.
09-13933
(KJC)
|
Advanta
Shared
Services
Corp.
09-13934
(KJC)
|
Advanta
Service
Corp.
09-13932
(KJC)
|
Advanta
Advertising
Inc.
09-13943
(KJC)
|
Advantennis
Corp.
09-13941
(KJC)
|
Advanta
Investment
Corp.
09-13942
(KJC)
|
Advanta
Mortgage
Holding
Co.
09-13938
(KJC)
|
|||||||||||||||||||||||||||
|
Net
interest income
|
$ | 120 | $ | 33 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
|
Provision
for credit losses
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Net
interest income after provision for credit losses
|
120 | 33 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Noninterest
revenues (losses):
|
||||||||||||||||||||||||||||||||||||
|
Securitization
income (loss)
|
0 | 2,050 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
revenues, net:
|
||||||||||||||||||||||||||||||||||||
|
Equity in
earnings of subs
|
(140,416 | ) | 22 | 0 | 0 | 0 | (2,383 | ) | 0 | (0 | ) | 0 | ||||||||||||||||||||||||
|
Intercompany
management fees
|
111 | 0 | 0 | 4,596 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
noninterest revenue
|
24 | 0 | 23 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total
other revenues, net
|
(140,282 | ) | 22 | 23 | 4,596 | 0 | (2,383 | ) | 0 | (0 | ) | 0 | ||||||||||||||||||||||||
|
Total
noninterest revenues (losses)
|
(140,282 | ) | 2,072 | 23 | 4,596 | 0 | (2,383 | ) | 0 | (0 | ) | 0 | ||||||||||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||||||||||||||
|
Personnel
expense
|
(217 | ) | 0 | 0 | 1,164 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
External
processing
|
(1 | ) | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
Advertising
expense
|
1 | 0 | 0 | 7 | 0 | 0 | 383 | 0 | 0 | |||||||||||||||||||||||||||
|
Postage
expense
|
1 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Professional
fees
|
0 | 0 | 0 | 43 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Consultant
fees
|
308 | 0 | 0 | (15 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
Equipment
expense
|
18 | 0 | 0 | 329 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Telephone
expense
|
8 | 0 | 0 | 33 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Occupancy
expense
|
0 | 0 | 0 | 1,338 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
servicing fees
|
3,666 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
expenses
|
511 | 0 | 0 | 572 | 0 | 0 | 2,000 | 0 | 0 | |||||||||||||||||||||||||||
|
Total
operating expenses
|
4,294 | 0 | 0 | 3,480 | 2 | 0 | 2,383 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Professional fees (A)
|
2,911 | 0 | 0 | 200 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Severance
|
520 | 0 | 0 | 76 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Trustee quarterly fees
|
10 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorg. exp. -
Other
|
5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Reorganization
items
|
3,446 | 0 | 0 | 283 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Pretax
income (loss)
|
(147,902 | ) | 2,105 | 22 | 834 | (2 | ) | (2,384 | ) | (2,383 | ) | (0 | ) | (0 | ) | |||||||||||||||||||||
|
Income
tax expense (benefit)
|
(50,272 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
|
Net
income (loss)
|
$ | (97,630 | ) | $ | 2,105 | $ | 22 | $ | 834 | $ | (2 | ) | $ | (2,384 | ) | $ | (2,383 | ) | $ | (0 | ) | $ | (0 | ) | ||||||||||||
Note:
The Income Statements were prepared on an accrual basis and include the
financial results for the Debtor entities. The statements do not
eliminate intercompany revenues, costs or management fees. These
Income Statements do not include the financial results of non-debtor entities
controlled by the Debtors and therefore, do not represent the consolidated
financial results of Advanta Corp. Advanta
Corp.’s investment in subsidiaries and stockholder’s equity balances at January
31, 2010 and its equity in earnings of subs for the periods then ended reflect
the impact of its subsidiary, Advanta
Bank Corp., adopting Accounting Standard Update 2009-17, Consolidations (Topic
810), effective January 1, 2010, and Advanta Bank Corp. electing to record its
securitization trust assets and
liabilities at fair value. Advanta Corp. management has not evaluated
the accounting decisions or elections made by Advanta Bank Corp. management in
the reporting period and therefore, has
not concluded on these decisions or elections for the reporting
period.
|
(A)
|
Reorg.
exp. - Professional fees for Advanta Shared Services Corp. include an
estimated $108 thousand of audit fees paid on behalf of non-debtor
subsidiaries of Advanta Corp., which are reimbursed
via intercompany management
fees.
|
MOR-2b
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
INCOME
STATEMENTS
FOR
THE PERIOD FROM PETITION DATE THROUGH JANUARY 31, 2010
(Unaudited)
|
(In
thousands)
|
Advanta
Auto
Finance
Corp.
09-13939
(KJC)
|
Advanta
Mortgage
Corp.
USA
09-13937
(KJC)
|
Advanta
Finance
Corp.
09-13944
(KJC)
|
Advanta
Credit
Credit
Card
Rec.
Corp.
09-14127
(KJC)
|
Advanta
Ventures
Inc.
09-14125
(KJC)
|
BizEquity
Corp.
09-14130
(KJC)
|
ideablob
Corp.
09-14129
(KJC)
|
Great
Expectations
Int'l
Inc.
09-13945
(KJC)
|
Great
Expectations
Franchise
Corp.
09-13936
(KJC)
|
Great
Expectations
Mgmt.
Corp.
09-13940
(KJC)
|
||||||||||||||||||||||||||||||
|
Net
interest income
|
$ | 0 | $ | 0 | $ | 0 | $ | 1,256 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
|
Provision
for credit losses
|
0 | 0 | 0 | 1,835 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Net
interest income after provision for credit losses
|
0 | 0 | 0 | (579 | ) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Noninterest
revenues (losses):
|
||||||||||||||||||||||||||||||||||||||||
|
Securitization
income (loss)
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
revenues, net:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity in
earnings of subs
|
0 | (0 | ) | 0 | 0 | (185 | ) | 0 | 0 | (1 | ) | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
management fees
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
noninterest revenue
|
1 | 0 | 0 | 24 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
other revenues, net
|
1 | (0 | ) | 0 | 24 | (185 | ) | 0 | 0 | (1 | ) | 0 | 0 | |||||||||||||||||||||||||||
|
Total
noninterest revenues (losses)
|
1 | (0 | ) | 0 | 24 | (185 | ) | 0 | 0 | (1 | ) | 0 | 0 | |||||||||||||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||||||||||||||||||
|
Personnel
expense
|
0 | 0 | 0 | 0 | 0 | (21 | ) | (79 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||
|
External
processing
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | ||||||||||||||||||||||||||||||
|
Advertising
expense
|
0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Postage
expense
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Professional
fees
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Consultant
fees
|
0 | 0 | 0 | 0 | 0 | 13 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Equipment
expense
|
0 | 0 | 0 | 0 | 0 | 48 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Telephone
expense
|
0 | 0 | 0 | 0 | 0 | 1 | (0 | ) | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Occupancy
expense
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
servicing fees
|
0 | 0 | 0 | 379 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
expenses
|
0 | 0 | 0 | 2 | 0 | 55 | 7 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
operating expenses
|
0 | 0 | 0 | 381 | 0 | 99 | (71 | ) | 1 | 1 | 0 | |||||||||||||||||||||||||||||
|
Reorg. exp. -
Professional fees
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Reorg. exp. -
Severance
|
0 | 0 | 0 | 0 | 0 | 59 | 97 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Reorg. exp. -
Trustee quarterly fees
|
0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Reorg. exp. -
Other
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Reorganization
items
|
0 | 0 | 0 | 0 | 0 | 60 | 98 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Pretax
income (loss)
|
1 | (1 | ) | (0 | ) | (937 | ) | (185 | ) | (158 | ) | (27 | ) | (2 | ) | (1 | ) | 0 | ||||||||||||||||||||||
|
Income
tax expense (benefit)
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Net
income (loss)
|
$ | 1 | $ | (1 | ) | $ | (0 | ) | $ | (937 | ) | $ | (185 | ) | $ | (158 | ) | $ | (27 | ) | $ | (2 | ) | $ | (1 | ) | $ | 0 | ||||||||||||
Note:
The Income Statements were prepared on an accrual basis and include the
financial results for the Debtor entities. The statements do not
eliminate intercompany revenues, costs or management fees. These Income
Statements do not include the financial results of non-debtor entities
controlled by the Debtors and therefore, do not represent the consolidated
financial results of Advanta Corp. Advanta Corp.’s investment in subsidiaries
and stockholder’s equity balances at January 31, 2010 and its equity in earnings
of subs for the periods then ended reflect the impact of its subsidiary, Advanta
Bank Corp., adopting Accounting Standard Update 2009-17, Consolidations (Topic
810), effective January 1, 2010, and Advanta Bank Corp. electing to record its
securitization trust assets and liabilities at fair value. Advanta
Corp. management has not evaluated the accounting decisions or elections made by
Advanta Bank Corp. management in the reporting period and therefore, has not
concluded on these decisions or elections for the reporting period.
MOR-2b
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
BALANCE
SHEETS
AS
OF JANUARY 31, 2010
(Unaudited)
|
(In
thousands)
|
Advanta
Corp.
09-13931
(KJC)
|
Advanta
Business
Services
Holding
Corp.
09-13935
(KJC)
|
Advanta
Business
Services
Corp.
09-13933
(KJC)
|
Advanta
Shared
Services
Corp.
09-13934
(KJC)
|
Advanta
Service
Corp.
09-13932
(KJC)
|
Advanta
Advertising
Inc.
09-13943
(KJC)
|
Advantennis
Corp.
09-13941
(KJC)
|
Advanta
Investment
Corp.
09-13942
(KJC)
|
Advanta
Mortgage
Holding
Co.
09-13938
(KJC)
|
|||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||
|
Cash:
|
||||||||||||||||||||||||||||||||||||
|
Intercompany
cash
|
$ | 10 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
|
External
cash
|
28,003 | 380 | 843 | 844 | 2 | 1 | 61 | 5 | 0 | |||||||||||||||||||||||||||
|
Total
cash
|
28,013 | 380 | 843 | 844 | 2 | 1 | 61 | 5 | 0 | |||||||||||||||||||||||||||
|
Intercompany
restricted interest-bearing deposits
|
1,200 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Investments
available for sale
|
80,685 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Receivables,
net
|
1,580 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Premises and
equipment:
|
||||||||||||||||||||||||||||||||||||
|
Premises and
equipment, gross
|
520 | 0 | 0 | 18,143 | 653 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Accumulated
depreciation
|
(366 | ) | 0 | 0 | (11,655 | ) | (639 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
|
Premises and
equipment, net
|
154 | 0 | 0 | 6,488 | 14 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
assets:
|
||||||||||||||||||||||||||||||||||||
|
Investment in
subsidiaries
|
9,558 | 5,604 | 0 | 0 | 0 | (16,262 | ) | 0 | 52 | 19,873 | ||||||||||||||||||||||||||
|
Intercompany
assets
|
2,028 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
receivables
|
187,464 | 0 | 15,774 | 4,446 | 190 | 0 | (0 | ) | 711 | 0 | ||||||||||||||||||||||||||
|
Tax
assets
|
21,044 | 26,616 | 5,418 | 1,158 | 5,071 | 0 | 4,276 | 850 | 0 | |||||||||||||||||||||||||||
|
Other
assets
|
49,465 | 6,868 | 0 | 4,830 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total other
assets
|
269,559 | 39,088 | 21,192 | 10,434 | 5,261 | (16,262 | ) | 4,276 | 1,613 | 19,873 | ||||||||||||||||||||||||||
|
Total
assets
|
$ | 381,191 | $ | 39,468 | $ | 22,035 | $ | 17,765 | $ | 5,277 | $ | (16,261 | ) | $ | 4,338 | $ | 1,618 | $ | 19,873 | |||||||||||||||||
|
LIABILITIES
NOT SUBJECT TO COMPROMISE
|
||||||||||||||||||||||||||||||||||||
|
Intercompany
line of credit payable
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
|
Intercompany
advance payables
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
liabilities
|
3,596 | 0 | 0 | 465 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total
liabilities not subject to compromise
|
3,596 | 0 | 0 | 465 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
LIABILITIES
SUBJECT TO COMPROMISE
|
||||||||||||||||||||||||||||||||||||
|
Debt
(A)
|
135,709 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
line of credit payable
|
0 | 0 | 0 | 537 | 0 | 0 | 3,212 | 0 | 0 | |||||||||||||||||||||||||||
|
Subordinated
debt payable to preferred securities trust
|
92,290 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
liabilities:
|
||||||||||||||||||||||||||||||||||||
|
Intercompany
accrued interest payable
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
advance payables
|
54 | 34,715 | 6 | 12,225 | 27,438 | 2,006 | 17,388 | 19,566 | 7,025 | |||||||||||||||||||||||||||
|
Current income
taxes payable
|
31,673 | 12,942 | 16,372 | 961 | 747 | 0 | 0 | 21,348 | 2,263 | |||||||||||||||||||||||||||
|
Unrecognized
tax benefits
|
14,886 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
liabilities
|
32,927 | 0 | 53 | 2,254 | 2 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total other
liabilities
|
79,540 | 47,657 | 16,431 | 15,440 | 28,187 | 2,006 | 17,388 | 40,913 | 9,288 | |||||||||||||||||||||||||||
|
Total
liabilities subject to compromise
|
307,540 | 47,657 | 16,431 | 15,977 | 28,187 | 2,006 | 20,600 | 40,913 | 9,288 | |||||||||||||||||||||||||||
|
Total
liabilities
|
311,136 | 47,658 | 16,431 | 16,442 | 28,188 | 2,006 | 20,600 | 40,914 | 9,289 | |||||||||||||||||||||||||||
|
Stockholders'
equity
|
70,055 | (8,190 | ) | 5,604 | 1,324 | (22,910 | ) | (18,268 | ) | (16,262 | ) | (39,295 | ) | 10,584 | ||||||||||||||||||||||
|
Total
liabilities and equity
|
$ | 381,191 | $ | 39,468 | $ | 22,035 | $ | 17,765 | $ | 5,277 | $ | (16,261 | ) | $ | 4,338 | $ | 1,618 | $ | 19,873 | |||||||||||||||||
Note:
The Balance Sheets were prepared on an accrual basis and include the financial
results of the Debtor entities. The Statements do not eliminate
intercompany assets, intercompany liabilities or investments in
subsidiaries. These
Balance Sheets do not include the financial results of non-debtor entities
controlled by the Debtors and therefore, do not represent the consolidated
financial results of Advanta Corp. Intercompany
receivables on the Balance Sheets of the Debtors are not reduced by a reserve
for uncollectible amounts. The full amounts of intercompany
receivables may not be collectible. Advanta
Corp.’s investment in subsidiaries and stockholder’s equity balances at January
31, 2010 and its equity in earnings of subs for the periods then ended reflect
the impact of its subsidiary, Advanta
Bank Corp., adopting Accounting Standard Update 2009-17, Consolidations (Topic
810), effective January 1, 2010, and Advanta Bank Corp. electing to record its
securitization trust assets and
liabilities at fair value. Advanta Corp. management has not evaluated
the accounting decisions or elections made by Advanta Bank Corp. management in
the reporting period and therefore, has
not concluded on these decisions or elections for the reporting
period.
|
(A)
|
In
January 2010, $2.4 million of Advanta Corp. outstanding checks to retail
noteholders were reclassified from cash to debt on the Balance
Sheet.
|
MOR-3a
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
BALANCE
SHEETS
AS
OF JANUARY 31, 2010
(Unaudited)
|
(In
thousands)
|
Advanta
Auto
Finance
Corp.
09-13939
(KJC)
|
Advanta
Mortgage
Corp.
USA
09-13937
(KJC)
|
Advanta
Finance
Corp.
09-13944
(KJC)
|
Advanta
Credit
Card
Rec.
Corp.
09-14127
(KJC)
|
Advanta
Ventures
Inc.
09-14125
(KJC)
|
BizEquity
Corp.
09-14130
(KJC)
|
ideablob
Corp.
09-14129
(KJC)
|
Great
Expectations
Int'l
Inc.
09-13945
(KJC)
|
Great
Expectations
Franchise
Corp.
09-13936
(KJC)
|
Great
Expectations
Mgmt.
Corp.
09-13940
(KJC)
|
||||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||||||
|
Cash:
|
||||||||||||||||||||||||||||||||||||||||
|
Intercompany
cash
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
|
External
cash
|
81 | 50 | 5 | 19 | 0 | 25 | 65 | 0 | 3 | 0 | ||||||||||||||||||||||||||||||
|
Total
cash
|
81 | 50 | 5 | 19 | 0 | 25 | 65 | 0 | 3 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
restricted interest-bearing deposits
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Investments
available for sale
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Receivables,
net
|
0 | 0 | 0 | 34,303 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Premises and
equipment:
|
||||||||||||||||||||||||||||||||||||||||
|
Premises and
equipment, gross
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Accumulated
depreciation
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Premises and
equipment, net
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
assets:
|
||||||||||||||||||||||||||||||||||||||||
|
Investment in
subsidiaries
|
0 | 48,068 | 0 | 0 | (18,605 | ) | 0 | 0 | 3 | 0 | 0 | |||||||||||||||||||||||||||||
|
Intercompany
assets
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
receivables
|
6 | 0 | 44,468 | 224 | 0 | 10 | (37 | ) | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Tax
assets
|
430 | 22,311 | 6,634 | 5,544 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
assets
|
0 | 0 | 0 | 359 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total other
assets
|
436 | 70,380 | 51,102 | 6,127 | (18,605 | ) | 10 | (37 | ) | 3 | 0 | 0 | ||||||||||||||||||||||||||||
|
Total
assets
|
$ | 516 | $ | 70,430 | $ | 51,107 | $ | 40,450 | $ | (18,605 | ) | $ | 35 | $ | 28 | $ | 4 | $ | 3 | $ | 0 | |||||||||||||||||||
|
LIABILITIES
NOT SUBJECT TO COMPROMISE
|
||||||||||||||||||||||||||||||||||||||||
|
Intercompany
line of credit payable
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 25 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
|
Intercompany
advance payables
|
0 | 0 | 0 | 604 | 0 | 65 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
liabilities
|
0 | 0 | 0 | 0 | 0 | 16 | 81 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
liabilities not subject to compromise
|
0 | 0 | 0 | 604 | 0 | 107 | 81 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
LIABILITIES
SUBJECT TO COMPROMISE
|
||||||||||||||||||||||||||||||||||||||||
|
Debt
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
line of credit payable
|
0 | 0 | 0 | 33,423 | 0 | 137 | 15,099 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Subordinated
debt payable to preferred securities trust
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
liabilities:
|
||||||||||||||||||||||||||||||||||||||||
|
Intercompany
accrued interest payable
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
advance payables
|
3 | 46,357 | 965 | 10,525 | 0 | 2,099 | 1,060 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Current income
taxes payable
|
1,336 | 2,027 | 1,775 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Unrecognized
tax benefits
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
liabilities
|
0 | 1,350 | 299 | 0 | 0 | 56 | 28 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total other
liabilities
|
1,339 | 49,733 | 3,038 | 10,525 | 0 | 2,155 | 1,088 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
liabilities subject to compromise
|
1,339 | 49,733 | 3,038 | 43,948 | 0 | 2,292 | 16,187 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
liabilities
|
1,339 | 49,734 | 3,039 | 44,551 | 1 | 2,399 | 16,268 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Stockholders'
equity
|
(823 | ) | 20,696 | 48,068 | (4,101 | ) | (18,605 | ) | (2,364 | ) | (16,241 | ) | 4 | 3 | 0 | |||||||||||||||||||||||||
|
Total
liabilities and equity
|
$ | 516 | $ | 70,430 | $ | 51,107 | $ | 40,450 | $ | (18,605 | ) | $ | 35 | $ | 28 | $ | 4 | $ | 3 | $ | 0 | |||||||||||||||||||
Note:
The Balance Sheets were prepared on an accrual basis and include the financial
results of the Debtor entities. The Statements do not eliminate
intercompany assets, intercompany liabilities or investments in
subsidiaries. These
Balance Sheets do not include the financial results of non-debtor entities
controlled by the Debtors and therefore, do not represent the consolidated
financial results of Advanta Corp. Intercompany
receivables on the Balance Sheets of the Debtors are not reduced by a reserve
for uncollectible amounts. The full amounts of intercompany
receivables may not be collectible. Advanta
Corp.’s investment in subsidiaries and stockholder’s equity balances at January
31, 2010 and its equity in earnings of subs for the periods then ended reflect
the impact of its subsidiary, Advanta
Bank Corp., adopting Accounting Standard Update 2009-17, Consolidations (Topic
810), effective January 1, 2010, and Advanta Bank Corp. electing to record its
securitization trust assets and
liabilities at fair value. Advanta Corp. management has not evaluated
the accounting decisions or elections made by Advanta Bank Corp. management in
the reporting period and therefore, has
not concluded on these decisions or elections for the reporting
period.
MOR-3a
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
BALANCE
SHEETS
AS
OF PETITION DATE
(Unaudited)
|
(In
thousands)
|
Advanta
Corp.
09-13931
(KJC)
|
Advanta
Business
Services
Holding
Corp.
09-13935
(KJC)
|
Advanta
Business
Services
Corp.
09-13933
(KJC)
|
Advanta
Shared
Services
Corp.
09-13934
(KJC)
|
Advanta
Service
Corp.
09-13932
(KJC)
|
Advanta
Advertising
Inc.
09-13943
(KJC)
|
Advantennis
Corp.
09-13941
(KJC)
|
Advanta
Investment
Corp.
09-13942
(KJC)
|
Advanta
Mortgage
Holding
Co.
09-13938
(KJC)
|
|||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||
|
Cash:
|
||||||||||||||||||||||||||||||||||||
|
Intercompany
cash
|
$ | 1,661 | $ | 0 | $ | 0 | $ | 23 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
|
External
cash
|
19,025 | 6 | 820 | 343 | 2 | 1 | 61 | 5 | 0 | |||||||||||||||||||||||||||
|
Total
cash
|
20,686 | 6 | 820 | 366 | 2 | 1 | 61 | 5 | 0 | |||||||||||||||||||||||||||
|
Intercompany
restricted interest-bearing deposits
|
1,258 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Investments
available for sale
|
78,254 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Receivables,
net
|
1,580 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Accounts
receivable from securitizations
|
0 | 5,350 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Premises and
equipment:
|
||||||||||||||||||||||||||||||||||||
|
Premises and
equipment, gross
|
516 | 0 | 0 | 17,763 | 653 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Accumulated
depreciation
|
(350 | ) | 0 | 0 | (11,385 | ) | (638 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
|
Premises and
equipment, net
|
167 | 0 | 0 | 6,378 | 16 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
assets:
|
||||||||||||||||||||||||||||||||||||
|
Investment in
subsidiaries
|
(16,176 | ) | 5,582 | 0 | 0 | 0 | (13,879 | ) | 0 | 52 | 19,873 | |||||||||||||||||||||||||
|
Intercompany
assets
|
2,445 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
receivables
|
197,621 | 0 | 15,774 | 1,293 | 190 | 0 | 0 | 711 | 0 | |||||||||||||||||||||||||||
|
Tax
assets
|
0 | 26,616 | 5,418 | 1,158 | 5,071 | 0 | 4,276 | 850 | 0 | |||||||||||||||||||||||||||
|
Other
assets
|
49,674 | 0 | 0 | 8,167 | 0 | 0 | 2,383 | 0 | 0 | |||||||||||||||||||||||||||
|
Total other
assets
|
233,564 | 32,198 | 21,193 | 10,617 | 5,261 | (13,879 | ) | 6,659 | 1,613 | 19,873 | ||||||||||||||||||||||||||
|
Total
assets
|
$ | 335,508 | $ | 37,554 | $ | 22,013 | $ | 17,362 | $ | 5,279 | $ | (13,878 | ) | $ | 6,721 | $ | 1,618 | $ | 19,873 | |||||||||||||||||
|
LIABILITIES
SUBJECT TO COMPROMISE
|
||||||||||||||||||||||||||||||||||||
|
Debt
|
$ | 133,277 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
|
Intercompany
line of credit payable
|
0 | 0 | 0 | 1,486 | 0 | 0 | 3,210 | 0 | 0 | |||||||||||||||||||||||||||
|
Subordinated
debt payable to preferred securities trust
|
92,290 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
liabilities:
|
||||||||||||||||||||||||||||||||||||
|
Intercompany
accrued interest payable
|
0 | 0 | 0 | 1 | 0 | 0 | 2 | 0 | 0 | |||||||||||||||||||||||||||
|
Intercompany
advance payables
|
34 | 34,906 | 6 | 12,225 | 27,438 | 2,006 | 17,388 | 19,566 | 7,025 | |||||||||||||||||||||||||||
|
Current income
taxes payable
|
59,439 | 12,942 | 16,372 | 961 | 747 | 0 | 0 | 21,348 | 2,263 | |||||||||||||||||||||||||||
|
Unrecognized
tax benefits
|
14,886 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Other
liabilities
|
34,644 | 0 | 53 | 2,199 | 2 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
|
Total other
liabilities
|
109,004 | 47,848 | 16,431 | 15,386 | 28,187 | 2,006 | 17,390 | 40,913 | 9,288 | |||||||||||||||||||||||||||
|
Total
liabilities subject to compromise
|
334,570 | 47,848 | 16,431 | 16,872 | 28,187 | 2,006 | 20,600 | 40,913 | 9,288 | |||||||||||||||||||||||||||
|
Stockholders'
equity
|
938 | (10,294 | ) | 5,582 | 490 | (22,908 | ) | (15,884 | ) | (13,879 | ) | (39,295 | ) | 10,585 | ||||||||||||||||||||||
|
Total
liabilities and equity
|
$ | 335,508 | $ | 37,554 | $ | 22,013 | $ | 17,362 | $ | 5,279 | $ | (13,878 | ) | $ | 6,721 | $ | 1,618 | $ | 19,873 | |||||||||||||||||
Note: The
Balance Sheets were prepared on an accrual basis and include the financial
results for the Debtor entities. The statements do not eliminate
intercompany assets, intercompany
liabilities or investments in subsidiaries. These Balance Sheets do not include
the financial results of non-debtor entities controlled by the Debtors and
therefore, do
not represent the consolidated financial results of Advanta
Corp. Intercompany receivables on the Balance Sheets of the Debtors
are not reduced by a reserve for uncollectible amounts. The
full amounts of intercompany receivables may not be
collectible.
MOR-3b
United
States Bankruptcy Court
District
of Delaware
|
Chapter
11
|
|
|
In
Re: Advanta Corp., et al.
|
Case
No. 09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
BALANCE
SHEETS
AS
OF PETITION DATE
(Unaudited)
|
(In
thousands)
|
Advanta
Auto
Finance
Corp.
09-13939
(KJC)
|
Advanta
Mortgage
Corp.
USA
09-13937
(KJC)
|
Advanta
Finance
Corp.
09-13944
(KJC)
|
Advanta
Credit
Card
Rec.
Corp.
09-14127
(KJC)
|
Advanta
Ventures
Inc.
09-14125
(KJC)
|
BizEquity
Corp.
09-14130
(KJC)
|
ideablob
Corp.
09-14129
(KJC)
|
Great
Expectations
Int'l
Corp.
09-13945
(KJC)
|
Great
Expectations
Franchise
Corp.
09-13936
(KJC)
|
Great
Expectations
Mgmt.
Corp.
09-13940
(KJC)
|
||||||||||||||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||||||||||||||||||
|
Cash:
|
||||||||||||||||||||||||||||||||||||||||
|
Intercompany
cash
|
$ | 2 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
|
External
cash
|
78 | 50 | 5 | 21 | 0 | (10 | ) | 57 | 1 | 5 | 0 | |||||||||||||||||||||||||||||
|
Total
cash
|
79 | 50 | 5 | 21 | 0 | (10 | ) | 57 | 1 | 5 | 0 | |||||||||||||||||||||||||||||
|
Intercompany
restricted interest-bearing deposits
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Investments
available for sale
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Receivables,
net
|
0 | 0 | 0 | 40,286 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Accounts
receivable from securitizations
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Premises and
equipment:
|
||||||||||||||||||||||||||||||||||||||||
|
Premises and
equipment, gross
|
0 | 0 | 0 | 0 | 0 | 119 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Accumulated
depreciation
|
0 | 0 | 0 | 0 | 0 | (47 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
|
Premises and
equipment, net
|
0 | 0 | 0 | 0 | 0 | 72 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
assets:
|
||||||||||||||||||||||||||||||||||||||||
|
Investment in
subsidiaries
|
0 | 48,069 | 0 | 0 | (18,420 | ) | 0 | 0 | 5 | 0 | 0 | |||||||||||||||||||||||||||||
|
Intercompany
assets
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
receivables
|
6 | 0 | 44,468 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Tax
assets
|
430 | 22,311 | 6,634 | 5,544 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
assets
|
0 | 0 | 0 | 458 | 0 | 10 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total other
assets
|
436 | 70,380 | 51,102 | 6,002 | (18,420 | ) | 10 | 0 | 5 | 0 | 0 | |||||||||||||||||||||||||||||
|
Total
assets
|
$ | 515 | $ | 70,430 | $ | 51,107 | $ | 46,309 | $ | (18,420 | ) | $ | 72 | $ | 57 | $ | 6 | $ | 5 | $ | 0 | |||||||||||||||||||
|
LIABILITIES
SUBJECT TO COMPROMISE
|
||||||||||||||||||||||||||||||||||||||||
|
Debt
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
|
Intercompany
line of credit payable
|
0 | 0 | 0 | 40,402 | 0 | 137 | 15,072 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Subordinated
debt payable to preferred securities trust
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
liabilities:
|
||||||||||||||||||||||||||||||||||||||||
|
Intercompany
accrued interest payable
|
0 | 0 | 0 | 4 | 0 | 0 | 27 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Intercompany
advance payables
|
3 | 46,357 | 965 | 9,068 | 0 | 2,052 | 1,060 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Current income
taxes payable
|
1,336 | 2,027 | 1,775 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Unrecognized
tax benefits
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Other
liabilities
|
0 | 1,350 | 299 | 0 | 0 | 89 | 113 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total other
liabilities
|
1,339 | 49,733 | 3,038 | 9,071 | 0 | 2,141 | 1,199 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Total
liabilities subject to compromise
|
1,339 | 49,733 | 3,038 | 49,474 | 0 | 2,278 | 16,271 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
|
Stockholders'
equity
|
(824 | ) | 20,697 | 48,069 | (3,165 | ) | (18,420 | ) | (2,206 | ) | (16,214 | ) | 6 | 5 | 0 | |||||||||||||||||||||||||
|
Total
liabilities and equity
|
$ | 515 | $ | 70,430 | $ | 51,107 | $ | 46,309 | $ | (18,420 | ) | $ | 72 | $ | 57 | $ | 6 | $ | 5 | $ | 0 | |||||||||||||||||||
Note: The
Balance Sheets were prepared on an accrual basis and include the financial
results for the Debtor entities. The statements do not eliminate
intercompany assets, intercompany
liabilities or investments in subsidiaries. These Balance Sheets do not include
the financial results of non-debtor entities controlled by the Debtors and
therefore, do
not represent the consolidated financial results of Advanta
Corp. Intercompany receivables on the Balance Sheets of the Debtors
are not reduced by a reserve for uncollectible amounts. The
full amounts of intercompany receivables may not be
collectible.
MOR-3b
|
UNITED STATES
BANKRUPTCY COURT
DISTRICT OF
DELAWARE
|
|
|
In
Re:
|
Chapter
11
|
|
Advanta
Corp., et al.
|
Case No.
09-13931 (KJC)
|
|
Debtors
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
Declaration
Regarding the Status of Post Petition Taxes of the Debtors
January 31,
2010
Philip M. Browne
hereby declares and states:
I
am Chief Financial Officer of Advanta Corp., a corporation organized under the
laws of the state of Delaware, which along with certain of its affiliated
debtors (collectively, the “Debtors”)
are Debtors and Debtors in Possession in the above-captioned chapter 11
cases. In this capacity, I am familiar with Advanta Corp.’s
day-to-day operations, businesses, financial affairs and books and
records.
Except as otherwise
indicated, all facts set forth in this declaration are based upon my personal
knowledge of Advanta Corp.’s operations and finances, information learned from
my review of relevant documents and information I have received from other
members of management or the Debtors’ advisors. As a duly elected and
qualified officer of Advanta Corp., I am authorized to submit this declaration
on behalf of the Debtors and, if I were called upon to testify, I could and
would testify competently to the facts set forth herein. I submit
this declaration under penalty of perjury pursuant to 28 U.S.C.
§ 1746.
To
the best of my knowledge, the Debtors have filed all necessary federal, state
and local tax returns and made all required post-petition tax payments in
connection therewith on a timely basis, or have promptly remediated or will
promptly remedy1 any
late filings or payments that may have occurred due to unintentional
oversights.
______________________
1 In
February 2010, Advanta Corp. prepared W2C forms reporting additional
compensation for certain of its employees. Tax obligations associated
with this income have not yet been paid, but are expected to be paid by
3/31/10.
MOR-4
United
States Bankruptcy Court
District
of Delaware
|
In
Re: Advanta Corp., et al.
|
Chapter
11
|
|
Debtors
|
Case
No. 09-13931 (KJC)
|
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
Summary
of Unpaid Post Petition Accounts Payable
|
Current
|
1 - 30 | 31 - 60 | 61 - 90 |
Over
90
|
Total
|
||||||||||||||||
|
Combined
Debtors
|
$ | - | $ | - | |||||||||||||||||
The post
petition accounts payable report represents open and outstanding trade vendor
invoices that have been entered into the accounts payable
system. This summary does not include accruals for invoices not yet
received or approved and therefore will differ from the balance sheet on
MOR-3a.
MOR-4
United
States Bankruptcy Court
District
of Delaware
|
In
Re: Advanta Corp., et al.
|
Chapter
11
|
|
Debtors
|
Case
No. 09-13931 (KJC)
|
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
Accounts
Receivable Reconciliation and Aging
|
Accounts
Receivable Reconciliation
|
||||
|
Total
Accounts Receivable at beginning of the reporting period
|
$ | 44,403,420 | ||
|
+
Amounts billed during the period
|
686,002 | |||
|
-
Amounts collected during the period
|
(2,191,409 | ) | ||
|
-
Other adjustments to Accounts Receivable, including credit memos,
discounts
|
(1,051,332 | ) | ||
|
Total
Accounts Receivable at ending of the reporting period
|
$ | 41,846,681 | ||
|
Accounts
Receivable Aging
|
||||
|
0-30
days old
|
$ | 36,874,982 | ||
|
31-60
days old
|
2,291,861 | |||
|
61-90
days old
|
1,607,279 | |||
|
91
+ days old
|
1,072,559 | |||
|
Total
Accounts Receivable
|
41,846,681 | |||
|
Amounts
considered uncollectible (Bad Debt)
|
(5,963,146 | ) | ||
|
Accounts
Receivable (Net)
|
$ | 35,883,535 | ||
Accounts
Receivable above does not include intercompany receivables from non-debtor
entities.
Please
note that in the previously filed MOR for the period ended November 30, 2009,
the Accounts Receivable Reconciliation and Aging report reflected accounts
receivables from November 1, 2009 through November 30, 2009, instead of from
petition date through November 30, 2009. The total Accounts Receivable at
the end of November 30, 2009, however, did not change.
MOR-5
United
States Bankruptcy Court
District
of Delaware
|
In
Re: Advanta Corp., et al.
|
Chapter
11
|
|
Debtors
|
Case
No. 09-13931 (KJC)
|
|
Reporting
Period: January 1, 2010 to January 31,
2010
|
Debtor
Questionnaire
For
the Month Ended January 31, 2010
|
1
|
Have
any assets been sold or transferred outside the normal course of business
this reporting period? If yes, attach
explanation.
|
N
|
|
2
|
Have
any funds been disbursed from any account other than a debtor in
possession account this reporting period? If yes, attach
explanation.
|
N
|
|
3
|
Have
all postpetition tax returns been timely filed? If no, attach
explanation.
|
Y
|
|
4
|
Are
workers compensation, general liability and other necessary insurance
coverages in effect? If no, attach explanation.
(A)
|
N
|
|
5
|
Has
any bank account been opened during the reporting period? If
yes, provide documentation identifying the opened
account(s). If an investment account has been opened, provide
the required documentation pursuant to Delaware Local Rule
4001-3.
|
N
|
|
(A)
|
In
February 2010, the Debtors were informed that Lexington Insurance Company
believes that Advanta Corp.'s Banker's Professional Liability policy is no
longer in effect because of the chapter 11 filing. Advanta Corp. is
actively disputing those
allegations.
|
MOR-5