-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KxGVNh9PtfwdjLM8oYiwQfMGZfJuBNL6wUIQV8WE4M6+lN+0Fbn6wdSZMquUacLB vRPeplIDET9s8QNKLfbcuw== 0000909518-10-000137.txt : 20100226 0000909518-10-000137.hdr.sgml : 20100226 20100226163131 ACCESSION NUMBER: 0000909518-10-000137 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100226 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100226 DATE AS OF CHANGE: 20100226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 10639805 BUSINESS ADDRESS: STREET 1: P.O. BOX 844 STREET 2: WELSH & MCKEAN ROADS CITY: SPRING HOUSE STATE: PA ZIP: 19477 BUSINESS PHONE: 2154445341 MAIL ADDRESS: STREET 1: C/O WELSH & MCKEAN ROADS STREET 2: P.O. BOX 844 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K 1 mm02-2610_8k.htm FORM 8-K mm02-2610_8k.htm
 
 

 

UNITED STATES
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 26, 2010

 
Advanta Corp.
(Exact name of registrant as specified in its charter)

Delaware
  
0-14120
  
23-1462070
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)

Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania
  
19477
(Address of Principal Executive Offices)
  
(Zip Code)

Registrant’s telephone number, including area code:  (215) 657-4000
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
£  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
£  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
 
 


Item7.01.
 Regulation FD Disclosure
 
On February 26, 2010, Advanta Corp. (the “Registrant”) and certain of its subsidiaries (together with the Registrant, the “Debtors”) filed their unaudited monthly operating report for the period commencing January 1, 2010, and ending January 31, 2010 (the “Monthly Operating Report”), with the United States Bankruptcy Court for the State of Delaware (the “Bankruptcy Court”) Case No. 09-13931 (KJC) (the “Chapter 11 Cases”). A copy of the Monthly Operating Report is contained in the attached Exhibit 99.1 and is incorporated herein by reference.
 
 
Limitation on Incorporation by Reference
 
 
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. The filing of this Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by Regulation FD.
 
 
Cautionary Statement Regarding Financial and Operating Data
 
 
The Registrant cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Registrant. The Monthly Operating Report has been prepared solely for the purpose of complying with the operating guidelines as described in the Chapter 11 Trustee Handbook, United States Department of Justice, May 2004 in accordance with 28 U.S.C. § 586(a)(3). The Monthly Operating Report is limited in scope and only covers a limited time period.
 
 
The financial statements in the Monthly Operating Report were not audited or reviewed by independent accountants and were not prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Monthly Operating Report presents condensed financial information of the Debtors.
 
 
There can be no assurance that, from the perspective of an investor or a potential investor in the Registrant’s securities, the Monthly Operating Report is complete. The Monthly Operating Report may be subject to future adjustment and reconciliation. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Registrant’s reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Registrant’s financial condition or operating results for the period that would be reflected in the Registrant’s financial statements or in its reports pursuant to the Exchange Act. The information set forth in the Monthly Operating Report should not be viewed as indicative of future results.
 
 
The Monthly Operating Report and additional information about the Debtors’ filings under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”), including access to court documents and other general information about the Chapter 11 Cases, are available online at the Debtors’ case administration website located at http://www.advantareorg.com.
 
Cautionary Statement Regarding Forward-Looking Statements
 
This Current Report on Form 8-K contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The most significant among these risks and uncertainties are: (i) the Registrant’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases; (ii) the ability of the Debtors to prosecute, develop and consummate one or more chapter 11 plans with respect to the Chapter 11 Cases; (iii) the effects of the Debtors’ filing of voluntary petitions for relief (the “Bankruptcy Filing”) under the Bankruptcy Code on the Registrant and the interests of various creditors, equity holders and other constituents; (iv) the Bankruptcy Court’s rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general; (v) the length of time the Registrant will operate under the Chapter 11 Cases; (vi) the risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Registrant’s
 
 

 

 
2
 

 
ability to develop and consummate any chapter 11 plan once any such plan is developed; (vii) the potential adverse effects of the Chapter 11 Cases on the Registrant’s liquidity or results of operations; (viii) the Registrant’s ability to execute the Registrant’s chapter 11 plan; (ix) the increased legal costs related to the Bankruptcy Filing and other litigation; (x) the Registrant’s ability to maintain contracts with suppliers and service providers and to retain key executives, managers and employees; (xi) the risk that Advanta Bank Corp. will not be able to regain compliance with the capital levels and ratios required by the Federal Deposit Insurance Corporation (the “FDIC”); and (xii) the risk that the FDIC will pursue further regulatory actions against Advanta Bank Corp. and/or Advanta Bank, a wholly owned subsidiary of the Registrant. The cautionary statements provided above are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”) and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act for any such forward-looking statements. Additional risks that may affect the Registrant’s future performance are detailed in the Registrant’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
 
 
 
 
 
 
 
 
 
 
 
3
 
 
Item 9.01. Financial Statements and Exhibits
 

(d) Exhibits.

     
Exhibit Number
  
Description
     
99.1
  
Advanta Corp. Monthly Operating Report for the period commencing January 1, 2010, and ending on January 31, 2010, filed with the United States Bankruptcy Court for the District of Delaware.
     
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
4
 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
 
 
ADVANTA CORP.
  
     
Date:  February 26, 2010
      
 
By:
 /s/ Jay A. Dubow
  
   
Jay A. Dubow, Chief Administrative Officer, Senior Vice President, Secretary and General Counsel
  
       


 
5
 

 EX-99.1 2 mm02-2610_8ke991mor.htm EX.99.1 - JANUARY MOR mm02-2610_8ke991mor.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

 
                                                             
Debtor
  
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
 
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 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
 
 
 
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