EX-99.1 2 mm04-3110_8ke991mor.htm EX.99.1 - MARCH 2010 MONTHLY OPERATING REPORT mm04-3110_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: March 1, 2010 to March 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
  
04/30/10
  
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
In Re:
  
Chapter 11
Advanta Corp., et al.
  
Case No.09-13931 (KJC)
Debtors
  
Reporting Period: March 1,
2010 to March 31, 2010
 
 
Disclaimer
 
Advanta Corp. and certain of its subsidiaries (collectively, the “Debtors”) caution investors and potential investors not to place undue reliance upon the information contained in this 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 Advanta Corp. or any of its subsidiaries or affiliates. 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. 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 securities of Advanta Corp. or any of its subsidiaries or affiliates, 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 periodic reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Debtors’ financial condition or operating results for the period that would be reflected in the Debtors’ financial statements or in reports pursuant to the Exchange Act. The information set forth in the Monthly Operating Report should not be viewed as indicative of future results. This disclaimer applies to all information contained herein. The Debtors reserve all rights to amend the results presented in this Monthly Operating Report.

 
 
 

 
  United States Bankruptcy Court
District of Delaware
   
Chapter 11
In Re: Advanta Corp., et al.
  
Case No.09-13931 (KJC)
Debtors
  
Reporting Period: March 1, 2010 to March 31, 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENT

Debtor
  
 Advanta Corp.
 Advanta Business Services Holding Corp.
 Advanta Service Corp.
 Advanta Business Services Corp.
 Advanta Shared Services Corp.
 Advanta Finance Corp.
 Advanta Mortgage Holding Co.
 Advanta Mortgage Corp. USA
 Advanta Investment Corp.
   
09-13931 (KJC)
09-13935 (KJC)
09-13932 (KJC)
09-13933 (KJC)
09-13934 (KJC)
09-13944 (KJC)
09-13938 (KJC)
09-13937 (KJC)
09-13942 (KJC)
Cash - Beginning of Reporting Period
  
$107,632,846
 $582,819
$1,644
 $842,656
 $806,276
$4,990
 $90
$49,990
$4,990
Receipts
                    
 Receivable Receipts
  
2,086,716
                
 Investment Income
  
 14,359
171,539
              
 C/O Sale Portfolio Recoveries
  
126,957
                
 Interco Shared Services Receipts
  
 44,250
      
 24,032
        
 Payroll Transfer from Non-Debtor
A
 9,184
                
 Other Receipts
  
786,570
    
 317
50
        
 Total Receipts
  
3,068,034
171,539
 -
 317
 24,082
 -
 -
 -
 -
                     
Unrealized gain / (loss) on investment
  
 (5,069)
                
                     
Intercompany Transfers In / (Out)
  
321,497
 -
 -
 -
 (321,347)
 -
 -
 -
 -
                     
Disbursements
                    
 Personnel Costs
A
657,527
                
 Advertising Costs
  
 -
                
 Equipment Costs
  
 44,533
                
 Net Occupancy Costs
  
468,944
                
 Other Costs
  
556,581
10
    
40
        
 Business Taxes / Licenses
  
 1,135
                
 Interco Shared Services Payments
  
 78,582
      
 7,737
        
 Restructure Fees
  
562,549
                
 Total Disbursements
  
2,369,853
10
 -
 -
 7,777
 -
 -
 -
 -
                     
Net Cash Flow
  
1,019,679
171,529
 -
 317
 (305,042)
 -
 -
 -
 -
                     
Cash - End of Reporting Period
  
$108,647,457
 $754,348
$1,644
 $842,972
 $501,234
$4,990
 $90
$49,990
$4,990

   
Notes
   
A. Personnel Costs include $9,184 of payroll related expenses relating to the 3/26 payroll for Advanta Bank employees. This amount is not included on the cash disbursements journal.



  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: March 1, 2010 to March 31, 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENT

Debtor
  
Advanta Auto Finance Corp.
 Advanta Advertising Inc.
 Advanta Credit Card Rec. Corp.
 Advanta Ventures Inc.
 Advantennis Corp.
 ideablob Corp.
 BizEquity Corp.
 Great Expectations Int'l Corp.
 Great Expectations Franchise Corp.
 Total
   
09-13939 (KJC)
09-13943 (KJC)
09-14127 (KJC)
09-14125 (KJC)
09-13941 (KJC)
09-14129 (KJC)
09-14130 (KJC)
09-13945 (KJC)
09-13936 (KJC)
  
Cash - Beginning of Reporting Period
  
$80,625
$990
$19,425
 $90
$61,447
$65,585
$100
$219
$2,471
$110,157,252
Receipts
                      
 Receivable Receipts
                    
2,086,716
 Investment Income
                    
185,898
 C/O Sale Portfolio Recoveries
                    
126,957
 Interco Shared Services Receipts
                    
 68,281
 Payroll Transfer from Non-Debtor
A
                  
 9,184
 Other Receipts
  
 583
                
787,519
 Total Receipts
  
 583
 -
 -
 -
 -
 -
 -
 -
 -
3,264,555
                       
Unrealized gain / (loss) on investment
                    
(5,069)
                       
Intercompany Transfers In / (Out)
  
 -
 -
 (150)
 -
 -
 -
 -
 -
 -
 -
                       
Disbursements
                      
 Personnel Costs
A
                  
657,527
 Advertising Costs
                    
 -
 Equipment Costs
                    
 44,533
 Net Occupancy Costs
                    
468,944
 Other Costs
      
 5
        
 336
  
556,972
 Business Taxes / Licenses
                    
 1,135
 Interco Shared Services Payments
                    
 86,319
 Restructure Fees
                    
562,549
 Total Disbursements
  
 -
 -
 5
 -
 -
 -
 -
 336
 -
2,377,980
                       
Net Cash Flow
  
 583
 -
 (155)
 -
 -
 -
 -
 (336)
 -
886,574
                       
Cash - End of Reporting Period
  
$81,208
$990
$19,270
 $90
$61,447
$65,585
$100
$(117)
$2,471
$111,038,758

   
Notes
   
A. Personnel Costs include $9,184 of payroll related expenses relating to the 3/26 payroll for Advanta Bank employees. This amount is not included on the cash disbursements journal.

  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: March 1, 2010 to March 31, 2010

CASH DISBURSEMENTS JOURNALS

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Corp. 
09-13931 (KJC)
          
Total Disbursements 
 1,030,666
 1,722,171
 1,526,501
 4,279,337
 10,400
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
$1,722,171
$1,526,501
$4,279,337
$10,400

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Service Corp.
09-13932 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Business Services Corp. 
09-13933 (KJC)
          
Total Disbursements
 -
 460
669
1,129
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$460
 $669
 $1,129
 $325

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Advanta Shared Services Corp. 
09-13934 (KJC)
          
Total Disbursements
 948,263
 594,509
 840,987
 2,383,759
9,750
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
$594,509
$840,987
$2,383,759
 $9,750

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Advanta Business Serv. Holding Corp.
09-13935 (KJC)
          
Total Disbursements
126
 325
-
451
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $126
$325
 $-
 $451
 $325

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Great Expectations Franchise Corp.
09-13936 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Mortgage Corp. USA
09-13937 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Mortgage Holding Company
09-13938 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Auto Finance Corporation 
09-13939 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325


  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: March 1, 2010 to March 31, 2010

CASH DISBURSEMENTS JOURNALS

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Great Expectations Management Corp.
09-13940 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advantennis Corp.
09-13941 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Investment Corp.
09-13942 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Advertising Inc.
09-13943 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
Quarterly Disb.
Fees
Advanta Finance Corp.
09-13944 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Great Expectations International Inc.
09-13945 (KJC)
          
Total Disbursements
336
 585
336
1,257
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $336
$585
 $336
 $1,257
 $325

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Advanta Ventures Inc.
09-14125 (KJC)
          
Total Disbursements
 -
 325
-
325
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
$-
$325
 $-
 $325
 $325

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Advanta Credit Card Rec. Corp.
09-14127 (KJC)
          
Total Disbursements
1,713
 325
 5
2,043
325
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
$325
$5
 $2,043
 $325

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
ideablob Corp.
09-14129 (KJC)
          
Total Disbursements
502
 705
-
1,207
325
Less: Transfers to Debtor in Possession Accounts
 -
 -
-
-
-
Plus: Estate Disbursements Made by Outside Sources
 -
 -
-
-
-
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $502
$705
 $-
 $1,207
 $325


  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: March 1, 2010 to March 31, 2010

CASH DISBURSEMENTS JOURNALS

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
BizEquity Corp.
09-14130 (KJC)
          
Total Disbursements
 59,097
16,791
298
 76,186
975
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
 $16,791
 $298
$76,186
 $975

Debtor
Case No.
Jan
Feb
Mar
 Quarterly Disb.
 Fees
Total
            
Total Disbursements 
 2,040,703
 2,339,445
 2,368,797
 6,748,944
 26,325
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
$2,339,445
$2,368,797
$6,748,944
$26,325
           
           
       
TOTAL FEES
$26,325

 
* March disbursements differ from the schedule of cash receipts and disbursements due to payroll disbursements for non-debtor entities of $9,183.59 as mentioned in note A on MOR-1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  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: March 1,
2010 to March 31, 2010
 
 
Statement with Respect to Bank Account Reconciliations, Bank Statements and Bank Accounts
For the Period From March 1, 2010 to March 31, 2010
 
 
 
Bank Account Reconciliations
The Debtors affirm that bank reconciliations were prepared for all open and active Debtor bank accounts as of March 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 March 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: March 1, 2010 to March 31, 2010
 
List of Bank Accounts for Debtor Entities
              
             
March 31, 2010
   
Debtor Case No.
  
Bank
    
 Bank Balance
Advanta Corp. Accounts
              
Master Concentration (#XXX2271)
  
09-13931 (KJC)
  
Republic First Bank
   $ 
 29,665,996.77
Accounts Payable (#XXX2328)
  
09-13931 (KJC)
  
Republic First Bank
    
237,999.48
Care Assistance (#XXX2336)
  
09-13931 (KJC)
  
Republic First Bank
    
139,939.44
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
    
 12,752.99
Wachovia Foreign Exchange Wires (#XXXXXXXXX2709)
  
09-13931 (KJC)
  
Wachovia
    
 19,948.86
Total Advanta Corp.
            
 30,105,637.55
               
Entity Level Accounts
              
Advanta Shared Services Corp. (#XXX3235)
  
09-13934 (KJC)
  
Republic First Bank
    
501,234.00
Advanta Credit Card Receivables Corp. (#XXX3332)
  
09-14127 (KJC)
  
Republic First Bank
    
 19,270.10
Advanta Advertising (#XXX3006)
  
09-13943 (KJC)
  
Republic First Bank
    
990.00
Advanta Auto Finance (#XXX3014)
  
09-13939 (KJC)
  
Republic First Bank
    
 81,207.69
Advanta Business Services Corp. (#XXX3030)
  
09-13933 (KJC)
  
Republic First Bank
    
842,972.28
Advanta Business Services Holding Corp. (#XXX3049)
  
09-13935 (KJC)
  
Republic First Bank
    
754,348.11
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
    
 (116.82)
Great Expectations Franchise Corp. (#XXXXXX3471)
  
09-13936 (KJC)
  
PNC
    
 2,470.60
Total Entity Level
            
2,391,301.18
               
Ending Bank Cash Balance
           $ 
 32,496,938.73
               
Investment Accounts (all Advanta Corp.)
              
CRA Advisors (#XXXXXXX5289)
  
09-13931 (KJC)
       $
1,088,235.29
Dreyfus Treasury Prime Cash Management Fund (#XXXXX4719)
  
09-13931 (KJC)
        
 77,453,583.92
               
Total Investment Accounts
           $ 
  78,541,819.21
               
Ending Cash & Investments
           $ 
111,038,757.94

  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: March 1, 2010 to March 31, 2010
 
Schedule of Retained Professionals Fees and Expenses Paid
 
       
Check
Amount Paid (A)
Petition Date to
End of Reporting Period
Payee
Period Covered
Total Amount Sought
Payor
Number
Date
Fees
Expenses
Fees
Expenses
Garden City Group
12/8/09 - 1/31/10
 $ 7,334.78
Advanta Corp.
1466
3/4/2010
 $ 11,647.00
 $55.32
(B)
(B)
Garden City Group
1/1/10 - 1/31/10
 $ 31,764.96
Advanta Corp.
1479
3/12/2010
 $ 28,538.14
 $ 3,226.82
(B)
(B)
Alvarez & Marsal
11/9/09 - 12/31/09
 $370,062.65
Advanta Corp.
Wire
3/19/2010
 $283,780.40
 $15,337.15
 $283,780.40
 $ 15,337.15
FTI Consulting (C)
11/24/09 - 12/31/09
 $146,400.55
Advanta Corp.
Wire
3/16/2010
 $111,923.60
 $ 246.05
 $111,923.60
 $ 246.05
Richards, Layton & Finger
11/8/09 - 1/31/10
 $131,749.58
Advanta Corp.
Wire
3/31/2010
 $ 95,819.20
 $11,975.58
 $ 95,819.20
 $ 11,975.58
 
(A)
"Amounts Paid" reflect 20% of fees heldback from certain professionals, as required by orders of the Court. The March 4, 2010 payment to Garden City Group included an unintentional double payment of the December invoice for $4,367.54. An April 2010 Garden City Group payment was reduced by the same amount to correct for this error.
  
     
(B)
The cumulative fees and expenses paid to Garden City Group for the period from petition date to end of reporting period, including both of the payments listed above, are $107,540.81 for fees and $23,950.33 for expenses.
  
     
(C)
In response to an inquiry raised by the Office of the United States Trustee, FTI Consulting agreed to reduce its fees by $5,000.00.
  
 
 

  MOR-1b
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re:
  
Chapter 11
Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period: March 1,
2010 to March 31, 2010
 
 
Note Regarding Bank Subsidiaries
 
The Federal Deposit Insurance Corporation (the “FDIC”) and the Utah Division of Financial Institutions have closed Advanta Bank Corp. (“ABC”), a wholly-owned subsidiary of Advanta Corp., and the FDIC has been appointed the receiver of ABC effective March 19, 2010. As a result, the FDIC has assumed all of ABC’s deposits and controls all of ABC’s assets. Advanta Corp. expects no recovery from the FDIC for Advanta Corp.’s ownership interest in ABC. The book value of Advanta Corp.’s investment in the stock of Advanta Bank Corp. was reduced to zero as of March 19, 2010. As a result, Advanta Corp.’s income statements for the periods ended March 31, 2010 include a $63 million loss that is classified as equity in earnings (loss) of subsidiaries. As previously disclosed, Advanta Corp. does not expect that any of the proceeds associated with the liquidation of the assets of ABC will be distributed to Advanta Corp. or its stakeholders, including stockholders and creditors, on account of Advanta Corp.’s equity interest in ABC. The balance sheets of the Debtors as of March 31, 2010 included approximately $18 million of net assets related to ABC, which include claims against ABC for deposits and various types of intercompany receivables. The Debtors may have additional claims related to ABC in addition to these amounts.
 
On March 26, 2010, Advanta Bank, an indirect subsidiary of Advanta Corp. and an inactive Delaware bank that is in the process of liquidation, entered into a settlement agreement with the FDIC. As previously disclosed, the FDIC assessed cross-guarantee liability against Advanta Bank in relation to deposit liabilities of ABC, based on the common ownership of the two banks. Advanta Bank was also, as previously disclosed, involved in regulatory, administrative and judicial proceedings with the FDIC. The settlement agreement between Advanta Bank and the FDIC settles the cross-guarantee liability and Advanta Bank’s regulatory, administrative and judicial proceedings with the FDIC. As part of the settlement agreement, Advanta Bank agreed to transfer to the FDIC all of the cash, loans, securities, accounts receivable and other assets of Advanta Bank with the parties agreeing that this transfer would fully satisfy the cross-guarantee liability that was asserted by the FDIC. The settlement agreement also contains mutual releases from each of the parties against the other. Advanta Bank recognized a charge of $4.5 million associated with the settlement agreement, which is reflected in Advanta Corp.’s income statements for the periods ending March 31, 2010 as part of equity in earnings (loss) of subsidiaries. The balance sheets of the Debtors as of March 31, 2010 have no material amounts related to Advanta Bank.

 
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Advanta Corp., et al.
   Chapter 11
Debtors
   Case No. 09-13931 (KJC)
    Reporting Period: March 1, 2010 to March 31, 2010
INCOME STATEMENTS
FOR THE MONTH ENDED MARCH 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
 $ 9
 $ 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
 9
 0
 0
 0
 0
 0
 0
 0
 0
                   
Noninterest revenues (losses):
                  
Equity in earnings (loss) of subs
(67,749)
(0)
 0
 0
 0
(0)
 0
 0
 0
Intercompany management fees
(3)
 0
 0
354
 0
 0
 0
 0
 0
Other noninterest revenue
 42
 0
 0
 0
 0
 0
 0
 0
 0
Total noninterest revenues (losses)
(67,710)
(0)
 0
354
 0
(0)
 0
 0
 0
                   
Operating expenses:
                  
Personnel expense
 (36)
 0
 0
 (273)
 0
 0
 0
 0
 0
External processing
 7
 0
 0
 4
 0
 0
 0
 0
 0
Advertising expense
 0
 0
 0
 0
 0
 0
 0
 0
 0
Postage expense
 1
 0
 0
 1
 0
 0
 0
 0
 0
Professional fees (A)
(0)
 0
 0
 (577)
 0
 0
 0
 0
 0
Consultant fees
205
 0
 0
 0
 0
 0
 0
 0
 0
Fraud losses
 0
 0
 0
 0
 0
 0
 0
 0
 0
Equipment expense
 8
 0
 0
152
 0
 0
 0
 0
 0
Telephone expense
 2
 0
 0
 14
 0
 0
 0
 0
 0
Occupancy expense
 0
 0
 0
486
 0
 0
 0
 0
 0
Intercompany servicing fees
251
 0
 0
 0
 0
 0
 0
 0
 0
Other expenses
684
 0
 0
191
 0
 0
 0
 0
 0
Total operating expenses
1,120
 0
 0
(3)
 1
 0
 0
 0
 0
                   
Reorg. exp. - Professional fees (A)
1,576
 0
 0
 (200)
 0
 0
 0
 0
 0
Reorg. exp. - Severance
438
 0
 0
 60
 0
 0
 0
 0
 0
Reorg. exp. - Trustee quarterly fees
 5
 0
 0
 5
 0
 0
 0
 0
 0
(Gain) loss on asset sales
 (628)
 0
 0
 0
 0
 0
 0
 0
 0
Reorganization items
1,391
 0
 0
 (134)
 0
 0
 0
 0
 0
                   
Pretax income (loss)
(70,212)
(0)
(0)
491
(1)
(0)
(0)
(0)
 0
                   
Income tax expense (benefit)
 0
 0
 0
 0
 0
 0
 0
 0
 0
                   
Net income (loss)
 $(70,212)
 $(0)
 $(0)
 $491
 $(1)
 $(0)
 $(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.
 
(A) In March 2010, Advanta Shared Services Corp. reversed $897 thousand of accrued audit fees, $697 thousand of which had been accrued pre-petition, when it was determined that an audit of fiscal year 2009 would not be needed for a Form 10-K.
 

  MOR-2a
 
 


UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Advanta Corp., et al.
   Chapter 11
Debtors
   Case No. 09-13931 (KJC)
    Reporting Period: March 1, 2010 to March 31, 2010
INCOME STATEMENTS
FOR THE MONTH ENDED MARCH 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)
                     
Net interest income
 $ 0
 $ 0
 $ 0
 $568
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
                     
Provision for credit losses
 0
 0
 0
710
 0
 0
 0
 0
 0
 0
                     
                     
Net interest income after provision for credit losses
 0
 0
 0
 (141)
 0
 0
 0
 0
 0
 0
                     
Noninterest revenues (losses):
                    
Equity in earnings (loss) of subs
 0
(0)
 0
 0
(2)
 0
 0
 0
 0
 0
Intercompany management fees
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Other noninterest revenue
 1
 0
 0
 7
 0
 0
 0
 0
 0
 0
Total noninterest revenues (losses)
 1
(0)
 0
 7
(2)
 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
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
 0
 0
 0
 0
 0
Fraud losses
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Equipment expense
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Telephone expense
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Occupancy expense
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Intercompany servicing fees
 0
 0
 0
139
 0
 0
 0
 0
 0
 0
Other expenses
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Total operating expenses
 0
 0
 0
139
 0
 2
 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
 0
 0
 0
 0
 0
Reorg. exp. - Trustee quarterly fees
 0
 0
 0
 0
 0
 1
(0)
 0
 0
 0
(Gain) loss on asset sales
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Reorganization items
 0
 0
 0
 0
 0
 1
(0)
 0
 0
 0
                     
Pretax income (loss)
 1
(0)
(0)
 (274)
(2)
(2)
 0
(0)
 0
 0
                     
Income tax expense (benefit)
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
                     
Net income (loss)
 $ 1
 $(0)
 $(0)
 $ (274)
 $(2)
 $(2)
 $ 0
 $(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.
 

  MOR-2a
 
 



UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Advanta Corp., et al.
   Chapter 11
Debtors
   Case No. 09-13931 (KJC)
    Reporting Period: March 1, 2010 to March 31, 2010
INCOME STATEMENTS
FOR THE PERIOD FROM PETITION DATE THROUGH MARCH 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
 $ 144
 $ 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
 144
 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 (loss) of subs
 (248,375)
 21
0
0
0
(2,383)
0
 (0)
0
Intercompany management fees
 105
0
0
 6,248
0
0
0
0
0
Other noninterest revenue
 69
0
 23
0
0
0
0
0
0
Total other revenues, net
 (248,201)
 21
 23
 6,248
0
(2,383)
0
 (0)
0
                   
Total noninterest revenues (losses)
 (248,201)
 2,072
 23
 6,248
0
(2,383)
0
 (0)
0
                   
Operating expenses:
                  
Personnel expense
 285
0
0
 1,210
0
0
0
0
0
External processing
6
0
0
 17
0
0
0
0
0
Advertising expense
1
0
0
 13
0
0
 383
0
0
Postage expense
4
0
0
4
0
0
0
0
0
Professional fees (A)
 (0)
0
0
(357)
0
0
0
0
0
Consultant fees
 611
0
0
 (15)
0
0
0
0
0
Fraud losses
0
0
0
0
0
0
0
0
0
Equipment expense
 35
0
0
 594
2
0
0
0
0
Telephone expense
 10
0
0
 60
0
0
0
0
0
Occupancy expense
0
0
0
 2,269
1
0
0
0
0
Intercompany servicing fees
 5,644
0
0
0
0
0
0
0
0
Other expenses
 1,395
0
1
 986
0
0
 2,000
0
0
Total operating expenses
 7,991
0
1
 4,780
3
0
 2,383
0
0
                   
Reorg. exp. - Professional fees (A)
 5,387
0
0
0
0
0
0
0
0
Reorg. exp. - Severance
 967
0
0
 136
0
0
0
0
0
Reorg. exp. - Trustee quarterly fees
 18
1
1
 15
1
1
1
1
1
Reorg. exp. - Other
5
0
0
0
0
0
0
0
0
(Gain) loss on asset sales
(628)
0
0
0
0
0
0
0
0
Reorganization items
 5,749
1
1
 151
1
1
1
1
1
                   
Pretax income (loss)
 (261,797)
 2,104
 21
 1,317
 (4)
(2,384)
(2,383)
 (1)
 (1)
                   
Income tax expense (benefit)
 (50,272)
0
0
0
0
0
0
0
0
                   
Net income (loss)
 $ (211,525)
 $ 2,104
 $ 21
 $ 1,317
 $ (4)
 $(2,384)
 $(2,383)
 $ (1)
 $ (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.
 
(A) In March 2010, Advanta Shared Services Corp. reversed $897 thousand of accrued audit fees, $697 thousand of which had been accrued pre-petition, when it was determined that an audit of fiscal year 2009 would not be needed for a Form 10-K.


  MOR-2b
 
 



UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Advanta Corp., et al.
   Chapter 11
Debtors
   Case No. 09-13931 (KJC)
    Reporting Period: March 1, 2010 to March 31, 2010
INCOME STATEMENTS
FOR THE PERIOD FROM PETITION DATE THROUGH MARCH 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)
                     
Net interest income
 $ 0
 $ 0
 $ 0
 $ 2,357
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
                     
Provision for credit losses
 0
 0
 0
 3,238
 0
 0
 0
 0
 0
 0
                     
                     
Net interest income after provision for credit losses
 0
 0
 0
(881)
 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 (loss) of subs
 0
 (1)
 0
 0
(188)
 0
 0
 (2)
 0
 0
Intercompany management fees
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Other noninterest revenue
 2
 0
 0
40
 0
 0
 0
 0
 0
 0
 Total other revenues, net
 2
 (1)
 0
40
(188)
 0
 0
 (2)
 0
 0
                     
Total noninterest revenues (losses)
 2
 (1)
 0
40
(188)
 0
 0
 (2)
 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
 2
 1
 0
Advertising expense
 0
 0
 0
 0
 0
 2
 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
Fraud losses
 0
 0
 0
 1
 0
 0
 0
 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
 666
 0
 0
 0
 0
 0
 0
Other expenses
 0
 0
 0
 2
 0
55
 7
 0
 0
 0
Total operating expenses
 0
 0
 0
 669
 0
 100
 (71)
 2
 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
 1
 1
 1
 0
 1
 2
 1
 0
 1
 0
Reorg. exp. - Other
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
(Gain) loss on asset sales
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
Reorganization items
 1
 1
 1
 0
 1
60
98
 0
 1
 0
                     
Pretax income (loss)
 1
 (1)
 (1)
(1,510)
(188)
(160)
 (27)
 (4)
 (2)
 0
                     
Income tax expense (benefit)
 0
 0
 0
 0
 0
 0
 0
 0
 0
 0
                     
Net income (loss)
 $ 1
 $ (1)
 $ (1)
 $(1,510)
 $(188)
 $(160)
 $ (27)
 $ (4)
 $ (2)
 $ 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.


  MOR-2b
 
 


UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Advanta Corp., et al.
   Chapter 11
Debtors
   Case No. 09-13931 (KJC)
    Reporting Period: March 1, 2010 to March 31, 2010
BALANCE SHEETS
AS OF MARCH 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
 29,741
 754
 843
 501
 2
 1
 61
 5
 0
 Total cash
 29,751
 754
 843
 501
 2
 1
 61
 5
 0
Intercompany restricted interest-bearing deposits
 1,200
 0
 0
 0
 0
 0
 0
 0
 0
Investments available for sale
 80,686
 0
 0
 0
 0
 0
 0
 0
 0
Receivables, net
 1,584
 0
 0
 0
 0
 0
 0
 0
 0
Premises and equipment:
                  
 Premises and equipment, gross
 520
 0
 0
 18,190
 653
 0
 0
 0
 0
 Accumulated depreciation
(383)
 0
 0
 (11,904)
(641)
 0
 0
 0
 0
 Premises and equipment, net
 137
 0
 0
 6,287
 13
 0
 0
 0
 0
Other assets:
                  
 Investment in subsidiaries
 (97,026)
 5,603
 0
 0
 0
 (16,263)
 0
 52
 19,873
 Charged-off receivable asset
 1,047
 0
 0
 0
 0
 0
 0
 0
 0
 Intercompany receivables
 183,676
 0
 15,774
 6,300
 190
 0
 0
 711
 0
 Tax assets
 21,065
 26,616
 5,418
 1,158
 5,071
 0
 4,276
 850
 0
 Other assets
 49,120
 6,494
 0
 791
 0
 0
 0
 0
 0
 Total other assets
 157,882
 38,713
 21,193
 8,249
 5,261
 (16,263)
 4,276
 1,613
 19,873
Total assets
 $ 271,240
 $ 39,468
 $ 22,036
 $ 15,037
 $5,276
 $ (16,262)
 $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
 135
 0
 2
 353
 0
 0
 0
 0
 0
Other liabilities
 6,337
 0
 0
 611
 0
 0
 0
 0
 0
Total liabilities not subject to compromise
 6,473
 1
 2
 964
 1
 1
 1
 1
 1
                   
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 advance payables
 454
 34,715
 6
 9,505
 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
 32,218
 0
 52
 1,263
 2
 0
 0
 0
 0
 Total other liabilities
 79,231
 47,657
 16,431
 11,729
 28,187
 2,006
 17,388
 40,913
 9,288
Total liabilities subject to compromise
 307,230
 47,657
 16,431
 12,266
 28,187
 2,006
 20,600
 40,913
 9,288
                   
Total liabilities
 313,703
 47,658
 16,433
 13,230
 28,188
 2,006
 20,600
 40,914
 9,289
                   
Stockholders' equity
 (42,463)
 (8,190)
 5,603
 1,807
 (22,912)
 (18,268)
 (16,263)
 (39,295)
 10,584
                   
Total liabilities and equity
 $ 271,240
 $ 39,468
 $ 22,036
 $ 15,037
 $5,276
 $ (16,262)
 $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.
 
(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
In Re: Advanta Corp., et al.
   Chapter 11
Debtors
   Case No. 09-13931 (KJC)
    Reporting Period: March 1, 2010 to March 31, 2010
BALANCE SHEETS
AS OF MARCH 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
0
 66
 (0)
2
0
 Total cash
 81
 50
5
 19
0
0
 66
 (0)
2
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
30,011
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
 (18,608)
0
0
2
0
0
 Charged-off receivable asset
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
 314
0
0
0
0
0
0
 Total other assets
 436
70,379
51,102
 5,858
 (18,608)
0
0
2
0
0
Total assets
 $ 517
 $70,429
 $51,107
 $35,888
$(18,608)
 $0
 $ 66
 $2
 $2
 $0
                     
LIABILITIES NOT SUBJECT TO COMPROMISE
                    
Intercompany line of credit payable
 $0
 $0
 $0
 $0
 $0
 $ 42
 $0
 $0
 $0
 $0
Intercompany advance payables
0
0
0
 666
0
 31
 41
0
0
0
Other liabilities
0
0
0
0
0
8
 94
0
0
0
Total liabilities not subject to compromise
1
1
1
 666
1
 80
 135
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
29,372
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 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
 50
 13
0
0
0
 Total other liabilities
 1,339
49,733
 3,038
10,525
0
 2,149
 1,073
0
0
0
Total liabilities subject to compromise
 1,339
49,733
 3,038
39,897
0
 2,286
16,172
0
0
0
                     
Total liabilities
 1,340
49,734
 3,039
40,563
1
 2,367
16,307
0
0
0
                     
Stockholders' equity
(823)
20,695
48,068
(4,675)
 (18,609)
(2,366)
 (16,241)
2
2
0
                     
Total liabilities and equity
 $ 517
 $70,429
 $51,107
 $35,888
$(18,608)
 $0
 $ 66
 $2
 $2
 $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.


  MOR-3a
 
 


UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Advanta Corp., et al.
  
Chapter 11
Debtors
  
Case No. 09-13931 (KJC)
   
Reporting Period: March 1, 2010 to March 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
Charged-off receivable asset
 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
In Re: Advanta Corp., et al.
  
Chapter 11
Debtors
  
Case No. 09-13931 (KJC)
   
Reporting Period: March 1, 2010 to March 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
 Charged-off receivable asset
 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: March 1,
2010 to March 31, 2010
 
 
Declaration Regarding the Status of Post Petition Taxes of the Debtors
March 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 any late filings or payments that may have occurred due to unintentional oversights.
 
 

  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: March 1, 2010 to March 31, 2010



Summary of Unpaid Post Petition Accounts Payable

 
Current
1 - 30
31 - 60
61 - 90
Over 90
Total
Combined Debtors
 $16,682.51
 $ 3,649.19
      
 $20,331.70

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: March 1, 2010 to March 31, 2010
 
 
Accounts Receivable Reconciliation and Aging
 
Accounts Receivable Reconciliation
Total Accounts Receivable at beginning of the reporting period
 $
 39,458,244
 + Amounts billed during the period
  
 596,127
 - Amounts collected during the period
  
 (2,007,068)
 - Other adjustments to Accounts Receivable, including credit memos, discounts
  
 (706,024)
Total Accounts Receivable at ending of the reporting period
 $
37,341,279
     
Accounts Receivable Aging
  
0-30 days old
 $
 32,736,289
31-60 days old
  
 2,102,974
61-90 days old
  
 1,578,612
91 + days old
  
 923,404
Total Accounts Receivable
  
 37,341,279
Amounts considered uncollectible (Bad Debt)
  
 (5,746,508)
Accounts Receivable (Net)
 $
 31,594,771
 
Accounts Receivable above does not include intercompany receivables.
 
 
 
 

  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: March 1, 2010 to March 31, 2010
 
Debtor Questionnaire
For the Month Ended March 31, 2010
 
 
1
Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, attach explanation. (A)
Y
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.
Y
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)
Pursuant to Court order, Advanta Corp.'s fractional ownership interests in two aircraft were repurchased by NetJets for $704,124 on March 17, 2010.  As part of the repurchase agreements, Advanta Corp. was released from liabilities of $160,293. Net cash proceeds after commissions were $494,541.
  


  MOR-5