-----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, NkyiJa8KOb3kFA4H96LzCeg2oTudHJiNd6HCmaaPRCpk4jOYo0wYFlJTrJ1PafEZ BYyBhfdt8tinmMtuTr4Tkg== 0000950123-10-030385.txt : 20100331 0000950123-10-030385.hdr.sgml : 20100331 20100331080047 ACCESSION NUMBER: 0000950123-10-030385 CONFORMED SUBMISSION TYPE: NT 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100331 DATE AS OF CHANGE: 20100331 EFFECTIVENESS DATE: 20100331 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: NT 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 10715981 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 NT 10-K 1 c98514nt10vk.htm FORM 12B-25 Form 12b-25
     
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  SEC FILE NUMBER  
 
000-14120
 
     
  CUSIP NUMBER  
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
           
(Check one):   þ  Form 10-K o  Form 20-F o  Form 11-K o  Form 10-Q o  Form 10-D o  Form N-SAR o  Form N-CSR
 
          
 
  For Period Ended:   December 31, 2009
 
     
 
          
    o   Transition Report on Form 10-K  
 
          
    o   Transition Report on Form 20-F  
 
          
    o   Transition Report on Form 11-K  
 
          
    o   Transition Report on Form 10-Q  
 
          
    o   Transition Report on Form N-SAR  
 
          
 
  For the Transition Period Ended:    
 
       

Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I — REGISTRANT INFORMATION
Advanta Corp.
 
Full Name of Registrant
 
Former Name if Applicable
Welsh & McKean Roads, P.O. Box 844
 
Address of Principal Executive Office (Street and Number)
Spring House, Pennsylvania 19477
 
City, State and Zip Code
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
           
o
    (a)   The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
       
    (b)   The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
       
      (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III — NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

Advanta Corp. (the “Registrant”) is not able to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the “2009 Form 10-K”) in a timely manner. As further discussed below, the principal reasons for the Registrant’s inability to file the 2009 Form 10-K in a timely manner are: (1) the filing by the Registrant and certain of its subsidiaries in November 2009 of voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the State of Delaware (the “Court”); and (2) the Registrant’s lack of access to reliable information regarding its only material operating subsidiary, Advanta Bank Corp. (“ABC”), for which the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver on March 19, 2010.

The Registrant and certain of its subsidiaries (collectively, t he “Debtors) filed voluntary petitions for relief under the Bankruptcy Code on November 8, 2009 (with respect to the Registrant and certain of the Debtors) and November 20, 2009 (with respect to certain other Debtors). The Debtors’ chapter 11 cases are being jointly administered under case number 09-13931 (KJC)) (the “Chapter 11 Cases”). ABC and certain other subsidiaries of the Registrant are not part of the Chapter 11 Cases. On January 11, 2010, the Registrant announced that its Board of Directors authorized the Debtors to liquidate their assets, and the Debtors intend to prepare and file with the Court a chapter 11 plan that will describe the liquidation of the Debtors’ assets. As previously disclosed, the Registrant does not expect there to be any distributions to the Registrant’s preferred or common stockholders, nor continuing interests in the Registrant (or any liquidating trust) on the part of the Registrant’s preferred or common stockholders, as a result of any pla n that is approved by the Court.

As noted above, ABC was the Registrant’s only material operating subsidiary. Effective March 19, 2010, the FDIC and the Utah Division of Financial Institutions closed ABC and the FDIC was appointed the receiver of ABC. As a result, the FDIC has assumed all of ABC’s deposits and controls all of ABC’s assets. The Registrant expects no recovery from the FDIC for its ownership interest in ABC. Prior to the FDIC being appointed receiver, ABC was operating under two cease and desist orders issued by the FDIC and the Utah Division of Financial Institutions that significantly limited ABC’s operations and prohibited virtually all transactions between the Registrant and ABC without the FDIC’s prior approval. In addition, the FDIC had requested and received resignations from ABC’s Board of Directors of all officers of the Registrant who had also been serving as members of ABC’s Board of Directors. These and other similar developments resulted in a s ituation where, even before the FDIC was appointed receiver of ABC, the Registrant did not have the direct knowledge and information regarding its principal operating subsidiary that would be necessary to prepare the 2009 Form 10-K.

As a result of the events described above, the Registrant does not have access to major components of the internal systems and information that would be necessary to prepare its 2009 Form 10-K. In addition, a substantial number of the personnel who previously participated in the preparation of the Registrant’s periodic reporting obligations are no longer employed by the Registrant. For all of the foregoing reasons, including the additional demands that the Chapter 11 Cases have placed on the Registrant’s remaining senior management and employees, the Registrant is unable to complete the work that would be necessary to complete and file its 2009 Form 10-K.

  Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 

 

(Attach extra Sheets if Needed)
PART IV — OTHER INFORMATION
(1)   Name and telephone number of person to contact in regard to this notification
         
Philip M. Browne
Senior Vice President and Chief
Financial Officer 		   215    444-5060 
(Name)
   (Area Code)   (Telephone Number)
(2)   Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
    Yes þ     No o
 
(3)   Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
    Yes þ     No o
 
 
 
    If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
 

The Registrant anticipates that, based on the information that is currently available to it, the Registrant’s results of operations for the year ended December 31, 2009 will be significantly different from those for the last fiscal year due to significant developments that have occurred in the Registrant’s business over the past year including, in particular, the events that are described in Part III of this Form 12b-25.

The Registrant is currently unable to provide a reasonable estimate of its results for the year ended December 31, 2009 for the reasons described in Part III of this Form 12b-25.

 
Advanta Corp. 
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
             
Date
  March 31, 2010   By   /s/ Philip M. Browne
 
           
 
          Philip M. Browne
 
          Senior Vice President and Chief Financial Officer

 

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