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EX-99.1 - EX.99.1 - MARCH 2010 MONTHLY OPERATING REPORT - ADVANTA CORP | mm04-3110_8ke991mor.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): April 30, 2010
Advanta
Corp.
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(Exact name of registrant as specified in its
charter)
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Delaware
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0-14120
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23-1462070
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(State or other jurisdiction of
incorporation)
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(Commission File Number)
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(IRS
Employer Identification
No.)
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Welsh & McKean Roads, P.O. Box 844, Spring House,
Pennsylvania
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19477
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(Address of Principal Executive
Offices)
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(Zip Code)
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Registrant’s telephone number, including area
code: (215)
657-4000
Not Applicable
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(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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item7.01.
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Regulation FD
Disclosure
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On April 30, 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 March
1, 2010, and ending March 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 periodic 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 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
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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; and (xi) the
risk that the Federal Deposit Insurance Corporation will pursue further
regulatory actions with respect to Advanta Bank Corp. 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.
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Item 9.01. Financial Statements and
Exhibits
(d) Exhibits.
Exhibit Number
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Description
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99.1
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Advanta Corp. Monthly Operating Report for the period
commencing March 1, 2010, and ending on March 31, 2010, filed with the
United States Bankruptcy Court for the District of
Delaware.
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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.
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Date: April 30, 2010
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By:
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/s/ Jay A. Dubow
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Jay A. Dubow, Chief Administrative Officer, Senior
Vice President, Secretary and General Counsel
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