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I noticed that the site advanta.com started to advertise the service activities of the company. For the old shareholders may mean something? I also noticed that the site was created advantareorg.com where you delve into the affairs of the bankrupt company. Unfortunately I, as an Italian, I do not know the language very extricate American legal. Could someone tell me if it is expected that the old shares Advanta corp. cl. b can return to have a minimum value? Thank you.
Thank you, I was afraid that was the answer.
Hi Rudderman, Go to the OTCBB link first and see if it has changed from when I made the cancellation post.
http://www.otcbb.com/asp/dailylist_detail.asp?d=03/07/2011&mkt_ctg=ALL
It doesn't look like it has, they are pretty good about fixing mistakes if they make them.
You can punch in the ticker symbol and see for yourself that there hasn't been any trading activity at all on this security.
http://www.otcbb.com/dynamic/tradeact.htm
Here's the SEC filings: http://www.sec.gov/cgi-bin/browse-edgar?company=Advanta+Corp&match=&CIK=ADBVQ&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
It's all listed right here in the last 8K the company filed: http://www.sec.gov/Archives/edgar/data/96638/000095012311021076/c13288e8vk.htm
I realize it can be a bit confusing if your trading account still has shares listed and they may very well stay there, but officially they have all been canceled, so consequently cannot be traded. They have for all intensive purposes, been completely liquidated.
Once a company goes to bankruptcy court for relief in the end the common shares usually get utterly and completely destroyed.
Sometimes the preferred shares are worth something, but in this particular case they just wiped everything off the market.
Regards,
Mariner
Hello, I am an Italian investor holding shares Advanta cl. b. I know that Advanta failed, but in my securities account still listed shares. I have to consider waste paper? There is no longer any possibility that they will regain a minimum value? Thanks for the reply.
After hrs SECURITY DELETIONS on OTCBB.
3/8/2011 ADVBQ ADVANTA Corp. Class B Common Non Voting
3/8/2011 ADVNQ ADVANTA Corp. Class A Common Stock
** Plan of Bankruptcy effective. All shares have been cancelled **
http://www.otcbb.com/asp/dailylist_detail.asp?d=03/07/2011&mkt_ctg=ALL
Did you dump the shares at .0021 today? The common shares are intact
and survived now! Why bother to sell ADVBQ at only 5% higher than 52
-week low 0.002? ADVNQ already soared to 0.03 last week. ADVBQ would
soar to 0.0375 to match the gain of ADVNQ. Buy at the ask only ASAP!
Hi! Do you know why the same bank stock ADVNQ soared to 0.03 from 52
-week low 0.0002 or the recent low 0.0016 but ADVBQ only bounced to
0.0065 from the bottom o 52-week low 0.002 the day before yesterday?
Anyway both stocks survived. The bank had already exited from CH11.
Great news! Out of bankruptcy today! ADVNQ was already up 1000% from
0.003 to 0.03. ADVBQ should hit 0.03 as well later. Huge potential!
New 52-week low $0.002 was created last Friday! Sell at the bid ASAP
before it is too late. The bank may cancel the common shares soon...
0.003 x 0.004. Ready to rally back to 0.009 again! It is still very
cheap considering the low OS count and low market value. 0.0025 was
the unbreakable support even the 52-week low was 0.0021. Cheers all!
If what you said is true why people bought hundreds of thousands of
shares at 0.004 ~ 0.005 since the stock hit the bottom 0.0021? I own
near 1M cheap shares now anyway and will only sell at 0.004 ~ 0.005!
You have got to be kidding i will be selling at the bid the trouble is there is no buyers so that is difficult don't you think. No one wants a BK. company, funny that.
I am very happy to see ADVBQ is up 43% from the bottom price 0.0021!
Please do not sell your shares at the bid & buy at the ask only ASAP
Hopefully I can sell out all my shares at 0.0037 ~ 0.0052 since I've
bought near 1M shares at 0.0021 ~ 0.0031. Please do not sell at bid!
Man who else recieved the bad news in the mail? Well there honest in showing that things are not going well I would think if I were CEO I would not of waisted the last pennies mailing out what I'm sure every one here knows to be the outcome of this company.
In the new year I'm unloading and using the hit to off set other capital gains I have not that I have a lot it has been one bummer year for me in picking stocks.
I here that one can't do that if the shares should disapere all together. You got to like the goverment. Well from the letter I recieved nothing is going to happen untill May so I will keep playing and hope I get out before then.
New 52-week low .0021 was created today! Sell at the bid ASAP before
it hits another new low 0.002! 0.0049 formed the new ceiling price.
0.0036 x 0.004 now. You can easily buy the shares at the asking .004
instead of 0.059. It is a huge discount to buy at the current price!
The 52-week low or bottom price is .003 which was created last week.
I am very glad to have bought 0.5M shares at 0.003 ~ .0031 yesterday
and ready to sell them at 0.005 ~ 0.009 to make decent profits soon!
Do you know why the stock is up 50% today? Yesterday the 52-week low
0.003 was almost broken. The bid x ask was dropped to 0.0028 x 0.003
The OS is 29,070,563 shares. Why the stock surged to 0.0205 from the
bottom 0.003 last Monday? That is 583.4% gain! Very good news soon?
New 52-week low 0.003 was created yesterday! Sell at the bid ASAP to
avoid selling below 0.003! The common shares will soon be canceled.
(R.I.P) On March 19, 2010, Advanta Bank Corp., Draper, UT was closed by the Utah Department of Financial Institutions. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
An assuming bank could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts.
The FDIC has assembled useful information regarding your relationship with Advanta Bank Corp. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.
Please select the link below to read more about this event:
FDIC Bank Closing Information for Advanta Bank Corp.
Credit Card Operations will continue business as usual. All Credit Card customers should continue to make their payments as they have in the past. For additional information, please contact the FDIC toll free at 1-800-537-4048.
Please select the link below to continue to the Credit Card Payment Site:
Advanta Bank Corp Credit Card Payment Site
ADVBQ @ .021!
New 52-week low 0.011 was created two weeks ago! Please do not sell
at the bid! Buy at the ask only ASAP! It has bottomed out at 0.011.
Hey! Moneymade! What are your thoughts on this one ?
Thanks,,,,we'll see --MONEYMADE
Yesterday, Advanta filed their MOR with the court. In it there is a 13 week projected cash flow forecast. For the 13 weeks the operating cash flow is $3.845 Million and restructuring charges are $2.218 Million for an overall cash flow of $1.627 Million. I find it encouraging that they are projecting to produce positive cash flow while in bankruptcy. They also announced last week that they are hiring Alvarez & Marsal as their financial advisor. A&M has a history of successfully restructuring companies that are in severe financial distress. My guess is that they will line up DIP financing and attempt to buy back the notes in the Advanta Business Card Master Trust at a significant discount and then be entitled to the cash flows from the underlying receivables in the trust. They may also set up another trust and issue credit cards again, albeit under a new name, as I believe the Advanta name is more of a liability now.
,,,,,,,I requested new symbol changes:
ADVNA: ADVNQ.PK
ADVNB: ADVBQ.PK
I have been looking at Advanta this week. My take is that any value that may be here is not in the bank. The bank is undercapitalized and not in compliance with the FDIC cease and desist order, so it is likely to be seized at any time. It would seem that there may be some value down the line in the Advanta Business Card Master Trust. This fund is part of Advanta Business Receivables Corp. which is wholly owned by Advanta. Currently there are 2,806,820,787.77 in receivables in the trust supporting 2,094,148,208.25 in notes, for a total transferor interest of 712,672,579.52. There were $3.78 billion in notes as of May of this year, so the trust is winding down rapidly. It is a given that default rates on the credit cards supporting this trust will be high, but also the interest rates that the customers are currently being charged are outrageous, so that number is likely to remain stable or even move higher. The extremely high rates will also encourage the small business owners to pay off the balances as soon as possible. The internet is full of small business owners who are complaining that Advanta raised their interest rates to nearly 40%. The company knew that they could do this because they don't care about their reputation anymore, as they aren't in the business of issuing credit cards anymore. Also, most small business owners are forced to pay this amount because their credit rating is so vitally important to them that they can't just stop paying. So, it would seem that this trust could provide some good money to Advanta, once it is wound down. I'm thinking that is their plan. Info on this trust can be found here:
https://www.advanta.com/assets/pdf/AdvSeries-09_09.pdf
I bought 100K in at 0.06-0.07. GL all including myself~~~~ My exit target is pps of 0.25
How important is the hearing on Dec 4th? How will it affect PPS?
Any thoughts?
I'm suprised this even went down today. Didn't everyone expect the delisting? 3 days after BK, like clockwork, happens everytime.
That was announced months back...btw
Advanta tennis match featuring Serena Williams?????
http://www.wtt.com/page.aspx?article_id=11
Expected.....
press release
Nov. 11, 2009, 5:41 p.m. EST · Recommend · Post:
Advanta Receives NASDAQ Delisting Notice
SPRING HOUSE, Pa., Nov 11, 2009 (BUSINESS WIRE) -- Advanta Corp. /quotes/comstock/15*!advn.b (ADVN.B 0.08, +0.01, +15.71%) /quotes/comstock/15*!advn.a (ADVN.A 0.10, +0.03, +36.99%) today announced that consistent with its expectations the Company was notified by The NASDAQ Stock Market, LLC ("NASDAQ") that its two classes of Common Stock, Class A and Class B shares, will be delisted from NASDAQ. Trading in both classes of the stock will be suspended at the opening of business on November 18, 2009. The Company does not intend to appeal NASDAQ's delisting decision.
The notification provided the following reasons as the basis for delisting:
-- the filing by the Company and certain of its subsidiaries of voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code (the "Bankruptcy Filing") in the United States Bankruptcy Court for the State of Delaware and associated public interest concerns raised by it;
-- concerns about the residual equity interest of the existing listed securities holders; and,
-- concerns about the Company's ability to sustain compliance with all requirements for continued listing on NASDAQ.
The Company intends to enter into discussions with market makers to quote its Class A and Class B Common Stock on the OTC Bulletin Board (the "OTC BB") and/or the Pink OTC Markets Inc. (the "Pink Sheets"). The Company's Class A and Class B Common Stock will not be eligible for trading on the OTC BB or the Pink Sheets until at least one market maker agrees to quote such respective class of the Company's Common Stock and, as a result, the Company's Class A and/or Class B Common Stock may not be eligible to trade over the OTC BB or the Pink Sheets immediately following delisting by NASDAQ.
I'm convinced it will go up, or we'll wish it had. LOL
the B is churning here nicely....
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Outstanding Shares: 29M Shares.
52-Week Range: 0.002 ~ 0.039.
ADVBQ — Advanta Corp. -Class B
https://vault.advantabankcorp.com/
Nasdaq
Advanta Corp.
Welsh and McKean Roads
P.O. Box 844
Spring House, PA 19477
Full Time Employees: | 841 |
Advanta Corp. issues business purpose credit cards to small businesses and business professionals in the United States. It offers MasterCard and Visa business purpose credit cards that provide approved customers with access, through merchants, banks, checks, electronic fund transfers, and ATMs to unsecured revolving business purpose credit lines. The company also offers credit protection and related products, such as credit insurance products, which provide coverage for loss of life, disability, and involuntary unemployment; and waiver agreement, which provides for the waiver or suspension of payment obligations upon the occurrence of events, including loss of life, temporary and permanent disability, key person departure, and business interruption. In addition, Advanta Corp. provides various deposit products, including retail and large denomination certificates of deposit and money market accounts, as well as investment products comprising redireserve variable rate certificates and investment notes. The company was formerly known as TSO Financial Corp. and changed its name to Advanta Corp. in 1988. Advanta Corp. was founded in 1951 and is based in Spring House, Pennsylvania.
www.AdvantaReorg.com
Advanta Bank Corp (Not included in the ch11 re-org)
$3.1 billion in owned assets, including cash and liquid investments of $2.4 billion.
Headquartered in Draper, Utah, ABC is a subsidiary of Advanta Corp., a publicly-held financial services holding company. ABC is a Utah industrial bank regulated by the Utah Department of Financial Institutions. ABC is one of the nation’s largest issuers of MasterCard® business-purpose credit cards to small businesses and business professionals, and as of December 31, 2008 held $3.1 billion in owned assets, including cash and liquid investments of $2.4 billion. ABC's total risk-based and Tier 1 capital ratios of 38.4% and 35.4% are well above required levels. (Click on the advanta.com link for information about ABC's lending activities.)
ABC is a member of the Federal Deposit Insurance Corporation (FDIC) and its deposits are FDIC insured up to the maximum allowable limits per depositor. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. To learn more about FDIC insurance and account ownership categories visit the FDIC web site www.fdic.gov/deposit.
ABC is both innovative and resourceful in running its operations to hold down costs and heighten customer convenience. ABC keeps its operating expenses low by servicing customers through mail, telephone and electronic media. Maintaining low operating expenses allows us to pass savings along to the depositor in the form of higher interest rates. In addition, our customers receive prompt and timely distribution of interest checks, maturity notices, statements and other important communications.
ABC offers quality service through knowledgeable Customer Service Associates available from 8:30 a.m. to 5:00 p.m. Mountain Time, Monday through Friday. For assistance, please call ABC's toll-free number,
Phone: (215) 657-4000
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