On November 4, 2011, AC Liquidating Trust in the Advanta Corp. Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation in the District of Delaware.  The following is a summary of the proceedings.

Adversary Proceedings Overview

Lead Bankruptcy Case Name (Case Number): Advanta Corp. (09-13931)

Bankruptcy Court District (Division): District of Delaware

Petition Date: November 8, 2009 as to all debtors other than Advanta Ventures Inc., BE Corp., ideablob Corp. and Advanta Credit Card Receivables Corp. who filed on November 20, 2009

Associated Cases: Advanta Investment Corp., Advanta Business Services Holding Corp., Advanta Business Services Corp., Advanta Shared Services Corp., Advanta Service Corp., Advanta Advertising Inc., Advantennis Corp., Advanta Mortgage Holding Company, Advanta Auto Finance Corporation, Advanta Mortgage Corp. USA, Advanta Finance Corp., Advanta Ventures Inc., BE Corp., ideablob Corp., Advanta Credit Card Receivables Corp., Great Expectations International Inc., Great Expectations Franchise Corp., and Great Expectations Management Corp.

Plaintiff: AC Liquidating Trust

Number of Proceedings: 115

When Filed: from November 4th to the 8th, 2011

Adversary Proceeding Judge: U.S. Bankruptcy Judge Kevin J. Carey

Plaintiff's Counsel: Drinker Biddle & Reath LLP attorneys Howard A. Cohen (Wilmington, Deleware) and Robert K. Malone and Marita S. Erbeck (Florham Park, New Jersey)

Avoidance Period: The complaint identifies the preference period as the period "on or within ninety (90) days prior to the Petition Date".

 

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