Advanta was a big CC firm too?

@LawyerLiz

Conjure was hospitalized. Once.

The hospital was conjurized.

I've read that Utah was hit especially hard in the GD, and history may well repeat itself...

I knew Advanta sounded familiar.

Bankrupt Advanta in tax fight with its main subsidiary | Philadelphia Inquirer | 03/16/2010

Bankrupt Advanta Corp. is in a tax fight with its main operating subsidiary, which is not in bankruptcy but has burned through all its equity - a struggle with implications for Advanta noteholders and the Federal Deposit Insurance Corp.

The subsidiary, Advanta Bank Corp. of Draper, Utah, filed a complaint Sunday in U.S. Bankruptcy Court in Wilmington to compel its parent company to choose to carry its consolidated 2009 operating loss back five years when it files its tax return.

Doing so, the complaint said, would generate an estimated $54 million federal tax refund, most of which would flow to Advanta Bank under a tax-sharing agreement.

That money could be crucial to Advanta Bank, the operating subsidiary for Advanta Corp.'s shuttered credit-card operation, because the bank finished last year with negative $41 million in equity after losing $451 million. The bank wrote off $200 million in loans last year.

...remember Great Western Bank in the City of Angles, whose motto was:

"We'll Always Be There"

picosec wrote:

the only way this sort of thing can be corrected is to tear up the book and start from scratch.

We should be so lucky.

The reality is that too much has been spent for too long to have it read the way it reads right now.

Our mission is to offer deposit products at competitive rates, while providing our customers with peace of mind knowing their deposits are safe, secure and growing!

Well except for the $247,000 in uninsured deposits.

The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $635.6 million.

Now that's what I'm talking about! I want more half-billion busts, FDIC bitches.

I'm on a conference call. Thought I had my phone on mute. My cat was sitting on my lap snoring so loudly that someone sent me an IM message asking me whether I was awake.

All that and following CR! My, you are a multi-tasker.

ghostfaceinvestah wrote:

I knew Advanta sounded familiar.

You might also be remembering them from their earlier life--at one time in the late 90s they were a top-5 subprime mortgage lender. That was after their credit card portfolio went bust. Then the subprime portfolio went bust and they moved back into credit cards.

What next, I wonder...

3 before 6pm edt. i think they might be getting the show on the road.

negative plural wives amortization realization?

Juvenal Delinquent wrote:

I've read that Utah was hit especially hard in the GD, and history may well repeat itself...

But at least we've determined that EVERY house in Utah has a basement . . .

. . . and a storehouse in it

. . . and an armory room in it

At least they're prepared.

OT- but soon there'll be another bank down and this will go into oblivion...

Heard a commercial today on the local classical music station for a bond insurance company (forget the name) advertising that if you buy munis that they insure, "you won't lose a dime of your principal or a nickle of your interest."

It seemed to be directed at muni bond issuers rather than buyers.

Big Love for banks trumps polygamy every time.

wife before income tax depreciation and amortization?

Nothing ever changes....

Fleet wants refund from Advanta
Article Abstract:
Fleet Financial Group has filed suit in Delaware business court against Advanta Corp. whose credit card business it bought last year. Fleet alleges that Advanta owes it more than $126 million because of Advanta's "misappropriations, material misrepresentations and breaches of the [sale] contract." Advanta claims that Fleet failed to submit the dispute to arbitration as stipulated in the agreement.
Publisher: Philadelphia Newspapers, Inc.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1999

Found a useful history of the company, too:

Advanta Corporation -- Company History

They were truly ahead of their time. "A 'nonbank bank' organizing 'branchless banking' "...in 1982.

Mr Slippery wrote:

Wives are an asset that can gain or lose value over time. They require considerable maintenance and sometimes can be expensive to repair. Kind of like houses.

Yes, but can I accelerate the depreciation?

So we can't count on the Asiatics to buy our bonds, and nobody else has got the do re mi or the desire, so we have to come up with another country to do the bond carry trade with...

Suggestions from the floor?

picosec wrote:

God reads CR and she isn't going to be happy.

I'm the Citibank of sinners.

can't we just put them in binders in West Virginia?

Suggestions from the floor?

Maiden Lanes IV-XXX.
The Garden Path.
Ponzitown.
Dystopia.

They're not eating enough inflation. Super-securitize them.

Or maybe they can order some takeout from Zimbabwe?

Some old folks refer to the years from when they thought they could coast after 62, till when reality hit and they couldn't cash out for another 16, as the fancy feast years.

They start paying out when you begin collecting social security, at age 78.

And if you live in CA your heirs get an IOU.

Do a Djibouti call, round up the usual numbers.

"you won't lose a dime of your principal or a nickle of your interest."

If you call to complain about your loss they can just say

"Hey we didn't lie. You're not losing a dime, more like a few million." Technically that's different.

Juvenal Delinquent wrote:

Suggestions from the floor

Fuzzy Uncle Ben will just step up to the plate and 'move them onto his balance sheet' - problems solved...

Too bad if you have any savings....

Suggestions from the floor?

Yeah, pitch this idea to leno ... maybe the jaywalkers can come up with a solution.

Phone Calls Continue to Batter Congress - Roll Call

Hehehehehehe, mp!!!

That heifer in NJ that's trying to get to half a ton, is eating 12,000 calories a day gorging herself, kind of how the Unabankers gorged themselves in a fashion with all that free money...

"Creosote Party of 19?" your table is ready.

Juvenal Delinquent wrote:

is eating 12,000 calories a days gorging herself

Instead of bathing, she just rolls in the dirt.

Elvis wrote:

the Book of Mormon

What, are you dubious?

The Book of Mormon is a sacred text of the Latter Day Saint movement. It was first published in March 1830 by Joseph Smith, Jr. as The Book of Mormon: An Account Written by the Hand of Mormon upon Plates Taken from the Plates of Nephi.[1] According to Smith's account, and written in the book itself, it was originally written in otherwise unknown characters referred to as "reformed Egyptian" on golden plates. Smith said that he received these plates in 1827 from an angel named Moroni,[2] whom Smith identified as a resurrected[3] indigenous American who wrote part of the book over a millennium ago. According to Smith, this ancient Moroni buried the plates in a hill near Smith's home in Manchester, New York.

JP wrote:

Smith said that he received these plates in 1827 from an angel named Moroni.

I think there was mac and cheese on those plates as well. That is why some Mormons call it MacMoroni and Cheese.

Hmmm...Temple might want to revise this puff piece on their website about their b-school building.

Gisela and Dennis Alter | Alter Hall - The Fox School of Business at Temple University

"While no longer writing leases, Advanta is successfully collecting out its portfolio."

I thought that was a reference to the credit card business but no, it's a reference to an equipment leasing business they shuttered almost ten years ago, about the same time their subprime lending business blew up.

Unbelievable. How many different business lines can they have in run-off at one time?

Johnny Winter was mormon? YouTube - Johnny Winter- Bony Moronie

A quick question; Is anybody keeping track of the FDIC estimates for the current fiscal years costs for the failures?

Dawg said:

Utah $635.6 million loss on $1.6b assets. Outrageous.

Dawg I had to read that three times to process it. Aint that a bit much?

Bah, what would any of you do with33 women?????

lawyerliz wrote:

Bah, what would any of you do with33 women?????

I'd make a choir out of them. And then I'd kill myself.

lawyerliz wrote:

Bah, what would any of you do with33 women?????

Die happy of estrogen poisoning.

So we can't count on the Asiatics to buy our bonds

You'd better not call them 'Asiatics'.

lawyerliz wrote:

Bah, what would any of you do with33 women?????

The real question to me is how do you divorce 33 women and divide up assets and liabilities? All at once or one at a time? Treat your family like a sports roster?

First Lowndes Bank, In Fort Deposit, Alabama. Great name and location. Too bad they forgot to actually not fail.

I thought this was a good snapshot of Greece's issues and how France and Germany might loose on both bets.

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=349690&version=1&template_id=46&parent_id=26

Bring on 4 more,
State Bank of Aurora Aurora MN
First Lowndes Bank Fort Deposit AL
Bank of Hiawassee Hiawassee GA
Appalachian Community Bank

*I thought this was a good snapshot of Greece's issues *

Greece has threatened to go to the IMF. I don't think they really want to do that.

Advanta announced in November it would be a lead partner of the Salvador Dali exhibition at the Philadelphia Museum of Art.

Did Dali ever do melting banks?

Ouch...

As of December 31, 2009, Appalachian Community Bank had approximately $1.01 billion in total assets and $917.6 million in total deposits. Community & Southern Bank will pay the FDIC a premium of one percent to assume all of the deposits of Appalachian Community Bank. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase essentially all of the assets.

The FDIC and Community & Southern Bank entered into a loss-share transaction on $798.6 million of Appalachian Community Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $419.3 million.

curious wrote:

Did Dali ever do melting banks?

Tiger Woods might have tried.

Elvis wrote:

Tiger Woods might have tried.

At least with Tyra Banks.

OK, one last post. Add these up, and the others like them, and and it's easier to understand the $656 million.

Decorators in the Haute Seat

It was an ambitious project by any estimate. Alter didn't just want a house; he wanted a Wagnerian statement. "It was built more along the lines of a museum than a house," says one consultant. Which made perfect sense; one of the main functions of the structure was to provide a suitable space to display Alter's formidable Abstract Expressionist art collection, which ran the gamut from Mark Rothko to Morris Louis.

To construct his suburban palace, Alter assembled a dream team comprising the best consultants in their respective fields, including architect Rafael Viñoly, landscape designer Morgan Wheelock, and SHA.

No expense was spared during construction. Consider, for instance, the cost involved in fabricating the tiles and tub in just one of the thirteen bathrooms. Bob Capoferri, a local craftsman, traveled to a quarry in Carrara, Italy, to personally select the marble for Gisela Alter's bathtub. After the marble chips were approved, Capoferri flew back to Carrara and supervised the cutting of three blocks from a contiguous portion of the quarry's wall. The tub was carved from the middle block. The other two blocks supplied the tiles. Because of the block's uniformity, the grain and coloration of the marble flowed as seamlessly across the master bath suite as it originally did on the quarry wall in Italy.

There was no skimping on Dennis Alter's master bath suite either. The tiles are hand-cut onyx from Pakistan. "I did things on the Alter job that normally aren't done," says an awestruck Capoferri. "Nobody goes to the trouble of matching marble grain or hand-carving a bathtub." Gisela's tub alone cost $60,000.

As the construction of the house at 115 Skippack Pike in Ambler, Pennsylvania, progressed, Sills and Huniford realized they were putting in more hours than they had anticipated. Numerous revisions, dictated by Alter on an almost daily basis, were driving up their costs. In fact, entire new structures were added, including a "pool cabana and pool area," a "dining pergola," and a monstrous 25,000-square-foot "playhouse-sporting complex" that featured an elaborate exercise room, a guest apartment, and a sunken clay tennis court where Alter, a nationally ranked amateur, could volley with the pros who played in his Advanta-sponsored tournaments....

Read the rest at the link above. Total cost for the house had hit $80 million at the time of the article and it still wasn't finished.

NGBROI wrote:

Now at 7. I'm golden for the moment.

The afternoon is young yet.

NGBROI wrote:

I'm golden for the moment.

Number 8 is about to shower on your moment. It will be a golden shower, though, so you should remain golden for awhile.

Elvis wrote:

eat MacMoroni and Cheese tonight

Just make sure that it is genuine Kraft velveeta or cheez whiz....

yagij wrote:

how do you divorce 33 women

You have to say "I divorce you" 3 times per woman - make it an even hundred just to be sure...

Barley wrote:

your thinking moron

That's MORAN you moran...

OT
So my oldest daughter just called to tell me that her short sale was approved, $300 under amount owed plus Realtor fees. Bank says there are 7 liens on the property, not, including one for over
150k to the Federal Govt. Title ins. says can't see any of that.
Can kicking? What?