Fourth Distribution of Liquidating Trust Assets to Certain Liquidating Trust Beneficiaries

Pursuant to and in accordance with the Joint Plan of Advanta Corp., et al., under Chapter 11 of the Bankruptcy Code (as supplemented, modified, or amended, the "Plan"), the Trustee[1] of the AC Liquidating Trust has made a Fourth Distribution of certain Liquidating Trust Assets to Liquidating Trust Beneficiaries (the “Fourth Distribution”).

The Fourth Distribution represents the following recoveries:

  • Investment Notes Claims and RediReserve Certificate Claims (collectively, “Retail Note Claims”) against the AC Liquidating Trust recovered 16.8 cents on the dollar; and
  • General Unsecured Claims (“GUCs”) against the AC Liquidating Trust recovered 10.0 cents on the dollar

The Initial Distribution, the Second Distribution, the Third Distribution, and the Fourth Distribution altogether represent the following cumulative recoveries:

  • Retail Note Claims against the AC Liquidating Trust recovered 100.0 cents on the dollar; and
  • General unsecured claims against the AC Trust recovered 49.3 cents on the dollar;
  • General Unsecured Claims against the AC Liquidating Trust recovered 59.3 cents on the dollar

Collectively, the Initial Distribution, the Second Distribution, the Third Distribution, and the Fourth Distribution provide a full recovery to Liquidating Trust Beneficiaries on account of Retail Note Claims. Accordingly, the Fourth Distribution represents the final distribution to such Liquidating Trust Beneficiaries. The Fourth Distribution is being made in accordance with the terms of the Plan and reflects total cash available for distribution after accounting for appropriate and necessary reserves. Such reserves account for, among other things, outstanding issues and prospective Trust expenses. The Trustee may make additional distributions to certain Liquidating Trust Beneficiaries in accordance with the terms of the Plan after, among other things, resolution of such outstanding issues and as Liquidating Trust Assets are monetized. Please follow the link below to view the Fourth Distribution Analysis.

[FOURTH DISTRIBUTION ANALYSIS]

The Trustee and its professionals are continuing to work in close consultation with the Trust Advisory Board on all remaining matters that require resolution to enable further distributions to be made. The Trustee will announce further updates on the website http://www.advantareorg.com as it deems necessary.

If you have any questions or would like additional information, please email us at LTRequest@acliquidatingtrust.com, or call the creditor hotline at 1-866-697-5647. Please refrain from calling Wilmington Trust as they do not have further information on these cases.


1Unless otherwise defined herein, capitalized terms shall bear the meaning ascribed to them in the Plan.