the company's access to funds with which to accept new charges. It also announced an effort to buy back its senior investment notes at between 65 and 75 percent of face value. In late May 2009, the company announced it was moving up the closing of all 1 million of its small business credit card accounts to June 1, and exiting the credit card business as of June 1. In early June, regulators refused to allow Advanta to improve its balance sheet by buying back $1.4 billion of its senior debt notes at a discount. Advanta had planned to pay between 65 percent and 75 percent of the face value of the notes. At the beginning of July 2009, Advanta was directed by the FDIC to stop accepting insured deposits and to repay $35 million to consumers who were improperly denied cash back bonuses or whose accounts had been improperly repriced. In mid-July 2009, the company announced it would lay off half its remaining workforce, going from approximately 400 employees to fewer than 200. On July 20, 2009, the company revealed that the default rate on its credit cards had reached a previously unheard-of 56.95%. In late July 2009, the company was cited as offering dubious investment notes to the public via newspaper ads, but the same article noted that the portion of its website through which the company had been offering the notes was no longer functional. On August 10, 2009, Advanta announced that the way forward for them was to find “a plan for new business opportunities” after posting a second-quarter loss of $330 million. On August 20, 2009, Advanta announced that its chargeoffs had returned to 24.02% following June's peak, June having been so high because of the change from charging off at 180 days of delinquency to charging off at 120 days, however the percentage of cards 30 days late had risen to 9.98% from 8.28%, portending a rise in future chargeoffs. On September 21, 2009, Advanta announced that its chargeoffs had declined to 22.19%; however, 30-day lates had risen to 11.57%. On October 14, 2009, media outlets carried a story that a class action against the company was being readied on behalf of investors. In May 2010, many business card holders were filing the Federal Trade Commission, Better Business Bureau, and AG complaints with regulatory authorities in Utah. Bankruptcy On November 8, 2009, Advanta filed