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Investar
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« on: February 03, 2010, 11:44:49 am » |
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http://www.sec.gov/Archives/edgar/data/1416265/000141626510000048/0001416265-10-000048-index.htmOn February 1, 2010, Prosper Marketplace, Inc. (“Prosper”) entered into a Note and Warrant Purchase Agreement with certain of its existing investors, pursuant to which, Prosper issued and sold to such investors a series of Convertible Promissory Notes in the aggregate principal amount of $2,000,000. All principal and accrued interest under the Notes are due in a single payment on April 1, 2010....
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« Last Edit: February 03, 2010, 11:54:25 am by Investar »
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bamalucky
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« Reply #1 on: February 03, 2010, 11:50:53 am » |
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So they bought a 2 month lifeline using the current Prosper lenders notes as collateral.
The ship is sinking
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There are no stupid questions, just stupid people.
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xraider
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« Reply #2 on: February 03, 2010, 11:55:01 am » |
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Sure looks like it to me. I'd sure want warrants for Prosper stock at penny stock levels...
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Prosper missed me. They lifted my suspension a day early.
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Mark12547
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« Reply #3 on: February 03, 2010, 12:02:34 pm » |
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Nominated for Lobby. Investar, is that ok with you?
I think a 2-month lifeline would be of interest to the Lenders.
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If, as you have indicated, you don’t trust Prosper to detect fraud when it exists or to remunerate you when we find it, then you should reconsider whether you want to lend on Prosper. I did; withdrawing since Black Friday, March 30, 2007--with one exception. |
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Mtnchick
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« Reply #4 on: February 03, 2010, 12:04:09 pm » |
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Nominated for Lobby. Investar, is that ok with you?
I think a 2-month lifeline would be of interest to the Lenders.
2nd if needed |
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Classic comment from Urbi to a poster who said they were leaving:
"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.
I doubt anyone here gives a shit about you. We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."
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112233
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« Reply #5 on: February 03, 2010, 12:07:22 pm » |
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using the current Prosper lenders notes as collateral.
that part isnt clear. my interpretation is that they sold several notes to the several investors with their own name on it. looks like they are arranging, or trying to arrange a "preferred stock financing for an aggregate purchase price of $5,000,000 or more", and this is a bridge |
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bamalucky
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« Reply #6 on: February 03, 2010, 12:14:53 pm » |
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using the current Prosper lenders notes as collateral.
that part isnt clear. my interpretation is that they sold several notes to the several investors with their own name on it. looks like they are arranging, or trying to arrange a "preferred stock financing for an aggregate purchase price of $5,000,000 or more", and this is a bridge The notes are collateral anyway because they belong to Prosper. The notes are assets that belong to PMI & proceeds would be used to settle with creditors. |
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There are no stupid questions, just stupid people.
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Staneslav
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« Reply #7 on: February 03, 2010, 12:29:14 pm » |
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Who looks at their books and invests? Craziness. In 18 days I'm out, so I'm happy to hear about the bridge loan.
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I apologize for nothing and I'm sorry for less.
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Investar
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« Reply #8 on: February 03, 2010, 12:35:08 pm » |
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Nominated for Lobby. Investar, is that ok with you?
I think a 2-month lifeline would be of interest to the Lenders.
2nd if needed Yes, lobby is fine by me |
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Investar
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« Reply #9 on: February 03, 2010, 12:40:07 pm » |
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Who looks at their books and invests? Craziness. In 18 days I'm out, so I'm happy to hear about the bridge loan.
Not so much craziness as desperation? Two insiders and the rest of Prosper's current investors with $40m already on the table dipped into their collective jars of pocket change to keep things running for 60 more days. In the meanwhile, Prosper continues its search for a longer term solution. I get the impression they said, "okay we'll give you 60 more days since you still think you can close to this stock deal you've been working on." |
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Xenon481
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« Reply #10 on: February 03, 2010, 01:11:08 pm » |
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The countdown to Prosper closing its doors on April 1st, 2010 has started!
57 days remaining!
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yankeefan
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« Reply #11 on: February 03, 2010, 01:28:30 pm » |
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It's interesting that they're paying 15% (annual rate) for a 2 month note. Obviously no bank credit available to them.
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 XIRR results= (6.52%) |
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NewHorizon
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« Reply #12 on: February 03, 2010, 01:37:04 pm » |
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Obviously no $2,000,000 bank credit available to them.
Fixed. Not to pick nits, but technically, it's not known - certainly not from this 8-K - whether or not Prosper could take out a far smaller (and hence not very useful) credit line at a bank. |
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bamalucky
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« Reply #13 on: February 03, 2010, 01:38:52 pm » |
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It's interesting that they're paying 15% (annual rate) for a 2 month note. Obviously no bank credit available to them.
Thats at least 2x if not 3x the going rate a safe company would be paying. Luckily there's no public shareholders to dilute. Oh wait all the lenders are getting diluted |
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There are no stupid questions, just stupid people.
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yankeefan
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« Reply #14 on: February 03, 2010, 01:39:16 pm » |
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XIRR results= (6.52%) |
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