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[msava]

Fred, COSTS (expenses) are capped at $315,000.  Fees are capped at 1/3 of the recovery.  Monetary awards to the class reps are not to exceed $30,000.

So, we're looking at about 22%.  That's better than the junk debt buyers would have paid. 

Thank you for the correction.   Ok 22%.

Now my chargeoffs were $103,839.39 and 22% of that is $22,844.67

Not bad.   I am looking forward to my 1st check of $4,568.93 sometime in the spring.

What makes you think we will be paid in 5 increments?

[msava]

I think the key here is that they are going to deduct interest that you received from your losses also, which in some cases might reduce or eliminate the chargeoff for a particular loan completely. Personally, I am not going to do the math, but I expect that my estimate of $900-$950 of net chargeoffs will be cut in half or more.

Prosper is paying out $10M to get this thing settled so presumably they are ambivalent how it is divided.

If plaintiffs wanted to divide it based on unpaid principal, would Prosper raise a fuss?

Winners are those who picked loans that went bad quickly, like someone whose portfolio was largely D, E, and HR loans (known to make few payments and go bad quickly). 

Losers are those who picked loans that stayed current a long time or those that made recovery payments.  (If the borrower pays $100, it reduces the outstanding P&I by $100, but the lender actually got only $73). 

If your portfolio was a green circle for a long time, you lose on this settlement and Muleshoes wins.

Is the $10M safely in an interest bearing escrow account?

[Beerbud1]

I think the key here is that they are going to deduct interest that you received from your losses also, which in some cases might reduce or eliminate the chargeoff for a particular loan completely. Personally, I am not going to do the math, but I expect that my estimate of $900-$950 of net chargeoffs will be cut in half or more.

Prosper is paying out $10M to get this thing settled so presumably they are ambivalent how it is divided.

If plaintiffs wanted to divide it based on unpaid principal, would Prosper raise a fuss?

Winners are those who picked loans that went bad quickly, like someone whose portfolio was largely D, E, and HR loans (known to make few payments and go bad quickly). 

Losers are those who picked loans that stayed current a long time or those that made recovery payments.  (If the borrower pays $100, it reduces the outstanding P&I by $100, but the lender actually got only $73). 

If your portfolio was a green circle for a long time, you lose on this settlement and Muleshoes wins.

Is the $10M safely in an interest bearing escrow account?

Nope! That's why its being spread over three years!

[tekiegreg]

Got my notice today...about time I got my free lunch from Prosper  

I know, I shouldn't laugh at it.  Compared to what I lost, others had it far worse, it was kinda surreal seeing David Booth on the notice and thinking "Hmmmm....I think I know that guy somewhere though...."

EDIT: More like a free lunch's worth paid out over 3 years...so about a cup of coffee every year.

[rogerwaite]

Fred, COSTS (expenses) are capped at $315,000.  Fees are capped at 1/3 of the recovery.  Monetary awards to the class reps are not to exceed $30,000.

So, we're looking at about 22%.  That's better than the junk debt buyers would have paid. 

Thank you for the correction.   Ok 22%.

Now my chargeoffs were $103,839.39 and 22% of that is $22,844.67

Not bad.   I am looking forward to my 1st check of $4,568.93 sometime in the spring.

What makes you think we will be paid in 5 increments?

Yeah, it's 4 payouts, so you should get $5711. Drinks are on Fred! Really, we should have a .org meet and greet after each payout, definitely at the last one.

[Jolla]

Now got notice via US Postal Mail, a folded pamphlet.

Same (I no longer us the email address that I used to register).

[msava]

Got my notice today...about time I got my free lunch from Prosper  

I know, I shouldn't laugh at it.  Compared to what I lost, others had it far worse, it was kinda surreal seeing David Booth on the notice and thinking "Hmmmm....I think I know that guy somewhere though...."

EDIT: More like a free lunch's worth paid out over 3 years...so about a cup of coffee every year.

So you think Prosper will be around long enough to pass out the coffee. So optimistic. 

[Roadhawk]

Now got notice via US Postal Mail, a folded pamphlet.

Same (I no longer us the email address that I used to register).

I don't have my old email address anymore either.  I emailed the law firm quite awhile back with the one I use now.  Got the notice both by my new email and by snail mail.

[Beerbud1]

Six people objected to settlement:

http://webaccess.sftc.org/minds_asp_pdf/Viewer/DownLoadDocument.asp?PGCNT=0

Link above seems to be broken, here try this link:

http://webaccess.sftc.org/Scripts/Magic94/mgrqispi94.dll?APPNAME=WEB&PRGNAME=ValidateCaseNumber&ARGUMENTS=-ACGC08482329

[Beerbud1]

269 people requested to be excluded from the class via US mail

36 People requested to be excluded from the class via e-mail:


http://webaccess.sftc.org/minds_asp_pdf/Viewer/DownLoadDocument.asp?PGCNT=0

This link also seems to be broken.

http://webaccess.sftc.org/Scripts/Magic94/mgrqispi94.dll?APPNAME=WEB&PRGNAME=ValidateCaseNumber&ARGUMENTS=-ACGC08482329

[bamalucky]

Why am I still listed as a lead?

[Urbi_et_Orbi]

I see PrivateLender on the opt-out list. He stood by his word.

[112233]

how about prosper employees or are they not eligible to be in the class?

[Beerbud1]

how about prosper employees or are they not eligible to be in the class?

Prosper Employees and their families were  excluded in the Pleading!

[Beerbud1]

It looks like the judge approved the settlement on April 16, 2014. Documents haven't been scanned yet!