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Author Topic: So much for the re-opening!  (Read 25236 times)

Dean82

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So much for the re-opening!
« on: May 09, 2009, 03:24:58 am »
Well, that was short-lived. But Prosper still seems to be good for entertainment, at least.  ;D

Quote
We are writing to inform you that we are discontinuing our California intrastate offering at this time.

We have been overwhelmed by the outcry from potential investors around the country who want to participate in peer-to-peer lending. Therefore, after much consideration we have decided to voluntarily shut down our operation in order to complete our SEC approval for a nationwide peer-to-peer lending platform.

Your current lender agreements will be unaffected; your existing loans will continue to be serviced; you'll be able to track and monitor your loans; and you'll be able to withdraw funds from your Prosper account.

As a result of this decision, we will not be accepting new lender or borrower registrations or loans, or new commitments from existing lenders effective immediately. Until this process is complete, we are required to be in a quiet period and will be unable to respond to press, blogger or other inquiries related to our SEC registration process, even though we would like to.

We want to assure you that Prosper is looking forward to being able to offer a transparent, durable and participatory lending institution very soon.

We sincerely apologize for this inconvenience or disappointment our decision may have caused. We want to thank you for your continued support and patience. We look forward to serving the needs of the community in the hopefully not too distant future.

Regards,
Prosper Marketplace, Inc
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TotoMMB

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Re: So much for the re-opening!
« Reply #1 on: May 09, 2009, 03:40:11 am »
Quote from: Dean82 on May 09, 2009, 03:24:58 am
Well, that was short-lived. But Prosper still seems to be good for entertainment, at least.  ;D

I can look at the bright side...Dollars lost in P2.0: $0!

I thought tonight's unannounced outage was odd (unless I just missed the announcement). But poor, poor CPS. Guess they're stuck peddling their garbage to someone else.  ::)
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God-Father

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Re: So much for the re-opening!
« Reply #2 on: May 09, 2009, 03:57:09 am »
That explains them repurchasing all of the P2.0 loans.  Now the question is what legal or financial reason this "transparent, durable and participatory lending institution" really closed.
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kspeaks

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Re: So much for the re-opening!
« Reply #3 on: May 09, 2009, 05:53:25 am »
...
« Last Edit: January 30, 2011, 12:11:10 pm by kspeaks »
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big-al

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Re: So much for the re-opening!
« Reply #4 on: May 09, 2009, 06:21:09 am »
Have to wonder if the SEC gave them a choice - either close down yourselves, or we'll close you down.
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Oak_Hill_Fire

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Re: So much for the re-opening!
« Reply #5 on: May 09, 2009, 07:11:09 am »
Quote from: big-al on May 09, 2009, 06:21:09 am
Have to wonder if the SEC gave them a choice - either close down yourselves, or we'll close you down.

It certainly has that feel. Awkward
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It would be easier to teach a chicken to tap dance than it would be to teach PROSPER common sense.

Xenon481

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Re: So much for the re-opening!
« Reply #6 on: May 09, 2009, 07:17:02 am »
Nominating this thread to The Lobby!
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Beerbud1

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Re: So much for the re-opening!
« Reply #7 on: May 09, 2009, 07:22:33 am »
Second the nomination for the Lobby!
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xraider

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Re: So much for the re-opening!
« Reply #8 on: May 09, 2009, 07:49:56 am »
I just got that email myself and was very surprised.  Particularly at the claim of an "outcry" from "potential investors."  More likely, it was the outcry from the SEC. 

C'mon.  Spill.  Who here involved the SEC? 
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Prosper missed me.  They lifted my suspension a day early.

Capital_Finance_Group

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Re: So much for the re-opening!
« Reply #9 on: May 09, 2009, 07:52:03 am »
Quote from: xraider on May 09, 2009, 07:49:56 am
I just got that email myself and was very surprised.  Particularly at the claim of an "outcry" from "potential investors."  More likely, it was the outcry from the SEC. 

C'mon.  Spill.  Who here involved the SEC? 

Perhaps the California Only product was not profitable. I did not see very many loans being created. The need more Lenders (or Investors) to have a profitable volume.
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LoanChimp

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Re: So much for the re-opening!
« Reply #10 on: May 09, 2009, 07:58:50 am »
For crying out loud...   :D
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Xenon481

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Re: So much for the re-opening!
« Reply #11 on: May 09, 2009, 08:07:15 am »
My account is still suspended.  I wonder if the timed suspension lift will actually fire.  And if it doesn't, they are in their "quiet period" and will refuse to talk to me about it.
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Capital_Finance_Group

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Re: So much for the re-opening!
« Reply #12 on: May 09, 2009, 08:20:39 am »
If they can reopen nationally at some date perhaps they will help the Banks out with the sub-prime paper mess. If they have the 3rd party Loan Sellers on their "newer and more improved format/version" of the future the Banks can list all their crappy paper on the system. Based on the auto sales enough lenders/Investors will bid to cause the crap to sell at a premium to face and the Banks will make a mint. Prosper gets the loan managemet fees until the payments cease. Lenders/investors get a nice tax deduction if they can figure out what IRS form on which to report them.   ::) ::) ::)  ;D ;D ;D = just in case you think I was FSU
« Last Edit: May 09, 2009, 08:36:19 am by Capital_Finance_Group »
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DakotahFury

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Re: So much for the re-opening!
« Reply #13 on: May 09, 2009, 08:27:32 am »
YGBFSM!  :D
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Elmslice

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Re: So much for the re-opening!
« Reply #14 on: May 09, 2009, 08:34:00 am »
The new Prosper was even worse than the old Prosper.  Reselling car loans.  Feh.  Good riddance. 

Sadly, I suspect that Prosper will eventually get it's securities registered, and then it's back to business for them, selling junk to suckers.
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