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Author Topic: What Happens if Prosper 3.0 Goes Bankrupt?  (Read 18916 times)

Investar

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #15 on: August 20, 2009, 02:25:01 pm »


Prosper’s insurance carrier has denied coverage.

That might mean "as to Prosper."  The individual defendant's insurance carrier(s) (assuming there is one or more) may not have denied coverage.

Right. Got ya. I was working under the assumption the Board's policies are single carrier issued under/thru or tied to Prosper. I'd figure the primary respondents policies are bound that way.   
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moremoneymarc

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #16 on: August 21, 2009, 09:30:30 pm »

I knew of a case where a malpractice carrier based in the Caribbean (Grand Cayman I believe)  lost a case for a Surgeon because they didn't even have their lawyer appear at the trial on the behalf of the doctor.  The patient and the doctor made a deal where they jointly sued and got a judgement against the insurance company.  One of the insurance executives made the mistake of coming back to the states for Christmas and they basically incarcerated him until they paid up.

The point I am making is wouldn't it be strange should Prosper and the lenders join forces to jointly sue the insurance carrier if the claim were wrongly denied?
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Weequay2

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #17 on: September 05, 2009, 05:53:52 pm »

Thank you for that thoroughly depressing post investar   

I'm new here BTW, hello everyone   ;D   I started pulling my $$ out when they stopped excepting new funds, but I always assumed that the debt was secured since prosper was just the middleman    >:(

guess if when they go BK I'll just lump this in with my "recession 2008" losses...   :'(
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The_Cat

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #18 on: September 05, 2009, 07:20:09 pm »

I doubt if Prosper has a lot of other creditors. I mean, do they owe a lot of back rent for their office or something? It's not like anyone would actually loan Prosper money, it'd be way too risky.

Wow, who'd of thunk it. Prosper, a corporate HR trying to polish its own turd of a listing to get a funded loan.

Wonder what the Prosper tag line would be "YOU GOT TA HELP ME GOD BLESS!!!!!!!!!!!!!!!!" and a picture of Lawson with one hand showing.

Maybe 2Mill would bid  :D
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Urbi_et_Orbi

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #19 on: October 23, 2009, 06:46:05 pm »

An unprecedented amount of incentives being offered these days to attract borrowers and lenders...

October 13
2% cash rebate for lenders launches

October 19
$100 "refer a borrower" promo launches

October 23
$50 lender sign-up incentive

 
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

ira01

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #20 on: October 23, 2009, 07:15:39 pm »

An unprecedented amount of incentives being offered these days to attract borrowers and lenders...

October 13
2% cash rebate for lenders launches

October 19
$100 "refer a borrower" promo launches

October 23
$50 lender sign-up incentive

Not really surprising considering that originations are in the toilet and Prosper is running out of money.  It needs to pump up the business in order to convince the VCs to throw more good money after bad.
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Fred93

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #21 on: October 24, 2009, 12:16:57 am »

Not really surprising considering that originations are in the toilet and Prosper is running out of money.  It needs to pump up the business in order to convince the VCs to throw more good money after bad.

There you go again with negative sounding phrases like "pump up".

It could be said that prosper is simply attempting to demonstrate that substantial growth is possible and that growth opportunities are not limited by bridges burned and lost momentum.

Investar

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #22 on: October 24, 2009, 06:30:19 am »


It could be said that prosper is simply attempting to demonstrate that substantial growth is possible and that growth opportunities are not limited by bridges burned and lost momentum.

And this antidote suggests the current environment really does put Prosper in a 'sweet spot':
http://forums.go4reward.com/my-finance/american-general-finance-lol/

Commercial lenders are really running scared, American General Finance among them. They are happy to have an "A" borrower's business so long as he is willing to roll his existing debt at 13.2% to the amazing low rate of 22.5% and you can 'beat them up' the whole way down to 18% if you can prove you positively don't need the money!
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Urbi_et_Orbi

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #23 on: October 24, 2009, 06:00:27 pm »

We can see that there is no shortage of prospective borrowers on Prosper (there are, in fact, hundreds of listings still sitting with no bids).

We also know that there are tens of thousands of people signed up as lenders on the platform...

Now that we're all being blessed with an open platform in response to the so-called "lender outcry" calling for the ability to pour more money into this thing, why is it that Prosper now has to throw cash around to attract people?

Seems you can't even GIVE away a 7-13% investment opportunity these days.

Never mind...I think we all know the answer already...
« Last Edit: October 24, 2009, 06:06:11 pm by Urbi_et_Orbi »
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

Senator

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #24 on: October 24, 2009, 09:41:28 pm »

I'd electronically sign the new lender's agreement for $162.82
« Last Edit: October 24, 2009, 10:04:00 pm by Senator »
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kenL

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #25 on: October 26, 2009, 02:17:15 pm »

Has anyone noticed the new prospers loan performance? In 2009 up to Sept 15 there has been 427 loans made and only one late. Average loan age is 68 days and interest rate 18% (according to erics). Thats an incredible improvement from before. I guess they realized if they want to grow they have to make good loans. What was considered a C in 2008 is now HR. So potential ROI I think is really high. But now I am worried about the prosper going under, if I wasn't worried about that I would be investing a ton. Now I'm praying that I get my money back before they do go under. I just hope they can get enough funds to last a while longer, because if they keep this great return up, the sky is the limit and I'll bet they would be profitable in a couple of years. How long did it take amazon to be profitable? wasn't it 5 years?
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Fred93

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #26 on: October 26, 2009, 02:20:08 pm »

I guess they realized if they want to grow they have to make good loans. What was considered a C in 2008 is now HR. So potential ROI I think is really high. But now I am worried about the prosper going under, if I wasn't worried about that I would be investing a ton. Now I'm praying that I get my money back before they do go under.

They should be getting a new round of VC funds any time now.  Once that is done, your concern over their demise should be reduced.

kenL

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #27 on: October 26, 2009, 02:22:57 pm »

Awesome, because I think now is a great time to invest but I'm gonna wait till they get more funding. Keep me posted.
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big-al

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #28 on: October 26, 2009, 02:24:37 pm »

Has anyone noticed the new prospers loan performance? In 2009 up to Sept 15 there has been 427 loans made and only one late. Average loan age is 68 days and interest rate 18% (according to erics). Thats an incredible improvement from before. I guess they realized if they want to grow they have to make good loans. What was considered a C in 2008 is now HR. So potential ROI I think is really high. But now I am worried about the prosper going under, if I wasn't worried about that I would be investing a ton. Now I'm praying that I get my money back before they do go under. I just hope they can get enough funds to last a while longer, because if they keep this great return up, the sky is the limit and I'll bet they would be profitable in a couple of years. How long did it take amazon to be profitable? wasn't it 5 years?

There are only 247 loans which are over 2 months old (old enough to show as 1+ month late).  There are only 19 loans which are over 3 months old.  Prosper 3.0 is far too young to be claiming incredible improvement.

Mark12547

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Re: What Happens if Prosper 3.0 Goes Bankrupt?
« Reply #29 on: October 26, 2009, 02:27:57 pm »

They should be getting a new round of VC funds any time now.  Once that is done, your concern over their demise should be reduced.

So you think there is hope that Prosper Marketplace, Inc, would get a new batch of high-rolling gamblers investors to prop them up?
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