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Author Topic: Prosper files 10-Q for Q-1, 2012  (Read 47244 times)

ira01

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #15 on: May 16, 2012, 10:49:49 am »

It think nearly everyone can agree that this is just the latest sleazy move by Prosper.

Not necessarily.  The lack of protection for "lenders" caused by their no longer owing the notes they invest in is a real problem for Prosper (and for LC too).  Trying to come up with a system that reassures "lenders" that their investments won't be taken by Prosper's own creditors is both reasonable and smart IMHO. 
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Staneslav

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #16 on: May 16, 2012, 11:05:59 am »

a
« Last Edit: November 29, 2017, 12:51:37 pm by Staneslav »
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NewHorizon

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #17 on: May 16, 2012, 11:40:12 am »

The more I hear, the less I want to reinvest money in Prosper once my current batch of notes mature. I've already more than broken even, so I've been successful while riding Prosper into its crash, but I don't want to be on board when the crash actually happens.

+1 on the bolded part. 

Meanwhile, as long as there are post charge-off recovery payments, me-thinks we're still "on board"...?
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loanuniverse

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #18 on: May 16, 2012, 12:10:23 pm »

Prosper is public?

Since when?
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cubbiesnextyr

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #19 on: May 16, 2012, 12:14:58 pm »

Prosper is public?

Since when?


They're not.  What comment lead you to think someone said they were?
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ira01

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #20 on: May 16, 2012, 12:17:18 pm »

It think nearly everyone can agree that this is just the latest sleazy move by Prosper.

Not necessarily.  The lack of protection for "lenders" caused by their no longer owing the notes they invest in is a real problem for Prosper (and for LC too).  Trying to come up with a system that reassures "lenders" that their investments won't be taken by Prosper's own creditors is both reasonable and smart IMHO.  

Oh, I get why they are doing it. But as a new customer I wouldn't like to hear that they are screwing old customers to make me safe.

Which old customers are they screwing?  Not P1 customers, since our loans were actually owned by the lenders, not by Prosper, so we wouldn't have expected to be able to tap those loans anyway. 
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loanuniverse

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #21 on: May 16, 2012, 12:25:17 pm »

Prosper is public?

Since when?


They're not.  What comment lead you to think someone said they were?

I have never seen a private company file a 10-Q
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yankeefan

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #22 on: May 16, 2012, 12:56:58 pm »

I think the obligation to file runs from the registration of the notes in 2009.  Those are public securities.  The first 10K was for year 2009, and the 10-Q for midyear 2009.
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ira01

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #23 on: May 16, 2012, 01:06:05 pm »

Prosper is public?

Since when?

They're not.  What comment lead you to think someone said they were?

I have never seen a private company file a 10-Q

Most don't, but that's because most private companies don't offer securities to the public.  Since Prosper does, it has certain reporting requirements.
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Staneslav

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #24 on: May 16, 2012, 01:31:19 pm »

a
« Last Edit: November 29, 2017, 12:48:52 pm by Staneslav »
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Fred93

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #25 on: May 16, 2012, 01:36:40 pm »

Prosper is public?
Since when?

They issue notes which they sell to the public, and the public may trade among themselves.  This triggers SEC reporting requirements, etc.  Stock not public, but notes are.

This is an unusual combination, but not unique to Prosper.

bamalucky

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #26 on: May 16, 2012, 01:57:02 pm »

Shielding assets pre Bk.  Can't be legal
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xraider

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #27 on: May 16, 2012, 01:57:55 pm »

Shifting assets from one corporation to a successor corporation may not get them too far.
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bamalucky

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #28 on: May 16, 2012, 02:07:22 pm »

P35

In February 2012, we formed Prosper Funding LLC, a Delaware limited liability company (“PFL”). We are the sole member of PFL and its accounts have been consolidated with the consolidated financial statements presented in this report. PFL has been organized and will be operated in a manner that is intended to minimize the likelihood that it will (i) become subject to bankruptcy proceedings or (ii) be substantively consolidated with the Company, and thus have its assets subject to claims by the Company’s creditors, in the event the Company becomes subject to a bankruptcy proceeding.

This is pretty much slam dunk admittance here. Another way to try & screw over P1 investors. Can we hear from our resident Prosper employee?
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ira01

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Re: Prosper files 10-Q for Q-1, 2012
« Reply #29 on: May 16, 2012, 03:58:40 pm »

It think nearly everyone can agree that this is just the latest sleazy move by Prosper.

Not necessarily.  The lack of protection for "lenders" caused by their no longer owing the notes they invest in is a real problem for Prosper (and for LC too).  Trying to come up with a system that reassures "lenders" that their investments won't be taken by Prosper's own creditors is both reasonable and smart IMHO.  

Oh, I get why they are doing it. But as a new customer I wouldn't like to hear that they are screwing old customers to make me safe.

Which old customers are they screwing?  Not P1 customers, since our loans were actually owned by the lenders, not by Prosper, so we wouldn't have expected to be able to tap those loans anyway. 

Well in all fairness, if they prevent lenders with legitimate claims from collecting on a judgement by shielding assets, then are they screwing us? P1 lenders operated under certain terms, Prosper violated those terms, and we sued. Should we get a judgement in our favor (I'm owed $1.37), and they hide assets from P2 or P3, which were lent under different terms and could in theory be used to compensate P1 lenders, then I'd say P1 lenders got screwed.

TL;DR

If we are owed money and they find a way to hide assets, then I say they screwed us.

That being said, I agree with you that it is prudent business to do what they are trying to do, but I consider it unethical.

I don't think that Prosper can (and probably won't even try to) shield their EXISTING assets from us.  And I don't think it is unethical to try to shield FUTURE assets from us, any more than it would be unethical for Prosper to stop originating new loans (which would also prevent us from being able to grab those assets). 
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