Print

[xraider]

Yes.  I think it's imperative that class counsel get the 10-Q in front of the judge.

[rogerwaite]

There's been some recent movement in the class action lawsuit. The judge has ruled that members of the class should be notified and ordered seting up a website (www.ProsperClassAction.com) and has suggested the matter could be decided on summary judgement, skipping the need for a trial. Prosper may be thinking about the possibility that it might lose the lawsuit and face liability for damages.

Looks more like someone jumped on the name to make a little money selling it when the time is ripe. Here's the WhoIs info.

Registrar: FastDomain Inc.
Provider Name....: BlueHost.Com
Provider Whois...: whois.bluehost.com
Provider Homepage: http://www.bluehost.com/

Domain Name: PROSPERCLASSACTION.COM

   Created on..............: 2012-03-20 11:35:14 GMT
   Expires on..............: 2013-03-20 11:35:14 GMT
   Last modified on........: 2012-03-20 11:35:15 GMT

Registrant Info: (FAST-12785240)
   Bluehost.com
   Bluehost Inc
   1958 South 950 East
   Provo, Utah 84606
   United States
   Phone: +1.8017659400
   Fax..: +1.8017651992
   Email: whois@bluehost.com
   Last modified: 2012-03-29 18:21:05 GMT

[havastat]

The judge in the class action ordered a "case website" to be maintained. Here's the order. The website is discussed in Section 6.

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

The order doesn't require use of a particular domain name.

[divindj]

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.

dude, if you ACTUALLY MADE $$$ (and even if you lost n were thinking of averaging-out losses) I strongly suggest you take this advice: http://www.youtube.com/watch?v=KAp9sFVdERQ

[112233]

The judge in the class action ordered a "case website" to be maintained. Here's the order. The website is discussed in Section 6.

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

The order doesn't require use of a particular domain name.

I still have all my prosper domain names if prosper needs one

[havastat]

One of the very interesting things about the report is its use of a type of graph developed by our own Fred93 for reporting cumulative delinquencies over time.

[Icy]

Q3 2011 - Loss before other income: $2,837,290
Q4 2011 - Loss before other income: $3,519,037
Q1 2012 - Loss before other income: $4,690,488

Q2 2012 - Loss before other income: $3,545,603

http://www.sec.gov/Archives/edgar/data/1416265/000114036112035983/form10q.htm

Seems to be getting a little better but I don't see any light yet.  I'm really interested in the Q3, that will help me decide whether I pull out or not.

[laxa]

What is other income and why doesn't other income count when evaluating bottom line?

[Xenon481]

What is other income and why doesn't other income count when evaluating bottom line?

In the past, the largest portion of Other Income has been one-time payments from their insurance company for costs associated with defending against the Class Action Lawsuit. Those insurance payments have run out and Prosper is still incurring the costs of defending itself in court. Since these were one-time repayments and aren't actually income due to operating the business, they aren't counted.

Also included is the unrealized gain/change in fair market value of loans that they hold. These aren't true income since they are as yet unrealized.

[NewHorizon]

Anybody know if more insurance payments to Prosper are expected?

[cubbiesnextyr]

Anybody know if more insurance payments to Prosper are expected?

Last I heard they had exhausted their coverage so no additional insurance payments would come. 

[Icy]

Q3 2011 - Loss before other income: $2,837,290
Q4 2011 - Loss before other income: $3,519,037
Q1 2012 - Loss before other income: $4,690,488

Q2 2012 - Loss before other income: $3,545,603

http://www.sec.gov/Archives/edgar/data/1416265/000114036112035983/form10q.htm

Seems to be getting a little better but I don't see any light yet.  I'm really interested in the Q3, that will help me decide whether I pull out or not.

Q3 2012 - Loss before other income: $4,448,773

http://www.sec.gov/Archives/edgar/data/1416265/000114036112046004/form10q.htm


Thread Summary:
Q3 2011 - Loss before other income: $2,837,290
Q4 2011 - Loss before other income: $3,519,037
Q1 2012 - Loss before other income: $4,690,488
Q2 2012 - Loss before other income: $3,545,603
Q3 2012 - Loss before other income: $4,448,773

[God-Father]

Q3 2011 - Loss before other income: $2,837,290
Q4 2011 - Loss before other income: $3,519,037
Q1 2012 - Loss before other income: $4,690,488

Q2 2012 - Loss before other income: $3,545,603

http://www.sec.gov/Archives/edgar/data/1416265/000114036112035983/form10q.htm

Seems to be getting a little better but I don't see any light yet.  I'm really interested in the Q3, that will help me decide whether I pull out or not.

Well Prosper is good at one thing.

So Icy are you in or out?

[Icy]

Q3 2011 - Loss before other income: $2,837,290
Q4 2011 - Loss before other income: $3,519,037
Q1 2012 - Loss before other income: $4,690,488

Q2 2012 - Loss before other income: $3,545,603

http://www.sec.gov/Archives/edgar/data/1416265/000114036112035983/form10q.htm

Seems to be getting a little better but I don't see any light yet.  I'm really interested in the Q3, that will help me decide whether I pull out or not.

Well Prosper is good at one thing.

So Icy are you in or out?

I'm still on the fence.  I wish I knew how productive their advertising is doing for this quarter, they really bumped it up.  I might give it one more quarterly report.  I don't have a lot in, but I was about too put in quite a bit before I really understood that we aren't buying the notes.

I've been really picky in the selection of my notes and they are all doing really good.

Based on the other thread on Q-3 though, it's not looking good.  Their operation cash is really low.

[Icy]

Well based on everything I've read here, continue to read here and their financial status, I'm backing out of prosper.  Especially with the fact that we do not really own the note.  All of my notes, which were hand selected and all are fortunately still "current" are up for sale on folio at a ridiculous price and I'll bring them down a % premium a day in til they sell.  I'm quite confident I could make money on these notes and have already made a considerable return, although it is unseasoned. But, I'm not confident that prosper isn't going to screw me in the long run.