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[Urbi_et_Orbi]

I was actually referring to this document:

RESPONSE TO DEFTS' OBJECTIONS TO REQ FOR JUDICIAL NTC IN OPPOSITION TO SUMMARY JUDGMENT (TRANSACTION ID # 48892219) FILED BY PLAINTIFF HELLUM, CHRISTIAN BOOTH, DAVID INDIVIDUALLY AND ON BEHLF OF ALL OTHERS SIMILARLY SITUATED

[Xenon481]

I was actually referring to this document:

RESPONSE TO DEFTS' OBJECTIONS TO REQ FOR JUDICIAL NTC IN OPPOSITION TO SUMMARY JUDGMENT (TRANSACTION ID # 48892219) FILED BY PLAINTIFF HELLUM, CHRISTIAN BOOTH, DAVID INDIVIDUALLY AND ON BEHLF OF ALL OTHERS SIMILARLY SITUATED

I really like all of the stuff coming from Green. He just straight up calls Prosper on all of their BS false tactics they are trying to use in their court filings.

Did Prosper really think they could get away with arguing that Federal law doesn't apply to them because they complied with a State law?

[Beerbud1]

New Judge on The Case:

http://www.calbarjournal.com/August2011/Opinion/CurtisEAKarnow.aspx

[112233]

I was actually referring to this document:

RESPONSE TO DEFTS' OBJECTIONS TO REQ FOR JUDICIAL NTC IN OPPOSITION TO SUMMARY JUDGMENT (TRANSACTION ID # 48892219) FILED BY PLAINTIFF HELLUM, CHRISTIAN BOOTH, DAVID INDIVIDUALLY AND ON BEHLF OF ALL OTHERS SIMILARLY SITUATED

I really like all of the stuff coming from Green. He just straight up calls Prosper on all of their BS false tactics they are trying to use in their court filings.

Did Prosper really think they could get away with arguing that Federal law doesn't apply to them because they complied with a State law?

Some pot heads in Colorado would like to know more about this

[xraider]

I was actually referring to this document:

RESPONSE TO DEFTS' OBJECTIONS TO REQ FOR JUDICIAL NTC IN OPPOSITION TO SUMMARY JUDGMENT (TRANSACTION ID # 48892219) FILED BY PLAINTIFF HELLUM, CHRISTIAN BOOTH, DAVID INDIVIDUALLY AND ON BEHLF OF ALL OTHERS SIMILARLY SITUATED

That's a nice response.  Good job!

[mothandrust]

New Judge on The Case:

Better than average chance he too won't die of old age waiting for Prosper's delaying tactics to be exhausted.

[Urbi_et_Orbi]

Thanks for the heads up.  The actual order isn't posted yet, but here is the docket description:

ORDER DENYING MOTION FOR SUMMARY ADJUDICATION AND GRANTING AND DENYING REQUESTS FOR JUDICIAL NOTICE AND DENYING PLAINTIFFS' MOTION TO STRIKE SEPARATE STATEMENT AND DENYING APPLICATION TO SEAL

Looks like a complete strike-out by Prosper.  Its motion for summary adjudication was denied (I assume the summary judgment was denied as well), and so was their motion to seal the documents.  I can't wait to hear the Prosper ass-kissers try to spin this.  Assuming that this doesn't result in the VC's pulling the plug on Prosper now, by failing to kick in more money in the next month or so, Prosper is simply going to have to settle, for a very substantial amount of money -- or else face a bankrupting jury verdict.  Let's face it -- this case has no jury appeal for Prosper.  Does it really think that ordinary jurors are going to be in the least bit sympathetic to it?  To say nothing of the fact that the law and the facts are also against it.  Once the SEC determined that Prosper sold unregistered securities in violation of the law, its goose was well-cooked. 

The actual order is now available.

[Xenon481]

From the court order denying Prosper's motion:

[...] and I have inferred from other undisputed facts that in the event of Prosper's failure there would be no effective means to recoup the loan proceeds.

[ira01]

Thanks for the heads up.  The actual order isn't posted yet, but here is the docket description:

ORDER DENYING MOTION FOR SUMMARY ADJUDICATION AND GRANTING AND DENYING REQUESTS FOR JUDICIAL NOTICE AND DENYING PLAINTIFFS' MOTION TO STRIKE SEPARATE STATEMENT AND DENYING APPLICATION TO SEAL

Looks like a complete strike-out by Prosper.  Its motion for summary adjudication was denied (I assume the summary judgment was denied as well), and so was their motion to seal the documents.  I can't wait to hear the Prosper ass-kissers try to spin this.  Assuming that this doesn't result in the VC's pulling the plug on Prosper now, by failing to kick in more money in the next month or so, Prosper is simply going to have to settle, for a very substantial amount of money -- or else face a bankrupting jury verdict.  Let's face it -- this case has no jury appeal for Prosper.  Does it really think that ordinary jurors are going to be in the least bit sympathetic to it?  To say nothing of the fact that the law and the facts are also against it.  Once the SEC determined that Prosper sold unregistered securities in violation of the law, its goose was well-cooked. 

The actual order is now available.

That's a pretty useless order, considering that it basically just says "for the reasons I announced in court."  It would be nice if Plaintiffs' Counsel posted a transcript of the hearing, so those of us not present could see what happened. 

[Staneslav]

a

[msava]

If by accident we win, will there be money to pay all the claims?

[Beerbud1]

If by accident we win, will there be money to pay all the claims?

No and no

We won't win by accident. Depends on what the judge decides.

[ira01]

If by accident we win, will there be money to pay all the claims?

No and no

We won't win by accident. Depends on what the judge decides.

Winning won't be an accident. 

Whether there is enough money depends first and foremost on whether the deep-pocketed individual defendants are also found liable.  If they are, there should be plenty of money -- many of them are quite wealthy.  If not, then Prosper will almost certainly go BK if there is a big judgment in the class action.  Then how much money is available to pay the judgment depends on whether we can reach all the P3 loans.  If so, then we will all be unsecured creditors of Prosper, on equal footing, and we would all (the class and the P3 lenders) share proportionately in all of Prosper's assets (including the P3 loans).  We won't get 100%, but we should get quite a bit. 

[bamalucky]

So,we need new lenders  



J/k.  I'd rather the money come from the liars who just kept lying.  Larsen and Witchel.

[NewHorizon]

If by accident...

I suspect the meaning was intended to be the opposite of, "If, according to plan..." 
No P1 lender planned to win a class action lawsuit when they started lending.