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[yankeefan]

Thanks Ira.

An eligible recipient shall mean a Member of the Class who purchased one or more loan notes through Prosper's lending platform during the class period ("Class Period Notes") and who paid more consideration than he or she received in principal and interest with regard to any one or more of the Class Period Notes purchased by that class member.

So, is there any section that explains how the money will be distributed among eligible lenders?  (i.e. based on # of notes or amount lost?)

Yes.  That part didn't change, so it is set forth in the original settlement agreement.  Basically based on amount lost.  

That loss looks to be calculated on "defaulted notes" only, not your entire Prosper block.   I missed that earlier.


ETA-  The language is the same, but, as noted, anyone with a loss on any defaulted note now qualifies, while before, only those who lost money overall would share the settlement.

[msava]

Thanks Ira.

An eligible recipient shall mean a Member of the Class who purchased one or more loan notes through Prosper's lending platform during the class period ("Class Period Notes") and who paid more consideration than he or she received in principal and interest with regard to any one or more of the Class Period Notes purchased by that class member.

So, is there any section that explains how the money will be distributed among eligible lenders?  (i.e. based on # of notes or amount lost?)

Yes.  That part didn't change, so it is set forth in the original settlement agreement.  Basically based on amount lost. 

So if I lost say, $1,000 on a loan, approximately how much would I receive?

[Beerbud1]

Thanks Ira.

An eligible recipient shall mean a Member of the Class who purchased one or more loan notes through Prosper's lending platform during the class period ("Class Period Notes") and who paid more consideration than he or she received in principal and interest with regard to any one or more of the Class Period Notes purchased by that class member.

So, is there any section that explains how the money will be distributed among eligible lenders?  (i.e. based on # of notes or amount lost?)

Yes.  That part didn't change, so it is set forth in the original settlement agreement.  Basically based on amount lost. 

So if I lost say, $1,000 on a loan, approximately how much would I receive?

I'll take a wild guess and say $100 to $150.

[mothandrust]

And how many stock options?

[ira01]

Thanks Ira.

An eligible recipient shall mean a Member of the Class who purchased one or more loan notes through Prosper's lending platform during the class period ("Class Period Notes") and who paid more consideration than he or she received in principal and interest with regard to any one or more of the Class Period Notes purchased by that class member.

So, is there any section that explains how the money will be distributed among eligible lenders?  (i.e. based on # of notes or amount lost?)

Yes.  That part didn't change, so it is set forth in the original settlement agreement.  Basically based on amount lost. 

So if I lost say, $1,000 on a loan, approximately how much would I receive?

That is impossible to know.  It will depend on how many people opt out of the settlement, and how much the losses were of the remaining class members, and how many class members wind up unreachable.  But surprisingly, Beerbud's guess of $100 to $150 is probably pretty good. 

[yankeefan]

Won't the shares of the unreachables be donated to a charity rather than redistributed?

[ira01]

Won't the shares of the unreachables be donated to a charity rather than redistributed?

Not at first.  See original settlement agreement page 12 and the revisions page 3. 

[cubbiesnextyr]

But surprisingly, Beerbud's guess of $100 to $150 is probably pretty good. 

Nice back-handed compliment.

[ira01]

But surprisingly, Beerbud's guess of $100 to $150 is probably pretty good. 

Nice back-handed compliment.

It wasn't intended as a compliment.  Considering the drivel he has posted in this thread and others about the settlement, including such clearly wrong assertions that class members who opt out would be legally barred from bringing their own suits, the natural assumption is that other assertions from him about the suit and settlement would be similarly divorced from reality.  However, perhaps just as a stopped clock is right twice a day, on this one he appears to be in the ballpark.  Pure coincidence, I'm sure.   

[Staneslav]

a

[ira01]

But surprisingly, Beerbud's guess of $100 to $150 is probably pretty good. 

Nice back-handed compliment.

It wasn't intended as a compliment.  Considering the drivel he has posted in this thread and others about the settlement, including such clearly wrong assertions that class members who opt out would be legally barred from bringing their own suits, the natural assumption is that other assertions from him about the suit and settlement would be similarly divorced from reality.  However, perhaps just as a stopped clock is right twice a day, on this one he appears to be in the ballpark.  Pure coincidence, I'm sure.   

Knock it off. This isn't the place for such hostility. Simply say that you agree and move on.

Cubbies was the one who started the side discussion.  So take it up with him.

[Nora_Lenderbee]

Stop airing dirty laundry in the Lobby. It doesn't matter who started it.

[Beerbud1]

I did put some thought into my guess and I have never said anyone would be "LEGALLY"  barred from bringing their own suit! However the wording in the settlement suggests just that, its not practical or financially feasible for anyone but a FEW to bring a separate suit(OR THEIR OWN PERSONAL SUIT), and if it was THEY would have done that already and I know more than you, so there! 

I think my research on the CBO showed you how accurate you are!

[Staneslav]

a

[msava]

Won't the shares of the unreachables be donated to a charity rather than redistributed?

I thought all unreachable funds get sent to the State for the heirs to collect on some TV show at a later date?