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Author Topic: Prosper Lenders Retain Legal Counsel  (Read 92493 times)

xraider

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Re: Prosper Lenders Retain Legal Counsel
« Reply #15 on: June 24, 2008, 08:01:58 pm »
Given that Prosper has been in possession of the letter for three weeks, Prosper's announcement now that its notes may be invalid is curious, to say the least.

The one thing we have going for us is that many borrowers probably won't read the blog.
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ira01

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Re: Prosper Lenders Retain Legal Counsel
« Reply #16 on: June 24, 2008, 08:04:57 pm »
Maybe someone should try posting on Prosper's blog and on its forums an inquiry as to why Prosper blew off the letter from lenders' lawyer.   :ninja:  And some emails to CS may be in order too . . . .
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Mtnchick

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Re: Prosper Lenders Retain Legal Counsel
« Reply #17 on: June 24, 2008, 08:05:48 pm »
Quote from: xraider on June 24, 2008, 08:01:58 pm
Given that Prosper has been in possession of the letter for three weeks, Prosper's announcement now that its notes may be invalid is curious, to say the least.

The one thing we have going for us is that many borrowers probably won't read the blog.

Oh, no, apparently P-----r just made this change for the heck of it:

http://blog.prosper.com/2008/06/24/borrower-signed-notes/
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bamalucky

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Re: Prosper Lenders Retain Legal Counsel
« Reply #18 on: June 24, 2008, 08:06:13 pm »
Read the RL blog.He may be coming around a little.
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regeneration

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Re: Prosper Lenders Retain Legal Counsel
« Reply #19 on: June 24, 2008, 08:07:07 pm »
Quote from: cowdog on June 24, 2008, 07:58:24 pm
Quote from: ira01 on June 24, 2008, 07:55:21 pm
Quote from: HollowOak on June 24, 2008, 07:49:19 pm
Quote from: DakotahFury on June 24, 2008, 07:43:59 pm
Disclaimer: I am not one of the lenders responsible for the letter, or any of it's content.

That being said, it is pretty disappointing that PMI elected not to respond. I sincerely hope that this is not indicitive of PMI taking a bunker-mentality rather than engaging in constructive dialogue with P2PLA. As a former and perhaps future lender...I will be closely monitoring the manner in which PMI addresses these concerns.

Don't hold your breath. Since the letter was sent, several changes to the platform have been implemented. Many of the allegations in the letter has severe implications for Prosper. Responding would open the door to a host of issues. From their perspective, it is far better to make whatever changes they can or want to and to sit tight, hoping that the lenders who sent the letter won't follow through.

I have it on good authority that the lenders who sent the letter will, indeed, follow through -- and Prosper will not like it one bit.

If that is the case, it will cost PMI quite a bit, perhaps even a few million... isn't that what the VC is for?

Prosper's access to VC may have started becoming much more scarce starting 3 weeks ago.  I believe the letter was sent to some of their VC darlings, and they can't be too pleased about it.
« Last Edit: June 24, 2008, 08:14:58 pm by regeneration »
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bamalucky

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Re: Prosper Lenders Retain Legal Counsel
« Reply #20 on: June 24, 2008, 08:07:48 pm »
Looks like a little damage control..We will find out why the NAT loans aren't going to court though.
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Mtnchick

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Re: Prosper Lenders Retain Legal Counsel
« Reply #21 on: June 24, 2008, 08:09:38 pm »
Quote from: bamalucky on June 24, 2008, 08:07:48 pm
Looks like a little damage control..We will find out why the NAT loans aren't going to court though.

I think a LOT of things will be found out. As I've heard many lawyers say (not here, but throughout my life) "Discovery's a (female dog)"  ;D
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ira01

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Re: Prosper Lenders Retain Legal Counsel
« Reply #22 on: June 24, 2008, 08:12:36 pm »
Quote from: Mtnchick on June 24, 2008, 08:05:48 pm
Quote from: xraider on June 24, 2008, 08:01:58 pm
Given that Prosper has been in possession of the letter for three weeks, Prosper's announcement now that its notes may be invalid is curious, to say the least.

The one thing we have going for us is that many borrowers probably won't read the blog.

Oh, no, apparently P-----r just made this change for the heck of it:

http://blog.prosper.com/2008/06/24/borrower-signed-notes/

Sounds like bullshit to me.  I think the truth is somewhere in between.  One or more borrowers (or perhaps courts in the NAT loans) have probably raised questions about Prosper's former method, and Prosper decided to clean it up to avoid problems.  I don't think this means that the former method was invalid, but I also don't believe that Prosper decided to make this change without the issue being raised.
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loanauctions

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Re: Prosper Lenders Retain Legal Counsel
« Reply #23 on: June 24, 2008, 08:13:38 pm »
anyone want to make a guess on the date PMI publicly announces going out of business? I say before March 1 2009
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Urbi_et_Orbi

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Re: Prosper Lenders Retain Legal Counsel
« Reply #24 on: June 24, 2008, 08:25:41 pm »
Quote from: loanauctions on June 24, 2008, 08:13:38 pm
anyone want to make a guess on the date PMI publicly announces going out of business? I say before March 1 2009

Perhaps Justinzachary can run it as a poll on Predictify?
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Urbi_et_Orbi

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Re: Prosper Lenders Retain Legal Counsel
« Reply #25 on: June 24, 2008, 08:26:28 pm »
Wow - same-day response from Ed?
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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: Prosper Lenders Retain Legal Counsel
« Reply #26 on: June 24, 2008, 08:28:23 pm »
Quote from: Urbi_et_Orbi on June 24, 2008, 08:26:28 pm
Wow - same-day response from Ed?

Well, it's not like he was busy responding to the lawyer letter.  >:(
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xraider

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Re: Prosper Lenders Retain Legal Counsel
« Reply #27 on: June 24, 2008, 08:32:11 pm »
ROFL, Ira.
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nonattender

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Re: Prosper Lenders Retain Legal Counsel
« Reply #28 on: June 24, 2008, 08:35:03 pm »
Quote from: bamalucky on June 24, 2008, 07:49:05 pm
Secret forum..lol
Had to laugh when i saw the #1 poster was nonattender

Just to clarify, my participation there was to facilitate communication.  I'm not otherwise involved.

At the request of the some of the members of that group, I was asked to reach out to Prosper for
a dialogue.  I secured a direct offer from Chris Larsen to speak or even meet with the lenders who
were involved with the group.  I'm guessing that they intentionally decided not to talk to the CEO,
and to hold out for some kind of written response.  That's their choice, though I think it mistaken.
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112233

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Re: Prosper Lenders Retain Legal Counsel
« Reply #29 on: June 24, 2008, 08:39:42 pm »
not even a "hey, we got your letter but we need some more time to respond" ??

I guess that was prosper's way of saying take that letter and shove it up your fuc....(cough)
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