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Author Topic: Prosper.com - You got some 'splainin' to do  (Read 15101 times)

Fred93

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Prosper.com - You got some 'splainin' to do
« on: August 23, 2008, 06:16:38 pm »
Fred has once again updated his tiresome blog.  Today's installement is the story of the Gaerke loan, divorce, bankruptcy proceeding, and prosper's involvement in same.

http://www.prospers.org/blogs/Fred93/2008/08/23/prosper_com_you_got_some_splainin_to_do
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beerbud1

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Re: Prosper.com - You got some 'splainin' to do
« Reply #1 on: August 23, 2008, 07:11:46 pm »
Fred, well said and thank you for taking the time to highlight this travesty on your Blog! Many lenders on this loan appreciate your efforts. I'm one of them.
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Nora_Lenderbee

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Re: Prosper.com - You got some 'splainin' to do
« Reply #2 on: August 23, 2008, 07:26:06 pm »
Thank you, Fred. Your summary is stunningly clear and concise.
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xraider

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Re: Prosper.com - You got some 'splainin' to do
« Reply #3 on: August 23, 2008, 08:01:32 pm »
Your summary is scary.  I didn't think it through enough, obviously.  Had Prosper's position been accepted, lenders would be on the hook every time PROSPER did something wrong.  It's bad enough that I'm losing money here; it would be utterly unforgivable if I faced personal liability because of this.  Prosper's position, in addition to being sanctionably false, is a violation of its fiduciary duty to its lenders.  Outrageous.

Thanks, Fred, for your efforts to keep Prosper honest.  Too bad they're doomed to fail.
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cwsswc

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Re: Prosper.com - You got some 'splainin' to do
« Reply #4 on: August 23, 2008, 08:56:12 pm »
Wow.

March 23, 2010 is the day my youngest, not-yet-on-the-road-to-default loan fully matures. That day cannot get here soon enough.

It's a good thing that I'm not on the hook at P-----r for more money.

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BrassKnuckles

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Re: Prosper.com - You got some 'splainin' to do
« Reply #5 on: August 23, 2008, 09:41:33 pm »
this is almost like reading a good novel... but this sh*t is real!
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Mtnchick

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Re: Prosper.com - You got some 'splainin' to do
« Reply #6 on: August 24, 2008, 08:34:56 am »
Again, Fred, you've gone beyond the call. Thank you!! :)
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christoofar215

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Re: Prosper.com - You got some 'splainin' to do
« Reply #7 on: August 24, 2008, 12:08:34 pm »
Quote from: xraider on August 23, 2008, 08:01:32 pm
Your summary is scary.  I didn't think it through enough, obviously.  Had Prosper's position been accepted, lenders would be on the hook every time PROSPER did something wrong.  It's bad enough that I'm losing money here; it would be utterly unforgivable if I faced personal liability because of this.  Prosper's position, in addition to being sanctionably false, is a violation of its fiduciary duty to its lenders.  Outrageous.

Thanks, Fred, for your efforts to keep Prosper honest.  Too bad they're doomed to fail.

Did the BK court formally reject Prosper's assertions that they have nothing to do with lending?
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xraider

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Re: Prosper.com - You got some 'splainin' to do
« Reply #8 on: August 24, 2008, 12:16:06 pm »
The Court hasn't been asked to rule, and isn't likely to do so.  Mr. Gaerke's lawyer filed something saying settlement is close.
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christoofar215

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Re: Prosper.com - You got some 'splainin' to do
« Reply #9 on: August 24, 2008, 12:22:05 pm »
Quote from: xraider on August 24, 2008, 12:16:06 pm
The Court hasn't been asked to rule, and isn't likely to do so.  Mr. Gaerke's lawyer filed something saying settlement is close.

I see.


Also, read my comment on Fred's blog.
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mothandrust

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Re: Prosper.com - You got some 'splainin' to do
« Reply #10 on: August 24, 2008, 10:15:48 pm »
This one rates a "Wow. Just Wow."
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bankomatic

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Re: Prosper.com - You got some 'splainin' to do
« Reply #11 on: August 24, 2008, 11:07:15 pm »
Hmm seems like prosper is lying to the court, did anyone bother pointing this out to the court itself, the fact that prosper is lying to them?
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xraider

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Re: Prosper.com - You got some 'splainin' to do
« Reply #12 on: August 24, 2008, 11:26:28 pm »
I sent the LRA to Mr. Gaerke's bankruptcy lawyer.  I assume he used it as he saw best for his client....
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ira01

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Re: Prosper.com - You got some 'splainin' to do
« Reply #13 on: August 25, 2008, 12:20:13 am »
Quote from: xraider on August 24, 2008, 11:26:28 pm
I sent the LRA to Mr. Gaerke's bankruptcy lawyer.  I assume he used it as he saw best for his client....

Unfortunately, what was best for his client is not necessarily what was best from our perspective, although it will probably work out well for the lenders on the loan.  I'm just guessing here, but what was best for Mr. Gaerke was to use the LRA (and the fact that it would show Prosper and/or its lawyers lied to the court) to get Prosper to do what every other defrauded creditor has apparently done, and that is to release Mr. Gaerke from liability for the loan.  Presumably (but given that this is Prosper we're talking about, who knows) that will require Prosper to repurchase the loan under its (now all but worthless) "ID-theft guarantee."  But the Court will probably never be told that Prosper lied to it. 

I am, however, considering filing a State Bar complaint against Prosper's lawyers for misleading the Court, and also sending the LRA to the U.S. Attorney in Ohio with a request for him/her to consider investigating Prosper for perjury charges. The conduct of Prosper and/or its attorneys truly offends me as an officer of the court.
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Fred93

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Re: Prosper.com - You got some 'splainin' to do
« Reply #14 on: August 25, 2008, 12:27:13 am »
Quote from: ira01 on August 25, 2008, 12:20:13 am
I am, however, considering filing a State Bar complaint against Prosper's lawyers for misleading the Court, and also sending the LRA to the U.S. Attorney in Ohio with a request for him/her to consider investigating Prosper for perjury charges. The conduct of Prosper and/or its attorneys truly offends me as an officer of the court.

Consider the S1 Prosper filed with the SEC.  Would it be a better document to show than the LRA?
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