Is anyone on the "won" case? It will be interesting to see if you get any payments (IOW, if they "won" but don't get any $$$, then in reality, they "lost").
With only one victory, it probably wouldn't matter. If I remember the details of the agreement P-----r provided to loan buyers who had the option to participate, their cases and ownership of the loans would essentially be pooled, and nobody who participated would receive a single penny until P-----r recovered enough to cover all its relevent expenses, including paying off the non-participating loan buyers.
Additionally, there's still a giant leap between "winning a judgement" and "collecting the money." While Fred's detective work has uncovered P-----r's victory in the case, I am not aware of any evidence to suggest that P-----r has seen one thin dime of the cash it won in court.
Yes, this is all exactly correct. Prosper needs to win and collect on a number of the loans before the opting-in lenders will see one penny. Does anyone remember how much Prosper had to pay the opting-out lenders on these loans? That will probably be the largest expense that will have to be repaid from the NAT proceeds. Figure probably around another $15,000 in legal costs. And, IIRC, the contingency fee was 25%. So only 75% of the money collected goes into the pool, first to pay the expenses, then to the opting-in lenders.
The total original principal amount of the NAT loans was about $714,000. The total amount sued for would be that number, less the payments that were made before default, plus the accrued interest and fees. I would guess that the total amount sued for was probably in the neighborhood of $600,000, although that's just a wild guess. Someone could look at each loan individually and see what the amount due was in March or so, and figure out the total sued for.
I can't remember if Prosper ever announced what percentage of the total amount sued for opted in and opted out. If not, didn't Prosper email each lender after the opting-in/opting-out and tell them their final percentage interest in each NAT loan? If so, we could calculate the total dollar value that opted out, and from that calculate how much Prosper paid the opting-out lenders. But that is all a lot of work.
If we say for argument's sake that half the lender money opted-in, that would be perhaps around $300K opting-out. I know Prosper announced how much it was paying the opting-out lenders (it was based on the 12/07 JDB sale). That's probably about 9%. So Prosper would have paid opting-out lenders around $27K. Add $15K legal costs, and that's around $42K. So Prosper would have to collect around $56K from the NAT defendants before opting-in lenders saw a penny.
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Topic: Fred93 blog - the lawsuits are not going well (Read 10402 times)