The Prosper "Quiet" Diary - millstones and milestones

[go4reward]

Looks like Prosper is heading the right direction. Personally I think credit score will play an very important role in the future of anyone. Borrowers beware, if they don't pay on time or charge off. Their hard time will come in the future when it comes to borrowing or finding a place to live.

[Investar]

Prosper SEC Filing
Prediction
One More Amended Ought To Do It

In communication to Prosper group LendersClub the group's leader, JGuide said "Investar is hesitant to be quoted as predicting Prosper is coming back in about 30 days — but I will! I do expect 30-45 days and we should see some sort of activity again on Prosper!" Following a bit of presumptive two-n-two-ing of things, I'm less hesitant now.

What we know is Lending Club filed (4) S-1 documents, the last two in rapid succession 30 days apart. Their final filing was "accelerated" and they were up and operating four days later. Prosper's latest effort makes (3) with significant lag time between them.

We also know that when the SEC suggests Prosper should "Accelerate" their request the SEC is satisfied with the proposal. The minute the SEC receives Prosper's "acceleration" request we're back in business. Problem is, the correspondence that tells us this is happening will not made public until after the fact.

Since Prosper didn't reappear following the April 14th filing, I'd hafta say one more S-1a will do it. And it will appear, as JGuide predicts, within 30 days. Then it's off to the races.

"After the fact" at Lending Club
SEC to LendingClub Corporation (letter here)
October 2, 2008
Page 3 - "Closing Comments"

"We will consider a written request for acceleration of the effective date of the registration ... We will act on the request and, pursuant to delegated authority, grant acceleration of the effective date." LendingClub filed its final S-1a on October 10 and filed for Acceleration. They were back in business on October 14, 2008. 

[Investar]

Extra "Quiet" Weekend Blackout

PM THR APR 23, 2009 this unusual notice appeared on Prosper's main navigation header:

Maintenance notice: The Prosper site will be offline for system upgrades and configuration changes on Saturday and Sunday (4/25/2009 and 4/26/2009).

The normal notice reads "...offline for routine maintenance..." and downtime is a few hours overnight (not days). This activity follows an extended outage Friday evening, April 17 when they went down for maintenance for some 5 and 1/2 hours. They usually put their data thru its paces inside two hours.

[go4reward]

PM THR APR 23, 2009 this unusual notice appeared on Prosper's main navigation header:

Maintenance notice: The Prosper site will be offline for system upgrades and configuration changes on Saturday and Sunday (4/25/2009 and 4/26/2009).

That is very typical for any major website to maximize its site performances.

[Investar]

Maintenance notice: The Prosper site will be offline for system upgrades and configuration changes on Saturday and Sunday (4/25/2009 and 4/26/2009).

That is very typical for any major website to maximize its site performances.

False alarm then? Nothing possibly brewing behind the scenes?

[go4reward]

Nothing possibly brewing behind the scenes?

I doubt that very highly.

[foofiter]

I am not so sure. If prosper is going live again in the near future and the SEC has forced them to make a lot of changes then it could take all weekend to do. I wouldn't rule it out.

Of course this is all speculation but I like the sound of it. We shall see I guess.

Foo

[go4reward]

I am not so sure. If prosper is going live again in the near future and the SEC has forced them to make a lot of changes then it could take all weekend to do. I wouldn't rule it out.

Of course this is all speculation but I like the sound of it. We shall see I guess.

Foo

I hope your speculation is right. Perhaps Prosper will come back with good news soon.

[Investar]

 I am not so sure ... this is all speculation but I like the sound of it ...

 I hope your speculation is right. Perhaps Prosper will come back with good news soon.

Check this. On a private board over at Prosper and Lending Club Loan Discussions 'God-Father' says, "I just got an email from Prosper that one of my NOTES has been charged-off. It used to say LOANS. Standby for Prosper 2.0," he says. That was Saturday afternoon (04/25).

[deskguy]

Check this. On a private board over at Prosper and Lending Club Loan Discussions 'God-Father' says, "I just got an email from Prosper that one of my NOTES has been charged-off. It used to say LOANS. Standby for Prosper 2.0," he says. That was Saturday afternoon (04/25)."
--------------------------------------
 why would this guy get such preferential treatment? i've had four LOANS charged off but prosper never sent me an e-mail saying so. i learned it in each case by going to my account onsite. maybe i don't have enough money invested. curious.
 
 deskguy

[foofiter]

Interesting. It seems they are in fact making some changes to the site to match the SEC terms. This seems promising if all of this is true!

Foo

[go4reward]

I got charge-off loans too, but I never have gotten anything from Prosper indicating the loan is being charge-off, except if loans are paid off. Only good news, but not bad news from Prosper.

[Beerbud1]

Check this. On a private board over at Prosper and Lending Club Loan Discussions 'God-Father' says, "I just got an email from Prosper that one of my NOTES has been charged-off. It used to say LOANS. Standby for Prosper 2.0," he says. That was Saturday afternoon (04/25)."
--------------------------------------
 why would this guy get such preferential treatment? i've had four LOANS charged off but prosper never sent me an e-mail saying so. i learned it in each case by going to my account onsite. maybe i don't have enough money invested. curious.
 
 deskguy

You may have informed Prosper that you don't wish to receive any communication from Prosper. I don't get those e-mails either but I do believe he is telling the truth.

[deskguy]

[
You may have informed Prosper that you don't wish to receive any communication from Prosper. I don't get those e-mails either but I do believe he is telling the truth.
[/quote]
-----------------------------------------
  i don't doubt he's telling the truth. i get emails from prosper when a loan is about to be paid off and when statements are ready or a message is waiting but never when a loan goes into default. another of life's anomalies.

 oh yeah, fyi, as of  9:15 a.m. today prosper's site is still under maintenance. now that is curious.

 deskguy

[go4reward]

Wow!, The site is still down for maintenance as of 2:51pm EST 4/27/09:

Prosper Under Maintenance

In an effort to better serve you, we are currently working on system updates and configuration changes to our site. We appreciate your patience during this time, and encourage you to return when these changes are complete.

We expect the site to be down both Saturday (4/25/2009) and Sunday (4/26/2009).

NOTE: The system upgrades are taking longer than we expected. We are working to get the site live as soon as possible.

While the site is under maintenance, none of your information will be lost or forgotten. Thank you for your patience.

Regards,
Prosper