Go here, and scroll down to page 9, or just read below:
Q: What are the Securities?
A: The Securities consist of the Notes and the Lender Participant Rights related to the Notes.
Q: What are the Notes?
A: Notes represent Loans made by Prosper to a Borrower, and are the unsecured credit obligations of the individual Borrowers. Loans to Borrowers are evidenced by as many Notes as there are winning bids for the Loan, with each Note in the amount of the winning bid. All Notes are initially made payable to Prosper, and Prosper then sells and assigns the Notes without recourse to each Lender who was a winning bidder on the listing.
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Monday, September 29, 2008
I Called the CA Department of Corporations
I made a couple of calls and sent an email or two last week that I have not had a chance to post on yet.
Here's one of them:
I figured since Prosper Marketplace Inc. is located in San Francisco that I would turn to the California Department of Corporations.
Their website states:
The Department licenses and regulates a variety of businesses that affect your life, including securities brokers and dealers, investment advisers and financial planners, and certain fiduciaries and lenders. We also regulate the offer and sale of securities, franchises and off-exchange commodities.
I called the San Francisco branch and spoke with an attorney there who said that Prosper has a pending Securies application on file, and that such applications are generally public documents.
So I called the department's document coordinator who could not locate the document, but was willing to give me the name and phone number of the attorney who was handling the file.
I called that attorney, and left a message. I received a return call from that attorney who via voice mail, provided me with the file #: 5063341
The file dated back to the end of last year. The attorney mentioned that he, Prosper, and the SEC had met, but that for one reason or another Prosper was not able to move forward with the application.
A little more poking around and I uncovered this.
This is an SEC S-1 application.
Form S-1 is an SEC filing used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC).
Interesting. But what I think this is, was and had to do with was Prosper's attempt at creating a secondary market for their notes. We know or should know that did not end up happening for one reason or another.
In red type on the form it states:
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED OCTOBER 30, 2007
My next question is: are the Promissory Notes as we know them today, not considered securities, but would have been considered securities had they been able to be traded on secondary market?
Please sign the petition!
Ask a friend to sign!
Here's one of them:
I figured since Prosper Marketplace Inc. is located in San Francisco that I would turn to the California Department of Corporations.
Their website states:
The Department licenses and regulates a variety of businesses that affect your life, including securities brokers and dealers, investment advisers and financial planners, and certain fiduciaries and lenders. We also regulate the offer and sale of securities, franchises and off-exchange commodities.
I called the San Francisco branch and spoke with an attorney there who said that Prosper has a pending Securies application on file, and that such applications are generally public documents.
So I called the department's document coordinator who could not locate the document, but was willing to give me the name and phone number of the attorney who was handling the file.
I called that attorney, and left a message. I received a return call from that attorney who via voice mail, provided me with the file #: 5063341
The file dated back to the end of last year. The attorney mentioned that he, Prosper, and the SEC had met, but that for one reason or another Prosper was not able to move forward with the application.
A little more poking around and I uncovered this.
This is an SEC S-1 application.
Form S-1 is an SEC filing used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC).
Interesting. But what I think this is, was and had to do with was Prosper's attempt at creating a secondary market for their notes. We know or should know that did not end up happening for one reason or another.
In red type on the form it states:
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED OCTOBER 30, 2007
My next question is: are the Promissory Notes as we know them today, not considered securities, but would have been considered securities had they been able to be traded on secondary market?
Please sign the petition!
Ask a friend to sign!
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