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Patience, young Skywalker

December 1, 2008

As the Internet evolved, we have become accustomed to a certain speed and efficiency in having transactions completed. Sadly, the justice system is not home to the same experience (yet).

For some of us, the notion of waiting six months before the court will hold its first case management meeting, will come to wear on our patience.

At the same time, it should also bring some level of comfort to those wanting time to pull additional funds out of their Prosper accounts, in the hope of minimizing losses from what is perhaps prematurely seen as the inevitable demise of Prosper.com. If you are not already pulling your free cash out of your account, what are you waiting for? You can’t make loans, you are not being paid interest on your deposit, the SEC just told them to stop selling more loans, and a class action suit has now been filed. Prosper’s future could at this point best be described as “unclear.”

Personally, I am of the opinon that there are indeed viable scenarios under which Prosper could continue to operate. Regardless of the outcome of the proposed class action, however, Prosper has already exposed itself to a number of potentially actionable issues that could seriously impair its business.

Ironically, Prosper put itself in this situation and I am perhaps perplexed that it took this long to get litigation put in process.

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