On Friday, Doug Fuller gave an update on the debt sale.
Synopsis: Prosper put the bid file on an auction site, 8 bids received, all the bids were very disappointing, Prosper has not accepted a bid yet, and is exploring options for getting a better deal.
When asked how disappointing Doug Fuller further responded via comment…
In round numbers, the bids that we received were approximately 1/3 the prices bid in December. The price difference between the August and December represented about a 20% reduction.
Ok so then the next question is how bad is that?
Looking at the December results we see that the range of bids was from 2.8%-14.5%. Extrapolating, that would mean the current bids where roughly 0.93%-4.83%… I would say that is pretty disappointing… (I received a little over 25% from my 1st loan in a debt sale.)
I am willing to let Doug Fuller find other options… 3 cents on the dollar sucks.
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[...] The reason given for the cancellation of the sale is that highest bid without “unacceptable contract conditions” was only 1.5%, as opposed to the roughly 3 cents originally estimated. [...]
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