I couldn’t make this up.
I wonder if PRA can use some of the $2.6 billion credit it can borrow to buy back its own debt owed for pennies on the dollar. We owe you a billion bucks? We’ll buy the debt for $60,000,000 with $60,000,000 borrowed funds. Then we’ll pay ourselves back half the face value of the debt, $500,000,000, also with borrowed funds.
That gives us a $440,000,000 profit, if no one looks too closely.
Easy peazy, our PRAA stock price should surge right back up to $43.
Why Do Judge Rudofsky and PRA want to Cloak the Evidence in Secrecy?
Your FREE Doc of the Day includes an interesting exhibit “A”.
Knowing that Judge Lee P. Rudofsky was counsel to Walmart right before his confirmation as judge, and that the account PRA was allegedly attempting to collect on was bought from Capital One, the evidence doesn’t have a good look.
Can you say “bias”?
In fairness, here is the opposition Portfolio Recovery filed, arguing that the phone records, account records and written policies that I claim were not followed should remain sealed.
The author, like Judge Rudofsky, did a stint as a young state solicitor general. He must be kinda smart, just to spell his name properly. Misha Tseytlin. I assume he spelled it correctly.
A Higher Law 