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.
How Low Can PRA Group Go?
One of the first lessons he told me was that when I win a big hand, I’m not supposed to cheer. The other guy just lost a lot of money.
It is so hard for imperfect me not to cheer about the plunge in the price of PRAA stock, an indication of the impending doom of the litigious, vexatious scavengers.
Not that I had anything at all to do with PRA’s loss. They did it to themselves.
I have a case against their wholly owned subsidiary, Portfolio Recovery Associates LLC, that can realistically demand a $82M jury verdict. (The LLC lost that much on a similar case but settled while on appeal.)
If the LLC files for bankruptcy, I am out of luck.
My son and I love to talk about poker, but we take breaks to talk about stocks.
I was gloating about the drop in PRAA and my son went into one of his hysterically funny stand-up comedy routines about the absurdity of PRA’s business model. I can’t capture his timing or colorful language, but here is the basics.
Why would I buy stock in a company that doesn’t have any value?
They buy debts that the debtor doesn’t owe, that the debtor can’t pay, or that the debtor won’t pay.
Most of the people who actually owe the money never should have been approved on those loans in the first place.
Then PRA calls the people over and over again. Like the ex who calls begging to get back together, then threatening, then throwing a tantrum on the front lawn of their obsession’s home.
I agree. PRA counts on annoying their victims into paying, extorting money in exchange for peace.
[Weekend Update]
PRAA dropped below Argus’ target on Friday. There must be lots of people out there who agree with me about the value of the company.
William Asa Hutchinson, III pleads guilty to felony possession. Will he lose his license to practice law?
Benton County Circuit Court Judge Brad Karren left his disposition blank, meaning he did not circle “accepted”, “rejected”, “noted” or “deferred” before stating “It is so ordered.”
Also, what about the Glock that was found in Mr. Hutchinson’s car? Is there usually an enhancement if someone has an illegal substance and a gun at the same time?
The Junior William Asa Hutchinson’s conduct seems reckless and puts society at a risk. He should definitely not be allowed to practice law until he shows a track record for staying clean and sober.
PRA Group, Inc Stock, PRAA, Breaks Through Its 10-Year Floor
It is hard to feel sorry for them as they pay their top execs millions per year, while offering their victims $1,000 to settle FDCPA and invasion of privacy cases.
From PRA Group, Inc. 2023 Proxy Statement.
That was two years of heavy litigation ago. Back then, I would have settled for $500,000. When my bloodwork was wack-a-doodle and I could barely get out of bed, I would have begrudgingly settled for $50,000.
But the brilliant risk manager thought it better to spend who knows how much on an army of attorneys to make a point.
Here is some free advice – this is NOT legal advice. I ran a successful real estate sales and development business, and this was my risk management plan. (I was sued only once, in small claims court, because I refused to pay $2,000ish for carpet that was not the color I had ordered.)
- Your word should be your bond.
- Have good documentation to back up what you say.
- Don’t call people who don’t want to be called. Err on the side of caution. (I was a real estate broker and my agents and I made zero cold calls.)
PRA lies.
PRA has lousy documentation, filled with lies.
PRA makes incessant phone calls. When its number is blocked, it calls from another neighbor spoofing number. This conduct gets it sued.
It looks like the stock buying public agrees with me.
Read the Backstory on the Authorities Used by Judge Lee Rudofsky to Rationalize Denying a Motion to Settle the Record
My motion to settle the record was filed in the Eighth Circuit Court of Appeals this afternoon, and I was spent. I quickly posted a filed copy of my work on this site.
After a little rest, getting outside on this perfect Autumn Day for a walk, I looked at the blog and realized I forgot to post a treat I had for y’all.
Here is my motion again, and some motions to settle the record and orders on those motions from two criminal cases.
I know an FDCPA case by a 61-year-old grandma against a PRA Group company is not sexy. So here as your FREE Docs of the Day are records that discuss heroin and cocaine deals, death by overdose, confidential informants and jailhouse lawyers.
Grab something legal to drink or smoke, and enjoy.
Sarah Sanders Must Have Skipped That Lectern
We All Know What Bias Looks Like, Except Maybe Judges (Hint: Rudofsky for One)
Oh, we aren’t married. We just live together and have a joint estate plan. – Houston Judge David R. Jones about pet attorney Elizabeth Freeman (paraphrased)
Judge Lee P. Rudofsky wasn’t quite as bad, but bad enough. He forgot to mention that the company he was employed with right before becoming a judge, partnered with credit card companies. Those credit card companies sold non-performing debts to Portfolio Recovery Associates LLC. One of the credit card companies, Capital One, sold an alleged debt that I allegedly owed, to Portfolio Recovery Associates, LLC. Judge Rudofsky failed to disclose this relationship when presiding over my invasion of privacy and FDCPA case against PRA.
Rudofsky wasn’t literally in bed with Capital One and PRA. Figuratively speaking though…
And memories of that little money-making orgy weren’t enough. The three decided to gang rape me for complaining about PRA and Capital One’s debt collection practices.
They found themselves an unpleasant victim.
Arkansas Supreme Court Reverses Order Granting Motion to Dismiss a Legal Malpractice Case Against James Swindoll
FREE Doc of the Day
Take-away:
Silence amounts to a positive act of fraud when there is a confidential or fiduciary relationship.
Does that apply when a judge demands confidentiality and sealed documents in a case involving a pro se litigant, and then lies to the public about what is said in the concealed documents? It should.
A Higher Law 