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Re: Anybody heard of PRA Funding LLC?


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Posted by Paul (216.127.82.99) on August 07, 2004 at 22:04:03:

In Reply to: Anybody heard of PRA Funding LLC? posted by JerNTN on August 06, 2004 at 22:21:53:

This is Portfolio Recovery Associates.

They are a publicly traded 2.5 cents on the dollar debt buyer.
The shell PRA Funding purchases portfolios of accounts for 2.5 cents on the dollar, then the collection shell Portfolio Recovery collects for the Fund.

This information is from their 10-Q


"This $2.5 million facility had no amounts outstanding at June 30, 2003. In addition, on February 20, 2003, the name of PRA AG Funding, LLC was changed to PRA Funding, LLC. No changes were made with regards to the terms of the facility agreement."

"During the six months ended June 30, 2003, the Company acquired defaulted consumer receivables portfolios with an aggregate face value amount of $1,529.7 million at a cost of $38.5 million. During the six months ended June 30, 2002, the Company acquired defaulted consumer receivable portfolios with an aggregate face value of $588.0 million at a cost of $16.3 million. The Company's relative cost basis of acquiring defaulted consumer receivable portfolios decreased from 2.77% of face value for the six months ended June 30, 2002 to 2.52% of face value for the six months ended June 30, 2003.


http://biz.yahoo.com/e/030731/praa10-q.html



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