Thanks for the advice! I did find a lawyer. His name is Donald Redmond. He was chief counsel for PRAA in 2009, when he attended an FTC Roundtable in December of that year. All you have to do is put Portfolio Recovery Associates in the search box at the federal trade commissions website and it comes right up! Lots of stuff does!
This Redmond guy must be confused though. He makes it sound like they DO have accounts past the Statute of Limitations that they try and collect on. They just don't try and sue, of course, because they cannot. Here it is, right from the transcript:
"MR. REDMOND: Sure, absolutely. I mean, as -- I 15 think Mr. Debski was the one who mentioned it,that 16 there's nothing wrong with collecting on a debt that's 17 past the statute of limitations. 18 I know people keepquoting your piece that was put out a few years ago, but 19 it's true. 20 The statute of limitations is nothing more than a time period in which we can sue someone."
So wow, you know more about PRAA than the guy who was Senior Counsel in 09, and more about them than the FTC, and more about them than all the people who wrote the information that comes back when you plug "Portfolio Recovery Associates" and "Statute of Limitations" in a web browser. You know more about them than the whole internet does! You must be fairly high up in the organization. We are lucky and honored to have you here.
I am just a cheerleader for PRAA. I think it great what they do, I think they should just send everybody a letter and see who sends money back to affirm the debt. We are on the same side here, but you seem to know a lot more about them. They are a great company and a gift to humanity, and everything they do benefits society.
You should straighten everybody out about the Statute of Limitations thing, though. I mean, a lot of people seem to think they are a major chaser of Zombie Debt, even people who represent them legally. Tell them all what you know!
Any short strategies or technical plays ignore the fundamental strength and potential of this stock. PRAA issues collection notices for debts well past the Statute of Limitations, and consequently the time limit that anyone would be required to hold records for the debt, or could conceivably get them. When asked for evidence of the original debt, PRAA can just create their own printouts from a computer, and enough people take it seriously, and suddenly believe that they have to come up with proof that they do not owe the debt (from god knows where, say, 10 years down the road) or just pay the debt to keep PRAA from calling them at work, at home, calling family members with those embarassing automated messages that this is an attempt to collect a debt, etc. that there are profits for PRAA.
Why even talk about shorting this stock? It will go up forever, as long as people can be manipulated into paying money to a company solely on the basis of something that they company prints. Sad state of affairs for America, but it DOES SEEM TO BE WORKING! It is like printing money! What a great investment we have here!
Now, obviously it is mostly the naive, the elderly, and the demented who are going to fall for this, but their money spends also, and if there was going to be legislation protecting any of them, it would have been passed already.
STRONG BUY! Expect Triple Digits within Three Months!
The justification is simple: If anybody sent one of us something that said "You owe me a $1000 because I took over a debt from a long time ago and you can't prove I didn't or that the debt didn't exist. But I have a piece of paper that printed out which PROVES you owe me the money!" then we would just send them something back which said "Here is my piece of paper that I printed which says that you owe me $1000. We are even. Do not contact me ever again. You have no backup documentation for this alleged debt." That is why WE are entitled to keep all the money we have, and we are entitled to the money this company can earn from the apparently endless supply of idiots... um... customers... who are not as smart as its shareholders.It is a Darwinian continuum, and life is hard on the stupid.
These institutions don't make investment decisions based on message board misrepresentations of the business plan. In fact, I doubt anyone does.
I can only guess that you owed somebody money and PRAA made you pay it back, and now you think you are 'getting back'. Its weird that you feel hard done by when someone makes you pay for the goods and services you received. With that sense on entitlement I suspect you will continue to feel life treats you badly.