PRA Group

Here's one I'm actually working on right now.

Portfolio Recovery Associates.

Two, the defendant entered into a relationship.

with a plaintiff's predecessor and interest, Citibank, where the defendant was provided a line of credit, copy of the agreements attached to Exhibit A.

My name is Helen.

I'm calling from a company called PRA Group.

I'm looking for Stan that's on Avenue.

Well, it, it, it's funny that you should call, because my third eldest, Larissa, uh, she, she was talking about this, uh, just, just last week.

it?You know, the honest answer there is I almost didn't take the interview.

I had a board member from my time at PRA Group that had recommended me for the interview, and I felt like I had a good relationship with my board members at PRA, and I'm like, if they're gonna recommend me for this opportunity, the least I can do is, is do right by them, take the interview.

And that interview led to this opportunity to really meet with Bruce Caswell, who is the CEO of Maximus.

And he had come into the CEO role in 2018, was looking to make a pivot, and I got talking to him about his vision for where he wanted to take the company, what he wanted to do culturally, the investments he wanted to make in people.

[sirens wailing] And so because these companies have seen such a large uptick in their revenue, their stocks have also rallied.

Encore has shares that are up 141% over the last 12 months, and PRA went up 37% over the last 12 months.

That's a pretty stark contrast from some of the companies we've been taking a look at lately, guys, like McDonald's, like Wendy's, like Hormel Foods, like Lululemon, like General Mills.

All of these American companies that have been very successful over the past hundred years but lately have been coming up pretty short.

And legal collections, taking people to court and getting those default judgments, accounted for about 37% of those collections.

So, you have a tremendous amount of people who are just losing by default right now.

But that's actually less according to the other firm we talked about here, PRA.

They reported $291 million in US cash collections, which is up 6% year over year.

That's the first page.

It's your basic run-of-the-mill lawsuit claiming Synchrony Bank, Sam's Club bank, gave something to somebody, PRA maybe.

And then we move on to the second page.

Shazam.

And I want you to emphasize six, "Said account was later sold and transferred and assigned to plaintiff Portfolio Recovery Associates for good and valuable consideration, and the defendant was notified of said sale and transfer." Why is that significant? 'Cause in this particular, this is Florida, you have to notify the consumer within a certain amount of time that you now own the debt.

However, nobody has told PRA that.

But they allege it, and these are allegations, in their lawsuit so they can cover themselves 'cause it's state law that they have to do what I've never seen them do.

So that's your basic lawsuit.