[Michael I]

Par's attorneys told the judge that Par's default rate on a "cash-on-cash" basis was indeed 1.2%. This is going to be one heck of a show. If the basis for the lawsuit and asset freeze was the alleged misrepresentation of the default rate and that turns out to be the actual default rate, (under that methodology anyway), then....

does that mean that within 90 days there needs to be zero collected not even one dollar to be called a default? sort of why on deck had people paying $5 a month

[SmartestGuyInTheRoom]

does that mean that within 90 days there needs to be zero collected not even one dollar to be called a default? sort of why on deck had people paying $5 a month

According to Joseph Cole's deposition "The mechanism for default is not making good on payments as arranged under the agreement."

[SmartAdvanced]

Actually if they kept 99% of their cash, monthly, with the daily debits and renewals, why can’t this be true?
Basically it means they’re not loosing cash, which might be true no?

[SmartestGuyInTheRoom]

Actually if they kept 99% of their cash, monthly, with the daily debits and renewals, why can’t this be true?
Basically it means they’re not loosing cash, which might be true no?

So their default rate is lower than banks? Makes perfect sense. Liquidating my 401K and writing Par a check.