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Larry Meyers  

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  • Hidden Risks Of An Uber IPO [View article]
    Oh really? Are you aware that in California alone, if they lose the employee status lawsuit, they could be on the hook for as much as $10 BILLION?

    And that's just California.
    Jul 31, 2015. 03:37 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    Agreed. The CFPB is an Alinsky-driven, ideological, unaccountable agency. They hate capitalism. They hate consumer lending. It's all part of a weird plot to replace lenders with....the Post Office.
    Jul 24, 2015. 10:36 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    Dodd-Frank does not, to my knowledge, provide for any criminal charges, even for Goldman Sachs execs. LOL.

    But, no. There are no usury laws being broken. The loans are perfectly legal. They just take advantage of the borrower's situation. Mind you, as a Libertarian, I have no problem with this morally. I just know the government hates it.
    Jul 24, 2015. 03:12 PM | 1 Like Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    If you would like to discuss with me privately, please PM me. We can discuss by phone, and on condition of anonymity.
    Jul 23, 2015. 04:10 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    They do not.
    Jul 23, 2015. 01:32 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    net income last year was $110 million for the full year. Insurance commissions, which is a high margin incremental product with no real expenses tied to it, accounted for $85 million in revenue. All that subtracts from the bottom line.

    So you're left with $25 million in net income.

    Total fees and interest were $524 million with 23% provision for loan losses and 16% written off. So just the write offs alone put the company in the red. That doesn't even count the overhead.

    The company doesn't survive.
    Jul 22, 2015. 03:38 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    Zero. The entire model is based on refinancings at 100% APR. 25-30% of clients are in default at the end of any given month. If they went to 36%, they'd have to significantly scale back principal, and make multi month loans. THere's just no money in that for WRLD. They'd have to totally rejigger the entire operation.

    There's a reason you don't find many lenders that can operate at that interest rate. Springleaf Holdings (LEAF) is the only viable player, and they appear to be doing a very good job of it.
    Jul 21, 2015. 08:42 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    There was a law passed years and years ago that limited military lending to 36%. This appears to broaden the products that fall under that law.

    I think you may be on to something in that the CFPB may attempt to limit WRLD to 36% loans as one possible enforcement action.
    Jul 21, 2015. 06:51 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    yes
    Jul 20, 2015. 10:30 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    They go hand in hand. WRLD has about 20% of its portfolio in title loans, so the new payday and title regulations will wipe out that product. The investigation will, as mentioned, likely wipe out the business model and confiscate what cash they have.
    Jul 20, 2015. 02:42 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    I don't need you to establish credibility for me, my friend. I've covered this company for 7 years.
    Jul 17, 2015. 05:12 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    "New talent" does NOTHING to offset the CFPB fining the company, which will happen; forcing business-ending changes to the model, which it will do; and paying restitution, which it will do.

    All I did was question the timing of all these departures, particularly the CEO, who "retired" just after the $250MM bond offering failed, and as the CFPB closes in on its enforcement action. Then a SVP bails.

    If business were gangbusters, why would these long-time execs leave?

    Don't sell your snake oil to me.

    http://seekingalpha.co...
    Jul 17, 2015. 04:02 PM | 1 Like Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    Oh really. Do tell?

    http://seekingalpha.co...
    Jul 17, 2015. 03:58 PM | Likes Like |Link to Comment
  • Another World Acceptance SVP Resigns; Does The CFPB Shoe Drop Next Week? [View article]
    The CFPB hasn't said a word, but the timing of this resignation makes me think there may be an announcment sooner rather than later.
    Jul 17, 2015. 02:01 PM | Likes Like |Link to Comment
  • Hidden Risks Of An Uber IPO [View article]
    Which is why you said, "Fat chance they'll ever be short drivers. You could put this kind of spin on anything you wanted to. Just so you have words to say and people who believe you. Perhaps you might be one of their drivers."

    So, let's try again.

    Respond to specific points in the article please.
    Jul 16, 2015. 01:00 AM | 1 Like Like |Link to Comment
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