Wednesday, August 26, 2009

Say it Ain’t So! Could Pertuity Direct Be Gone?

I received a tip in my email box that a special meeting of shareholders occurred on August 21st for the board of Trustees at the National Retail Fund III. The purpose of the meeting was “to approve the liquidation and distribution of all shares of the fund.” Oh snap!

Say it ain’t so? Could Pertuity Direct really be leaving us? They’ve been pretty quiet in recent months, not issuing a press release since March, and no blog posts since May. A couple of months ago their Commission Junction account deactivated without warning to advertisers (I was very surprised by this as I’d been running their ads for some time on my Pennywise Family blog). Keep in mind, the company only went "live" in January of 2009.

A few prominent PD figures have recently vanished from the Twitterscape.

Today I tried to call, but the telephone numbers have all vanished from the Web site. I found a number for Gemini Fund Management, the “transfer agent” for National Retail Fund III. I don’t remember them being part of the picture when I interviewed the PD team back in March, but that is the sort of detail I may have forgotten.

I asked for a telephone for PD and found the number disconnected and forwarded, to CEO Kim Muhota’s cell phone. When I spoke to them in the Winter, I seem to remember there being a staff of eight, so this seemed like an unlikely transfer.

I’m still trying to figure out what’s going on, but for now this is where it stands—it looks like Pertuity Direct may be gone. I’ll post an update to verify when/if I’m able to learn more.

Jessica Ward is a freelance blogger and writer based in Seattle. She blogs on frugal living, and family life at www.thepennywisefamily.com.

3 comments:

Anonymous said...

If Pertuity Direct vanishes this quickly, wouldn't this give a bad reputation to P2P lending and may also bring down the P2P industry? Without lenders trusting that they will get their money back, all you have left is a P2P charity organization.

Wallis said...

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Susan

http://pay-dayadvance.net

JessicaW said...

I saw this post elsewehere--a PD lender who confirms that PD is gone without so much as an announcement. http://www.transcapitalist.com/transcapitalist/2009/9/7/pertuity-direct-closes-dealing-a-loss-of-diversity-to-the-so.html