Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: brycemason on November 17, 2014, 04:09:37 PM

Title: LendingClub IPO Directed Share Program through Fidelity
Post by: brycemason on November 17, 2014, 04:09:37 PM
Email Text -- Good thing I already have a brokerage account through Fido. Clicked the button in the email and it indeed had me log in and took me to the settings page, but some sort of positive confirmation would have been nice.

Lending Club IPO - Directed Share Program (DSP)
Dear Investor,

As you may know, Lending Club filed a registration statement with the Securities and Exchange Commission to sell common stock through an initial public offering (IPO). We currently expect to reserve a portion of our IPO shares for investors like you through a directed share program (DSP) administered by Fidelity Investments ("Fidelity"). To be eligible to participate, you'll need to open a brokerage account with Fidelity and meet certain suitability requirements.

In order for Fidelity to provide information regarding the procedures of the DSP to you, we need your authorization to share your contact information with Fidelity. By clicking "yes" you authorize us to share the name, email address, and phone number associated with your Lending Club account with Fidelity. Please ensure that your contact information is current and accurate in your Lending Club account. If you do not respond, you will not be contacted.

Confirm Your Email Address

Clicking this button will take you to the Settings section of your account, which will confirm your authorization that we share your contact information with Fidelity.


We are unfortunately unable to answer questions about the IPO, including share price, minimum and maximum DSP investment levels, or other details about the DSP at this time.

This email does not constitute an offer to purchase Lending Club stock - any offer to purchase Lending Club stock will be made solely by the underwriters pursuant to a prospectus. Whether or not an IPO occurs depends on many things including market conditions. Responding to this notice does not obligate you to participate in the DSP, nor is Lending Club obligated to offer DSP shares or ensure that you will receive DSP shares.

Please respond no later than 12:00 p.m. noon (PT) on Sunday November 23, 2014. IF YOU DO NOT RESPOND TO US BY 12:00 p.m. noon (PT) on Sunday November 23, 2014, WE WILL NOT SHARE YOUR INFORMATION WITH FIDELITY AND YOU WILL NOT BE ELIGIBLE TO PARTICIPATE IN THE DSP.

A Registration Statement relating to Lending Club's common stock has been filed with the Securities and Exchange Commission but has not yet become effective. The shares may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This letter shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the shares in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date. A response to this email will involve no obligation or commitment of any kind.

Best regards,

The Lending Club Team
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: toiletpaper55 on November 17, 2014, 04:33:10 PM
Just got the email and clicked the button to participate. it directed me to my login. i logged in and it went on my account settings page but there was never anything that indicated that I "confirm your authorization that we share your contact information with Fidelity."

... is there anything else i have to do...?
Title: LendingClub IPO Directed Share Program through Fidelity
Post by: rockinray on November 17, 2014, 04:46:47 PM
Same for me. I do not think we have to do anything else.

I agree some sort of acknowledgement would have been nice.


Sent from my iPhone using Tapatalk
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on November 17, 2014, 04:54:39 PM
Just got the email and clicked the button to participate. it directed me to my login. i logged in and it went on my account settings page but there was never anything that indicated that I "confirm your authorization that we share your contact information with Fidelity."

... is there anything else i have to do...?
You have to ensure your contact info is correct.  I am very thankful you posted this, as my LC emails go to an email address specifically for the service.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 17, 2014, 05:13:24 PM
some sort of positive confirmation would have been nice

Indeed.  That click was less than fulfilling.  Changing the hash does result in an error rather than the usual 302 redirect so at least that indicates something real might be happening behind the scenes.

Quote
Clicking this button will take you to the Settings section of your account, which will confirm your authorization that we share your contact information with Fidelity.

Taking that sentence literally, the very act of visiting your settings page is what triggers it.  Depends on who is doing the confirming, me or them?  I don't think that's what they meant.  What an awkward sentence.  They must have pulled the janitor away from his programming duties to write this mailing.

I signed up for Fidelity already, after scanning the agreements to make sure there weren't any monthly maintenance fees for taxable accounts.  I wonder how long they'll ban me from future IPO participation if I dump the shares within a month.  Nothing lost really as I don't want to be a customer of theirs anyway.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on November 17, 2014, 05:43:50 PM
I'm a Fidelity customer because it used to be the only 2% cash back card
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 17, 2014, 06:22:01 PM
some sort of positive confirmation would have been nice

Indeed.  That click was less than fulfilling.  Changing the hash does result in an error rather than the usual 302 redirect so at least that indicates something real might be happening behind the scenes.

Quote
Clicking this button will take you to the Settings section of your account, which will confirm your authorization that we share your contact information with Fidelity.

Taking that sentence literally, the very act of visiting your settings page is what triggers it.  Depends on who is doing the confirming, me or them?  I don't think that's what they meant.  What an awkward sentence.  They must have pulled the janitor away from his programming duties to write this mailing.

I signed up for Fidelity already, after scanning the agreements to make sure there weren't any monthly maintenance fees for taxable accounts.  I wonder how long they'll ban me from future IPO participation if I dump the shares within a month.  Nothing lost really as I don't want to be a customer of theirs anyway.

Why would you care if there are any monthly maintenance fees if you don't want to be a customer of theirs anyway &/or if you are planning on dumping the shares within a month?  :)  Regardless, I find your interest in this "fascinating". (not really, but Peter's not around, so I'll use the word)  Are we to assume that you see a 200% or so short term pop? Given the p2p trading returns you've announced here, I'd imagine anything much below that wouldn't be a prudent allocation of capital for you.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: brother7 on November 17, 2014, 06:33:51 PM
I'm a Fidelity customer because it used to be the only 2% cash back card
I'm in the same boat as rawraw... happy Fidelity AMEX 2% cashback cardholder that I use for all Costco purchases. That's the only reason I opened a Fidelity brokerage account, as my main stock brokerage is Schwab.
For those interested, the hot cashback card now is Citi's Double Cash card.

Eagerly awaiting more details about participating in LC's IPO.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: toiletpaper55 on November 17, 2014, 06:39:10 PM
some sort of positive confirmation would have been nice

Indeed.  That click was less than fulfilling.  Changing the hash does result in an error rather than the usual 302 redirect so at least that indicates something real might be happening behind the scenes.

Quote
Clicking this button will take you to the Settings section of your account, which will confirm your authorization that we share your contact information with Fidelity.

Taking that sentence literally, the very act of visiting your settings page is what triggers it.  Depends on who is doing the confirming, me or them?  I don't think that's what they meant.  What an awkward sentence.  They must have pulled the janitor away from his programming duties to write this mailing.

I signed up for Fidelity already, after scanning the agreements to make sure there weren't any monthly maintenance fees for taxable accounts.  I wonder how long they'll ban me from future IPO participation if I dump the shares within a month.  Nothing lost really as I don't want to be a customer of theirs anyway.

So it's probably prudent to open and fund an account if you don't already have one...i figure any announcement or movement on this will move quickly...
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 17, 2014, 07:11:48 PM
Are we to assume that you see a 200% or so short term pop? Given the p2p trading returns you've announced here, I'd imagine anything much below that wouldn't be a prudent allocation of capital for you.

No, I do not expect a huge pop, but I do expect some.  If it does not materialize it won't be much loss.  As for my allocation of capital, I have said numerous times here that I am already making as many dollars as I can on Folio.  Depositing more cash in LC will do nothing but lower my returns. 

Honestly the only reason I'm planning on monkeying with the IPO at all is for the entertainment value.  I think I'll get more entertainment though from shorting the stock a month or two in, and watching all the frownie faces around here as Wall Street discovers how incompetent LC really is.

I'm a Fidelity customer because it used to be the only 2% cash back card

Paypal debit (1.5%) linked to Smart Connect, then pay SC with a Discover 1% card via Evolve == 2.5% on misc category purchases, all without leaving the house and no MS-like activities required.   I don't have much use for 2% cards anymore.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mo on November 17, 2014, 07:38:57 PM
Quote
To be eligible to participate, you'll need to open a brokerage account with Fidelity and meet certain suitability requirements.

Any guesses what the "suitability requirements" will be?  I've been a Fidelity customer for a while and I'm pretty happy with them but last I checked their IPO participation requirements generally speaking were one of the following three things depending on the IPO and the interest level; over $500k in your account, over $100k in your account of over 36 trades per year.  Hope that won't be the case here.

https://www.fidelity.com/stock-trading/faqs-ipos (https://www.fidelity.com/stock-trading/faqs-ipos)

Edit: On second thought if the below article is true and they are IPOing at a $5 billion valuation it's hard to see how profits could have grown enough from the 2013 numbers (EBITDA was $15.2 million) to support that.

https://www.pehub.com/2014/11/lendingclub-with-plans-to-go-public-also-seeks-a-buyer/ (https://www.pehub.com/2014/11/lendingclub-with-plans-to-go-public-also-seeks-a-buyer/)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on November 17, 2014, 09:04:17 PM
I did not see the LC IPO email from Lending Club in my inbox for the email address I use for my main LC account.  So I decided to check the email for my Roth LC account (different email address) and the IPO email was there.  I hardly check this email.  So when I click on the link in the IPO email, it takes me to  a LC sign-in page with my main LC account email address (not the Roth LC email address) and so I signed in with the main LC email address.  Kinda confusing.  I do have a Fidelity account, mostly to take advantage of the 2% cashback Fidelity Amex. 

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hessinger on November 17, 2014, 09:25:58 PM
Paypal debit (1.5%) linked to Smart Connect, then pay SC with a Discover 1% card via Evolve == 2.5% on misc category purchases, all without leaving the house and no MS-like activities required.   I don't have much use for 2% cards anymore.

Sorry to take this offtopic, but can you expand upon this?

I thought paypal cards only offer 1% cash back and doesn't paying via SC act as a cash advance? Isn't there a fee from Discover on this?

https://www.paypal.com/webapps/mpp/debit-card#features
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 17, 2014, 10:07:58 PM
You know, I've been thinking about this silly link redirect thing... Really, how hard would it be to have a message saying "Thanks, we're now sharing your junk with Fidelity.  Hope you meant to do this because it's not reversible.  Also we hope you're a human and the link was not clicked by a link pre-fetcher or spam filter."  That is really not hard. 

This is just odd the way they did this.  Last time I saw crap like that was when the marketing department at a company I worked for went off and did their own thing with a portion of the site and didn't want to involve the programming department nor anyone else for that matter.  So they ended up kludging things together with tools that were not designed for the purpose.  That's what this stunt looks like to me.

I thought paypal cards only offer 1% cash back and doesn't paying via SC act as a cash advance? Isn't there a fee from Discover on this?

Yes new accounts only get 1.0%.  Sorry I should have said in the post that you had to have the 1.5% deal on an existing PP card because you won't get it now as a new signup.  As for Discover treating Evolve payments as a cash advance, no they are not charged a cash advance fee.  It's always a good idea to set your cash advance limit to $0 though because they could change things in the future.   Not that they will.  Discover is just lucky to have people using their cards for something besides the 5% quarterly categories.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 17, 2014, 10:21:59 PM
Wow, I'd have bet (& lost) serious money this morning if someone had said then that 7-8 hours would pass without at least 1 person saying that they didn't get a notification email................because I suspect it wasn't sent out to everyone.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on November 17, 2014, 10:52:19 PM
Wow, I'd have bet (& lost) serious money this morning if someone had said then that 7-8 hours would pass without at least 1 person saying that they didn't get a notification email................because I suspect it wasn't sent out to everyone.

What makes you suspect that?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 17, 2014, 11:07:55 PM
What makes you suspect that?

Probably something he heard at the office or via his secret sources.  Maybe certain individuals weren't supposed to be invited to this party.  Well Dan, as you can see, they screwed that up too.  Big shocker there.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hessinger on November 18, 2014, 12:08:15 AM
Sorry I should have said in the post that you had to have the 1.5% deal on an existing PP card because you won't get it now as a new signup.  As for Discover treating Evolve payments as a cash advance, no they are not charged a cash advance fee.  It's always a good idea to set your cash advance limit to $0 though because they could change things in the future.   Not that they will.  Discover is just lucky to have people using their cards for something besides the 5% quarterly categories.

Interesting. Unfortunate that the opportunity no long exists.

As for discover being totally useless, there are fringe uses for   them still. As an example, I live in China and its the only card accepted universally through the China UnionPay network. Forget using visa or mc.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 18, 2014, 12:32:11 AM
Wow, I'd have bet (& lost) serious money this morning if someone had said then that 7-8 hours would pass without at least 1 person saying that they didn't get a notification email................because I suspect it wasn't sent out to everyone.

What makes you suspect that?

Actually its more than "suspect". I could tell you how I know but that would involve things that might be construed as "investigative journalism", which by its severe absence around here, must be some violation of the spirit & essence of this site. Peter is way too dear of a friend for me to cross that line, so you'll have to decide whether to take my word or not as it stands.  :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 18, 2014, 12:40:39 AM
What makes you suspect that?

Probably something he heard at the office or via his secret sources.  Maybe certain individuals weren't supposed to be invited to this party.  Well Dan, as you can see, they screwed that up too.  Big shocker there.

I don't know what your problem is. Screw up or no screw up, the way I see it is that someones made sure that you & your pals from the "important state" where you reside received their invites. I'm guessing its for the fine work you've done promoting this industry & in hopes that you'll get everything you deserve. So can't you just say thank you?  :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 18, 2014, 01:20:48 AM
Screw up or no screw up, the way I see it is that someones made sure that you & your pals from the "important state" where you reside received their invites.  I'm guessing its for the fine work you've done promoting this industry & in hopes that you'll get everything you deserve.

Yes Dan I have worked very hard to "promote" this industry and Lending Club in particular.  But when someone tells me I'm about to get everything I deserve, that's usually when it's time to leave with all haste.  I suspect this time is no different.  If anyone intentionally sent me an invite that means they are up to no good.  Sounds like the rest of you are about to get what you deserve as well!  Why is LC so eager to give us these shares?  There's a helluva lot more to this story.  That I am sure of.

But Dan, you are cluttering up Bryce's thread with your conspiracy theories and abrasiveness.  As usual.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 18, 2014, 02:15:54 AM
My apologies to Bryce & everyone else for my taking this off topic in such an abrasive manner. Far be it for me to interfere in everyones intellectual discussion. Though I don't recall advancing any "conspiracy theory", I would imagine that almost any such theory would be on par with a discussion that had already devolved into one involving 2% cashback, Paypal & Discover cards prior to my arrival. So, I'll step aside & please carry on with that.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred on November 18, 2014, 04:06:23 AM
Any of you care to share your DSP strategies?

(As for me, and as I said many times before, I'll pass on LC IPO equities.)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on November 18, 2014, 05:23:20 AM
I can confirm one of my coworkers did not receive an IPO email.  He is fairly new, but when it was initially announced we checked his account history to determine he had notes issue before the specified date.  He said he'd consider emailing LC about it
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: JoeB on November 18, 2014, 09:20:08 AM
This is just odd the way they did this.  Last time I saw crap like that was when the marketing department at a company I worked for went off and did their own thing with a portion of the site and didn't want to involve the programming department nor anyone else for that matter.  So they ended up kludging things together with tools that were not designed for the purpose.  That's what this stunt looks like to me.

You hit the nail right on the head!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on November 18, 2014, 11:56:31 AM
We should consider ourselves lucky to have the opportunity.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 18, 2014, 01:25:33 PM
We should consider ourselves lucky to have the opportunity.

You hear that Core? Lucky.  :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 18, 2014, 02:31:53 PM
I sure did Dan.  I am speechless.

We should consider ourselves lucky to have the opportunity.

(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Fi.imgur.com%2F6vpiDly.jpg%3F1&hash=2b431ead309b870dfd5e4566452dd332)(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Fi.imgur.com%2FAtuP4nt.jpg%3F1&hash=698695230577e6c1f5beee10682376d9)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Lovinglifestyle on November 18, 2014, 02:43:00 PM
I can confirm one of my coworkers did not receive an IPO email.  He is fairly new, but when it was initially announced we checked his account history to determine he had notes issue before the specified date.  He said he'd consider emailing LC about it

I received mine in my junk mailbox, which rarely has anything go to it.  Didn't like that.  Decided not to take the opportunity, but did want the information and it didn't go to the right mailbox.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred on November 18, 2014, 08:25:01 PM
I received mine in my junk mailbox, which rarely has anything go to it.  Didn't like that.  Decided not to take the opportunity, but did want the information and it didn't go to the right mailbox.

Perhaps this is because the reply-to address looks "spammy":

Quote
Reply-To: "Lending Club" <reply-fec316767----37d-454_HTML-275---46-61--033-8@mail6.lendingclub.com>
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 18, 2014, 11:49:23 PM
So I see that they've now sent/resent that notification email.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 19, 2014, 12:03:03 AM
So I see that they've now sent/resent that notification email.

Is the link exactly the same?  And still visibly do nothing?  Why the resend?

I didn't get one.  I think you are telling fish stories to stir up trouble.  Or whale/dolphin ones, whatever kind of stories orcas tell.

All I know is... this week would be a very good phishing opportunity for someone who had a list of email addresses for people involved with LC investing.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: pplinvestor on November 19, 2014, 01:40:02 AM
I received the resent message.  Still the same.  Link to the setting page.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 19, 2014, 02:03:36 AM
I received the resent message.  Still the same.  Link to the setting page.

Hrrmmm... seems I'm not on the guest list this time around, just as DanB's secret source said.  So be it.

Does all this mean that none of the first signups counted?  That would be fairly important to know, no?  No explanation in the 2nd email?  And they had plenty of time to add a confirmation message before this second mailing... especially given all the negative comments yesterday.  This latest mailing round only adds more confusion.  This is already turning into a circus.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 19, 2014, 02:54:57 AM
I don't know what else to tell you Core. I'm just telling the truth (as usual) & others have confirmed that not everyone got emails yesterday as I stated & that emails were resent today, again as I stated.  I have no idea why you didn't get the resent email.

But why look at everything with such suspicion.  Who knows, perhaps after reviewing your "file", & realizing the tremendous support you've given them these past years, they've decided that someone special like you deserves a real special offer. I'm just guessing of course, but hey don't you like feeling special? I know I do. That's why sometimes I order stuff that's not on the menu................& I'm not necessarily referring to just food.

So be patient & as Peter would say,  stay tuned.  :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 19, 2014, 03:43:26 AM
others have confirmed that not everyone got emails yesterday as I stated

Not true.  Only a report of one person not receiving it, and that was secondhand info.  Rawraw's cowhurdler or whatever.  PennySaved's went to an unexpected account address but I think it's reasonable for LC to send only one email per SSN, given the kludgy way they're handling things.

And Lovinglifestyle's email went to her junk folder because her filters are intelligent and can accurately identify absolute garbage.

That's it.  One person Dan.  One person who isn't even here to be interrogated.  For all we know he's the office clown or likes to delete things.  Hard to say.

As for my invite, I can only assume that Stephanie pulled it out of the pile so that she can personally forward it to me along with a batch of her nudie pics.  (Those Show-Me State girls take things too far sometimes.)  I'm eagerly watching my inbox.  She better come through with the 'goods'.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 19, 2014, 04:18:23 AM
Core.............As much as I would normally be tempted to encourage your paranoid tendencies, the proof threshold that you require here for this matter is just silly. I doubt anyone is really interested in being interrogated or inconvenienced just to make you feel better. I'm pretty sure that in time other people will read this & re-confirm what's been said by me, Rawraw, ppinvestor etc. Whether that ends up being enough to satisfy you is not something that is of any interest to me.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 19, 2014, 04:41:48 AM
Dan, there is no paranoia involved.  I was giving Lending Club the benefit of the doubt because I saw no evidence of a widespread mass email failure.  I actually like your version of events better.  So LC screwed up yet another simple task?  Say it ain't so.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Cletus on November 19, 2014, 10:01:43 AM
Looking for a little guidance here.  So the plan is for the DSP shares to be offered through Fidelity.  I don't have a Fidelity account.  Do I sign up for an account right now or assume that they will contact me through the info that LC is providing them and sign up then? Then after the IPO is issued and I get the shares can I just transfer them over to my Vanguard Brokerage account from the new Fidelity account and close the Fidelity account?  Kind of a mess but just trying to put a plan together.  Thanks
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PeerSocialLending on November 19, 2014, 12:21:00 PM
Looking for a little guidance here.  So the plan is for the DSP shares to be offered through Fidelity.  I don't have a Fidelity account.  Do I sign up for an account right now or assume that they will contact me through the info that LC is providing them and sign up then? Then after the IPO is issued and I get the shares can I just transfer them over to my Vanguard Brokerage account from the new Fidelity account and close the Fidelity account?  Kind of a mess but just trying to put a plan together.  Thanks
 

I personally didn't want to take the chances so I decided to get my account setup asap. My full experience here:


http://peersociallending.com/investing/investing-lending-clubs-ipo/ (http://peersociallending.com/investing/investing-lending-clubs-ipo/)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Ben on November 19, 2014, 12:55:50 PM
My notification was also sent to my spam folder. I found this unusual due to all my other LC emails go to my main folder. Strange. I opened and funded my Fidelity account yesterday. I heard that the IPO might hit on Monday? Has LC made any announcements?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on November 19, 2014, 01:01:51 PM
For whatever it's worth, I rechecked my emails for both main and Roth LC accounts.  I did not get another email about the LC IPO.  I only have the one sent on 11/17/14 at 4:10 pm to my Roth LC account email address.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on November 19, 2014, 01:13:01 PM
I checked my spam folders too- don't see any email there from LC regarding IPO
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on November 19, 2014, 01:13:18 PM
My notification was also sent to my spam folder. I found this unusual due to all my other LC emails go to my main folder. Strange. I opened and funded my Fidelity account yesterday. I heard that the IPO might hit on Monday? Has LC made any announcements?

How could they do it Monday already?  There seems to be so much that needs to happen behind the scenes after you confirm your interest that I doubt they could pull that off that fast.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on November 19, 2014, 01:15:30 PM
My notification was also sent to my spam folder. I found this unusual due to all my other LC emails go to my main folder. Strange. I opened and funded my Fidelity account yesterday. I heard that the IPO might hit on Monday? Has LC made any announcements?

How could they do it Monday already?  There seems to be so much that needs to happen behind the scenes after you confirm your interest that I doubt they could pull that off that fast.
I don't know how reliable they are but sharebuilder doesn't have it listed yet.

https://research.sharebuilder.com/sharebuilder/IPO-Center/overview
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on November 19, 2014, 01:54:03 PM
Some info from a phone call minutes ago with a Fidelity rep...

- They (Fidelity) don't have a date yet for the IPO (or at least not one that they can/will share)
- Eligibility requirements may be different from their "usual" IPO requirement of $500k/frequent trader as a number of things are being done "differently" about this IPO.
- One of the "different" things about Fidelity's handling of this IPO is that you apparently won't just open an account and fund it like the usual method.  A "special" email is coming from Fidelity (starting tomorrow) to those LC investors that permitted the sharing of their contact info.  You must follow the instructions in that email to participate through the DSP.

Pretty much all I got.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on November 19, 2014, 01:55:17 PM
... one more thing... you can use IRA or after-tax funds to invest in the IPO.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: yojoakak on November 19, 2014, 06:04:50 PM
This is going to be the best IPO for us Small Investors since that Google IPO!!!

"Getting in on Google: Was it all worth it?",  8/25/2004
http://usatoday30.usatoday.com/tech/columnist/guest/2004-08-25-ap-martinez-google_x.htm
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 19, 2014, 06:33:16 PM
Some info from a phone call minutes ago with a Fidelity rep...

- They (Fidelity) don't have a date yet for the IPO (or at least not one that they can/will share)
- Eligibility requirements may be different from their "usual" IPO requirement of $500k/frequent trader as a number of things are being done "differently" about this IPO.
- One of the "different" things about Fidelity's handling of this IPO is that you apparently won't just open an account and fund it like the usual method.  A "special" email is coming from Fidelity (starting tomorrow) to those LC investors that permitted the sharing of their contact info.  You must follow the instructions in that email to participate through the DSP.

Pretty much all I got.

Thx. for all that. I can't imagine that the requirements would look anything like the $500k frequent trader scenario since doing so would (for one) limit it only to established Fidelity customers................which obviously is far removed from the intent here. Also I'm not sure who threw out this coming Monday as a date, but I find that highly unlikely. If I had to guess, I'd say a far far more likely date if this stays on track would be Monday Dec. 8th or Thursday the 18th.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on November 20, 2014, 12:07:09 AM
Some info from a phone call minutes ago with a Fidelity rep...

- They (Fidelity) don't have a date yet for the IPO (or at least not one that they can/will share)
- Eligibility requirements may be different from their "usual" IPO requirement of $500k/frequent trader as a number of things are being done "differently" about this IPO.
- One of the "different" things about Fidelity's handling of this IPO is that you apparently won't just open an account and fund it like the usual method.  A "special" email is coming from Fidelity (starting tomorrow) to those LC investors that permitted the sharing of their contact info.  You must follow the instructions in that email to participate through the DSP.

Pretty much all I got.

I also did some detective work on the phone.  I was originally calling because I was pissed about the special requirements placed on me to get my ETF links to my checking account approved.  What is this Medallion stamp I need to get directly from my bank?  I have never run into that with anything before.  I have never even heard of it! 

Anyway, I can fix it all by taking my bank account info and my identification into a Fidelity branch office and they can magically trust me and everything I say and present.  After finding this out, I proceeded to dig for some info which, much to my surprise, was given quite easily. 

According to the Fidelity person I spoke with, and this is all subject to change, we will get another email between December 2nd and 9th outlining the next steps where we set our allocation.  He said to set high because once that is locked in you can't get anymore.  Starting on the 11th and going to the 15th you actually need to have the money in place to buy what you want.  At which point, you can lower the amount you actually buy from your allocation.

All subject to change, but it looks like the IPO will happen after the 15th of December.  With these detective skills I should start my own blog!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 12:34:16 AM
Thanks for the post, thezfunk.

What is this Medallion stamp I need to get directly from my bank?  I have never run into that with anything before.  I have never even heard of it! 

Yes, the medallion/stamp.  I believe I have an old thread on this forum in the misc section regarding the experience I had with my grandmother's series HH bonds.  My local small town bank was clueless about this stamp, but I did find an older heifer in the branch who offered some information to me:  They are likely referring to the bank's "signature guarantee stamp".  Good luck finding a smaller bank that has one.  There is substantial liability associated with stamping anything with it.  Most brokerages will have one, in fact this smalltown local bank was trying to arrange for me to go to a partner brokerage just for this medallion/stamp.  I ended up opening an account at a larger bank just to get the bonds stamped.


He said to set high because once that is locked in you can't get anymore.

Isn't that precisely what scam artists always say?  Just saying.

Thanks for the dates.  I find it interesting that DanB's dates are so precise.  12/08 or 12/18.  Yours are ranges, not too far away from his 12/18 date, but they are different.  I do wonder who's getting the accurate info.

With these detective skills I should start my own blog!

Yes, you should!  I have no doubt that you would have many readers... for about 3 weeks.  And income=$0.  But it seems the "P2P" bloggers with long-term success have never had any need for investigative skills.  Just travel to San Francisco every couple weeks, swap business cards at meaningless conferences, and offer to publish lies on your blog... and I think you will do much better financially if that's your cup of tea.  When you meet St. Peter at the pearly gates explaining the printed lies, you can just tell him you were only trying to promote the industry and "help" people while you pocket the ebook, adwords and convention fees.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 20, 2014, 08:03:25 AM
Thanks for the post, thezfunk.

What is this Medallion stamp I need to get directly from my bank?  I have never run into that with anything before.  I have never even heard of it! 

Yes, the medallion/stamp.  I believe I have an old thread on this forum in the misc section regarding the experience I had with my grandmother's series HH bonds.  My local small town bank was clueless about this stamp, but I did find an older heifer in the branch who offered some information to me:  They are likely referring to the bank's "signature guarantee stamp".  Good luck finding a smaller bank that has one.  There is substantial liability associated with stamping anything with it.  Most brokerages will have one, in fact this smalltown local bank was trying to arrange for me to go to a partner brokerage just for this medallion/stamp.  I ended up opening an account at a larger bank just to get the bonds stamped.


He said to set high because once that is locked in you can't get anymore.

Isn't that precisely what scam artists always say?  Just saying.

Thanks for the dates. I find it interesting that DanB's dates are so precise.  12/08 or 12/18.  Yours are ranges, not too far away from his 12/18 date, but they are different.  I do wonder who's getting the accurate info.

With these detective skills I should start my own blog!

Yes, you should!  I have no doubt that you would have many readers... for about 3 weeks.  And income=$0.  But it seems the "P2P" bloggers with long-term success have never had any need for investigative skills.  Just travel to San Francisco every couple weeks, swap business cards at meaningless conferences, and offer to publish lies on your blog... and I think you will do much better financially if that's your cup of tea.  When you meet St. Peter at the pearly gates explaining the printed lies, you can just tell him you were only trying to promote the industry and "help" people while you pocket the ebook, adwords and convention fees.

No secret or improper info here. As I thought I had stated rather clearly, they're just guesses Core & not even imaginative ones by my standards. What I find amusing is that 2 billion people on the planet (including "several" thousand from your important state) would have instantly understood why those numbers would be better than average guesses & not given it a second thought regardless of whether the IPO in question is for LC or Core's Home for Wayward Deer. But you? Well, what can I say.   :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 08:15:58 AM
DanB!  You are wasting bandwidth with your quotes.  One could argue that I shouldn't have typed so much to begin with, but what can I say.

I hearby give you permission to trim any and all of my quotes.  Peter's previous instructions be damned.  Please Dan.  This is really getting old for my poor satellite connection.  And your girlfriend is complaining too.  Every morning it's like this.

Anyway, as far as I can tell you quoted like 89kB to tell me that my date (your date) was wrong.  Yeah ok I just want to know where you got those dates.  It's pretty simple.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 08:40:20 AM
Dan, I'lll trade my shares for some of your womens. (Moderator request: Can we get a ticker here now?)   Or LLS can have them... but I don't think she wants the womens....
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 20, 2014, 09:25:49 AM
Dan, I'lll trade my shares for some of your womens. (Moderator request: Can we get a ticker here now?)   Or LLS can have them... but I don't think she wants the womens....


Core...........  Come on, you know I have way too much respect for Peter to completely disregard his instructions..............unless I have a better reason than your satellite issues. I would have thought that a man of your obvious talents could effortlessly figure out a way to get a superior satellite connection for free.  I wouldn't dare trim your posts. Even in their entirety I sometimes have trouble figuring out what the hell you're talking about in your posts (see above quote). Unless that was meant as a semi-intelligent attempt on your part to point out how oblivious I in turn am to some obvious humor or inside joke. 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 09:48:37 AM
Alright all silliness aside, I would like to know how many shares we are required to buy.  A few comments above indicated that the victim should know ahead of time.  What kind of money are we talking.  $10k, $100k?

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on November 20, 2014, 10:04:22 AM

I also did some detective work on the phone.  I was originally calling because I was pissed about the special requirements placed on me to get my ETF links to my checking account approved.  What is this Medallion stamp I need to get directly from my bank?  I have never run into that with anything before.  I have never even heard of it! 

Anyway, I can fix it all by taking my bank account info and my identification into a Fidelity branch office and they can magically trust me and everything I say and present.  After finding this out, I proceeded to dig for some info which, much to my surprise, was given quite easily. 

According to the Fidelity person I spoke with, and this is all subject to change, we will get another email between December 2nd and 9th outlining the next steps where we set our allocation.  He said to set high because once that is locked in you can't get anymore.  Starting on the 11th and going to the 15th you actually need to have the money in place to buy what you want.  At which point, you can lower the amount you actually buy from your allocation.

All subject to change, but it looks like the IPO will happen after the 15th of December.  With these detective skills I should start my own blog!

Thanks.  That also seems to agree with my IPO research and what Sharebuilder (https://research.sharebuilder.com/sharebuilder/IPO-Center/overview) isn't showing.  They don't have anything yet for 12/8, but no LC IPO showing before that timeframe.  Now back to the core and DanB show.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 10:10:59 AM
Now back to the core and DanB show.

No no, y'all will have to get your entertainment without remuneration elsewhere.  I'm at the point where the punctuation characters have colors and that's about when it's time to quit.  At least publicly.  Secretly, that's when it's time to start working on my LendingClub bot code.  And looking for homeless girls on CL to bring home.  Tsk tsk, Dan.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on November 20, 2014, 10:15:17 AM
I'm going all in.  This could be the opportunity of a lifetime.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 10:36:53 AM
I'm going all in.  This could be the opportunity of a lifetime.

^^ It doesn't get any better than this, guys.

Next party, make it classy.  Make it Schltz™.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: LoanWolf on November 20, 2014, 11:06:52 AM
From a call with Fidelity yesterday, I didn't get any dates, but was advised that it would be sold in lots of 100. Although he was unaware of any Lending Club specifics, so this may not prove to be accurate.

Don't know if this means the minimum amount is 100 shares, but if so then 100 times the opening share price would be the cost of the admission ticket.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Kombinator on November 20, 2014, 11:09:56 AM
Lots of 100 does mean exactly that: min 100 shares allocation x offer price say for arguments sake $50, so we are talking min ticket of $5K USD.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 11:17:55 AM
Yeah 100 shares means 100 shares, check.  That's begging the question. Nobobdy until _today_ mentioned a round lot being required.    I personally don't think this will be an issue if they set it at $20.  $50 would be unwise I think.  Either way, until just this second I have not heard of this minimum.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 20, 2014, 11:21:13 AM
Lots of 100 does mean exactly that: min 100 shares allocation x offer price say for arguments sake $50, so we are talking min ticket of $5K USD.

Oh, I think you'd certainly get plenty of argument considering that there is almost zero chance that the IPO would be offered anywhere near $50. Let's go with a more reasonable guess of say $20 & so you're looking at a $1k minimum.

*
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Prescott on November 20, 2014, 11:24:01 AM
Let's go with a more reasonable guess of say $20 & so you're looking at a $1k minimum.

*cough* 2k minimum
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 20, 2014, 11:28:35 AM
Apologies, that's $2k of course. If you guys knew how close I came to flunking college math you wouldn't take any figures I supply off handed seriously.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on November 20, 2014, 11:53:55 AM
Apologies, that's $2k of course. If you guys knew how close I came to flunking college math you wouldn't take any figures I supply off handed seriously.

You went to college?
Title: Re: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on November 20, 2014, 12:00:50 PM
Apologies, that's $2k of course. If you guys knew how close I came to flunking college math you wouldn't take any figures I supply off handed seriously.
I just figured since you won't share any of your womens with core you're too distracted to think straight 8)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 20, 2014, 12:35:48 PM
Apologies, that's $2k of course. If you guys knew how close I came to flunking college math you wouldn't take any figures I supply off handed seriously.

You went to college?

Yes & graduated 3 months after turning 20. Went to Europe for a year, then back here for grad school.  Thank you though for confirming the natural ability I've always believed I had in talking down to the level of my audience. :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 20, 2014, 01:04:23 PM
Dan I thought English was a second laguage for you, judging by not only your direct statements but your "mastery" of it.  Where exactly were you, and what language were you speaking, before you "went to Europe for a year"?

Also, how did you learn all those languages in one year?  And why do European chicks in the films say eww rather than 'oh'?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on November 20, 2014, 01:17:33 PM

Yes & graduated 3 months after turning 20. Went to Europe for a year, then back here for grad school.  Thank you though for confirming the natural ability I've always believed I had in talking down to the level of my audience. :)

I always feel better about myself by belittling the others around me. 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 20, 2014, 02:39:36 PM
Core........I'm guessing most of the people here don't find the timeline of my life that fascinating, but I'd be glad to answer any of your questions if you PM me. Also, the owner of this blog wants to keep this place "family friendly" or some expression to that effect, so I'm sure he appreciates my ignoring the Euro women comment.

Mchu168...........You too huh. Well, since you're new around here, I'm happy to do my part to help you out.  Pls. feel free to belittle me regarding my complete lack of competence & familiarity with almost everything that is computer geek related. Ditto with animal husbandry, pig tossing & most other rural activities.  :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 21, 2014, 04:25:09 AM
Has anyone been contacted by Fidelity?  I haven't heard anything yet and isn't there a deadline?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mo on November 21, 2014, 09:57:41 AM
Has anyone been contacted by Fidelity?  I haven't heard anything yet and isn't there a deadline?

No, the only info we have is from people who called random Fidelity employees on the phone and asked about it.  I'd say any info gotten that was if ever accurate is definitely subject to change.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on November 21, 2014, 10:12:04 AM
Has anyone been contacted by Fidelity?  I haven't heard anything yet and isn't there a deadline?

I wouldn't be passive and sit on your hands.  I went ahead and opened an account.  I guess I never found out if I had to initiate that or if Fidelity would had I not. 

Surprisingly, my credit union knew exactly what a Medallion stamp was and they were prepared to stamp whatever I needed.  However, I did just wind up going to a Fidelity Investment branch and having them verify my info and they took a voided check from each account.  They told me the linked accounts would show up in my Fidelity account in a couple days. 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: cardminger on November 21, 2014, 11:31:20 PM
Just got the following notice from Fidelity.  It seems this whole thing is being mis-managed.  The click "HERE" contained no link (not in the email or in the source code to the email - I'm not dumb).  I also tried to reply to the email and got a bounce message clearly meant only for internal fidelity use...

Quote
As you may know, Lending Club filed a registration statement with the Securities and Exchange Commission to sell common stock through an initial public offering (IPO). Lending Club currently expects to reserve a portion of its IPO shares for investors like you through a directed share program (DSP) administered by Fidelity Investments (“Fidelity”).

To be eligible to participate in the DSP you’ll need to open an account with Fidelity.  If you already have an account at Fidelity, you will still need to open a new account for this program. Opening an account is not a commitment by either you or Lending Club, but is merely a necessary step in order to receive additional information concerning the DSP when it becomes available.

The key steps to participating in the DSP are outlined below.

Step 1    Open a Fidelity brokerage account – you can do this now by clicking the link below.

After a Preliminary Prospectus with a price range has been filed with the SEC:

Step 2    Review the Preliminary Prospectus on a secure website, which will describe Lending Club, the initial public offering and its potential risks.

Step 3    Complete the FINRA Rule 5130 Qualifying Questions.

Step 4    Enter your Indication of Interest.

After the registration statement has become effective:

Step 5    Confirm your Indication of Interest after the offering has priced.

Step 6    Pay for any shares allocated to you within 3 business days of the first day the stock trades on the NYSE.

This email does not constitute an offer to purchase Lending Club stock - any offer to purchase Lending Club stock will be made solely by the underwriters pursuant to a prospectus. If the IPO occurs, we will notify you when the Preliminary Prospectus is available for review on the secure website.  You may also request a copy of the Preliminary Prospectus when available by calling Fidelity at the number below.  Whether or not an IPO occurs depends on market conditions. Responding to this email does not obligate you to participate in the DSP, nor is Lending Club obligated to offer the shares or ensure that you will receive shares.

If you have additional questions on the DSP or the process, please contact one of our representatives at 800-358-2670.

To open an account and remain eligible for the DSP click HERE 

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This email shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date. An indication of interest in response to this email will involve no obligation or commitment of any kind.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 22, 2014, 12:12:42 AM
cardminger............Did the subject or title of your email contain the word "Corrected"?  Because mine did & the link worked.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 22, 2014, 04:14:20 AM
Well, this is weird.  I haven't heard anything from either LC or Fidelity.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 22, 2014, 04:26:52 AM
So DanB!  What did you do to get this e-mail from Fidelity?  I've responded to LC's invitation for more information days ago and I haven't heard from anybody! 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 22, 2014, 04:28:59 AM
Can you guys give a link to the place where we can open the DSP Fidelity Account????  Please, that would be helpful!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 22, 2014, 05:16:39 AM
I've responded to LC's invitation for more information days ago and I haven't heard from anybody!

For what it's worth, same here.  That isn't entirely unexpected though in my case.  I take it you haven't said anything nasty about LC recently? :(   

♫ ♫ ♫
She's making a list
And checking it twice
Gonna find out who's naughty and nice
Stephanie is coming to town

She sees when you're abrasive
Or posting when you are baked
She knows if you've been bad or good
So be a cheerleader for goodness sake!

O! You better watch out
You better tell lies!
Be an obedient sellout
I'm telling you why
Stephanie is coming to town.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on November 22, 2014, 07:50:22 AM
I didn't get the follow up emails, either.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mo on November 22, 2014, 08:04:49 AM
Just got the following notice from Fidelity.

The original email from LendingClub asking for permission to share contact info with Fidelity said that people had until Sunday Nov. 23rd at noon to click the link to express interest.  How can Fidelity be sending out emails already when LC hasn't even let their own deadline to respond pass? 

At any rate I clicked the link in the LC email but haven't gotten any emails from Fidelity yet.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rockinray on November 22, 2014, 08:26:18 AM
No Fidelity email for me yet.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 22, 2014, 09:12:01 AM
So DanB!  What did you do to get this e-mail from Fidelity?

Yes Dan I think we would all like to know the secret.  How does someone who lives in Lending Club's backyard and has access to a stable full of womens get himself an email invite before the deadline has even passed?  That one I just can't piece together.

cardminger- Are you in CA too?  Did you join LC several years ago?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 22, 2014, 11:08:36 AM
So DanB!  What did you do to get this e-mail from Fidelity?

Yes Dan I think we would all like to know the secret.  How does someone who lives in Lending Club's backyard and has access to a stable full of womens get himself an email invite before the deadline has even passed?  That one I just can't piece together.

cardminger- Are you in CA too?  Did you join LC several years ago?

Really Core. You're asking a person who can barely use a computer how or why he received an email sent to him by some company he has no prior relationship with. Would it strain the limits of your belief if I answered............ I have no idea?

Just write it off as a random occurrence or perhaps the universe rewarding me for my exemplary conduct here or rewarding me for my past efforts at protecting people from sharks.  I don't know.   Am I not curious to know for sure, you ask.  No, not really. I'm temporarily trying out a less investigative, less inquisitive & less confrontational path in life, in the hopes that it'll lead to more personal wealth & happiness .  :)
Besides, as long as you eventually get it, what difference is there in receiving the email early or several days later?   So like the cops say, just keep moving, there's nothing to see here.  :) 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on November 22, 2014, 12:02:19 PM
Just got the following notice from Fidelity.  It seems this whole thing is being mis-managed.  The click "HERE" contained no link (not in the email or in the source code to the email - I'm not dumb).  I also tried to reply to the email and got a bounce message clearly meant only for internal fidelity use...

Quote
As you may know, Lending Club filed a registration statement with the Securities and Exchange Commission to sell common stock through an initial public offering (IPO). Lending Club currently expects to reserve a portion of its IPO shares for investors like you through a directed share program (DSP) administered by Fidelity Investments (“Fidelity”).  [deleted part of message for brevity].....
 An indication of interest in response to this email will involve no obligation or commitment of any kind.

Just for fun, I today replied to the 11/8 email message I received from LC about the IPO to see if I would get any return message like you received.  I have not seen one yet.  I also again clicked on the LC email link again and it works.  Takes me a page where I have to sign into my LC account.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 22, 2014, 02:22:21 PM
The thing is, tomorrow is the deadline.  I guess my question is, did clicking the LC invite even get me signed up?  I am assuming it did not, especially since I didn't get this new e-mail that cardminger and danb got.   So did you guys who received a second e-mail already have a Fidelity account?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on November 22, 2014, 03:05:53 PM
You're not alone.  Nothing here yet either.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ggnoob1337 on November 22, 2014, 03:38:36 PM
I just got my e-mail. I opened a Fidelity account for this on Friday. I wonder if I have to open a new one still?

Quote
To be eligible to participate in the DSP you’ll need to open an account with Fidelity.  If you already have an account at Fidelity, you will still need to open a new account for this program. Opening an account is not a commitment by either you or Lending Club, but is merely a necessary step in order to receive additional information concerning the DSP when it becomes available.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: cardminger on November 22, 2014, 03:40:21 PM
cardminger- Are you in CA too?  Did you join LC several years ago?

Yes - I am in CA and joined in 2010 or 2011...
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: cardminger on November 22, 2014, 03:51:09 PM
I just got the corrected email with the link as well and was able to open a Fidelity account for the DSP.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ggnoob1337 on November 22, 2014, 03:51:24 PM
I just got my e-mail. I opened a Fidelity account for this on Friday. I wonder if I have to open a new one still?

Quote
To be eligible to participate in the DSP you’ll need to open an account with Fidelity.  If you already have an account at Fidelity, you will still need to open a new account for this program. Opening an account is not a commitment by either you or Lending Club, but is merely a necessary step in order to receive additional information concerning the DSP when it becomes available.

I went ahead and created a new account because the "Click Here" link took me to a website that started with "https://ipo.fidelity.com". When I completed the account, I got this:

Quote
You have completed Step 1 of the Directed Share Program. You will be able to fund your new account directly from your bank once our review process has been completed - about 1 to 2 business days. Please add xxx.fmr.com to your address book or safe sender list to ensure you receive future emails from us. We will email you details regarding your next step.

Here's a link to the overall process:
https://scs.fidelity.com/misc/shares/pdf/participation-LC02.pdf
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mo on November 22, 2014, 04:09:08 PM
Just got the Fidelity email.  I guess they didn't send them all out at the same time.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 22, 2014, 04:19:26 PM
http://www.lendacademy.com/forum/index.php?topic=2807.0

Go there for all the details
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: WES on November 22, 2014, 04:57:08 PM
Got my Fidelity email today (3:23 EST if you're interested)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on November 22, 2014, 05:23:19 PM
I got the Fidelity email also at 3:33 pm EST.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hessinger on November 22, 2014, 10:29:50 PM
Anyone else get this?

Quote
Your account application is currently under review. This may be due to factors such as your association with a stock exchange, a broker/dealer, or FINRA, or the fact that you or an immediate family member/household member is a director, corporate officer, or 10% shareholder in any publicly traded company. If this is not resolved within approximately 5 business days you may not be able to proceed further. Once this process is complete we will contact you.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 22, 2014, 11:50:35 PM
Anyone else get this?

Quote
Your account application is currently under review. This may be due to factors such as your association with a stock exchange, a broker/dealer, or FINRA, or the fact that you or an immediate family member/household member is a director, corporate officer, or 10% shareholder in any publicly traded company.

Are any of those statements true in your case and did you actually fess up?  Or was this just a surprise from them at the end?  Since they have a metric ton of applications to go through in a very short amount of time, this could be inconvenient to say the least.  I don't think I would have been truthful.  Since there's a phone number in the email though why not give them a ring and see what the deal is.

Quote
If this is not resolved within approximately 5 business days you may not be able to proceed further.

I wonder how they expect you to "resolve" it, especially if they're not talking about you personally.  Divorce?  Disownment?  Murder?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: LoanWolf on November 23, 2014, 04:55:27 PM
Correcting my earlier info, which was gotten prematurely from a Fidelity phone call, after I opened the account it says on the accompanying FAQs that it will be a minimum of 25 shares and in increments of 25 shares. If it prices at $20 then a mere 500 simoleons will get you in the game.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 23, 2014, 10:40:11 PM
So I got an e-mail this evening from someone named Michael J. Manning @ FMR.com, Subject: LendingClub Corporation Directed Share Program - Notification of Eligibility - ACTION REQUIRED, asking for my name and contact phone number.  So I replied with the information and I am supposed to get the invite to open the account.  So there was a disconnect somewhere.  Note, I did e-mail Lending Club over the weekend addressing my concerns.  Someone is trying to fix me up there.   ;)

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mo on November 24, 2014, 01:51:57 AM
So I got an e-mail this evening from someone named Michael J. Manning @ FMR.com, Subject: LendingClub Corporation Directed Share Program - Notification of Eligibility - ACTION REQUIRED, asking for my name and contact phone number.  So I replied with the information and I am supposed to get the invite to open the account.  So there was a disconnect somewhere.  Note, I did e-mail Lending Club over the weekend addressing my concerns.  Someone is trying to fix me up there.   ;)

You're kidding right that sounds like an email scam.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: standby on November 24, 2014, 03:56:23 AM
So I got an e-mail this evening from someone named Michael J. Manning @ FMR.com, Subject: LendingClub Corporation Directed Share Program - Notification of Eligibility - ACTION REQUIRED, asking for my name and contact phone number.  So I replied with the information and I am supposed to get the invite to open the account.  So there was a disconnect somewhere.  Note, I did e-mail Lending Club over the weekend addressing my concerns.  Someone is trying to fix me up there.   ;)

You're kidding right that sounds like an email scam.

Thanks, and yes it does.  I'm not giving them anything else mind you.  The link they send better go to the official website.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: toiletpaper55 on November 24, 2014, 07:46:59 AM
Anyone else get this?

Quote
Your account application is currently under review. This may be due to factors such as your association with a stock exchange, a broker/dealer, or FINRA, or the fact that you or an immediate family member/household member is a director, corporate officer, or 10% shareholder in any publicly traded company.

Are any of those statements true in your case and did you actually fess up?  Or was this just a surprise from them at the end?  Since they have a metric ton of applications to go through in a very short amount of time, this could be inconvenient to say the least.  I don't think I would have been truthful.  Since there's a phone number in the email though why not give them a ring and see what the deal is.

Quote
If this is not resolved within approximately 5 business days you may not be able to proceed further.

I wonder how they expect you to "resolve" it, especially if they're not talking about you personally.  Divorce?  Disownment?  Murder?

I received the same message - were you able to get any resolution? Or have you spoken to anyone on the phone?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on November 24, 2014, 01:44:35 PM
So I got an e-mail this evening from someone named Michael J. Manning @ FMR.com,

You're kidding right that sounds like an email scam.

Don't fear.  FMR is Fidelity.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on November 24, 2014, 02:20:53 PM
Just FYI.  I recently had a message exchange with Fidelity about my new account, and the following piece of information slipped in.  Thought this may be helpful to others with questions about the DSP account...

Quote
Thank you for your email. Yes, I would like to confirm that your account is set up for DSP.

Fidelity just created a dedicated service line for questions around these types of accounts. For your future reference, please feel free to keep that number on file - 800-358-2670.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred on November 24, 2014, 03:43:52 PM
So I got an e-mail this evening from someone named Michael J. Manning @ FMR.com,

You're kidding right that sounds like an email scam.

Don't fear.  FMR is Fidelity.

However, fmr.com does not exist (is not public) -- cannot ping or traceroute.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on November 24, 2014, 05:30:30 PM
However, fmr.com does not exist (is not public) -- cannot ping or traceroute.

fmr.com does exist in the sense that it's only (publicly) used for email.  The MX record for fmr.com points to fmr-com.mail.protection.outlook.com.  Microsoft.  And that you can ping to your heart's content.  So I'm assuming they use Office 365 or Exchange Online or whatever... I'm certainly not a Microsoft guy.  By the way it's not all that rare for paranoid admins to block ping&traceroute or even disable ICMP completely.

Emails appearing to be from fmr.com can be fraudulently sent.  But the only way you'd get scammed is if you used a link to respond to the person with the information rather than replying to the email.  And do make sure your reply is being sent to fmr.com; a malicious email might have a Reply-To: email which is different than the FMR one and you may not notice it in time.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: LoanWolf on November 24, 2014, 05:33:07 PM
For what it's worth, fmr stands for Fidelity Management and Research

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=6480833
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ltjbukem on November 24, 2014, 05:38:14 PM
when i created the fidelity acct, it was classified as an investment account. but does anyone know how i can make sure it goes into my IRA account instead? anyone doing similar?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ltjbukem on November 24, 2014, 05:41:38 PM
just got off phone w/ supervisor at fidelity and they said buying into IRA is not possible.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on November 24, 2014, 05:52:42 PM
Got my email.  Will need to create the account tonight
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: JDowding on November 24, 2014, 08:20:24 PM
just got off phone w/ supervisor at fidelity and they said buying into IRA is not possible.

Just confirming, I got the same response when I asked about using IRA funds in this account.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: brycemason on November 24, 2014, 09:18:46 PM
Also appears that only an individual account is possible. No Joint with Rights of Survivorship or others.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on November 24, 2014, 11:28:14 PM
Also appears that only an individual account is possible. No Joint with Rights of Survivorship or others.

Yes, but my "understanding" & I want to stress that it is nothing more than that is that these accounts that are being opened are essentially special "temporary" accts, for lack of a better term. They are intended to hold this one stock. In other words, after the IPO is all done & settled & time has passed these accounts will either become your regular Fidelity brokerage acct with all the appropriate features available to a Fidelity acct  or if you already have a regular Fidelity acct these accts will cease to exist & the LC stock (if you still own it at that time) will be moved to your regular Fidelity acct. I'm not sure I'm explaining this well so let me take a different angle.

Imagine that you're a heavy investor & you crave IPOs. This DSP aact is for this IPO only. So long term you're not going to be some guy with 12 Fidelity accts because you love IPOs. Eventually the stock in these various DSP IPO accts will all go into your regular Fidelity acct. & these DSP accts will simply vanish. My point is that whatever thing you have set up with the assets in your regular acct. you can apply them to these stocks as well.............at some point in the future. Hope that helps Bryce Again all this is to the best of my knowledge. I may be wrong.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rrsafety on November 25, 2014, 12:57:57 PM
just got off phone w/ supervisor at fidelity and they said buying into IRA is not possible.

Ditto, they told be the same thing. You can't buy into the IPO from within an IRA. Stupid.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Ben on November 25, 2014, 09:45:18 PM
I called fidelity brokerage. And they told me I had to open up a new account. But then later I could merge the two. Hope this helps.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hessinger on November 26, 2014, 02:39:51 PM
I wonder how they expect you to "resolve" it, especially if they're not talking about you personally.  Divorce?  Disownment?  Murder?

Well it took 4-5 days to resolve the issue. I still don't even know what they did. I called several times and no one really knew why my account got flagged. One person said my birthdate verification failed, whatever that means, and another one said my name needed to be updated, even though I have been using fidelity accounts for several years. Not sure what happened, seems like everyone I talked too was totally clueless on the Lending Club IPO too. :-/ They said it's fixed now, but I don't have much confidence. I got a feeling that I've been disqualified from the IPO. Oh well.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: jakeprops on December 02, 2014, 01:01:56 PM
Anyone know what the investment limit for the DSP will be? Guesses? Never had experience in a DSP before.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on December 03, 2014, 07:35:56 AM
350 shares
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Peter on December 03, 2014, 08:25:38 AM
Most people are getting the 350 shares limit but I know of one person who said their limit was 4,000 shares. So it is clearly not uniform. For the record I am also at the 350 shares limit.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 03, 2014, 08:32:07 AM
Most people are getting the 350 shares limit but I know of one person who said their limit was 4,000 shares. So it is clearly not uniform. For the record I am also at the 350 shares limit.

If they are getting 4K shares it's not through this DSP. It might be through Fidelity and their IPO eligibility outside of the DSP. See note at bottom of DSP landing page.

(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Foi61.tinypic.com%2F1zbb2ia.jpg&hash=c324c9b14000316b9f6ea8d51f985225)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 03, 2014, 09:17:11 AM
If they are getting 4K shares it's not through this DSP. It might be through Fidelity and their IPO eligibility outside of the DSP. See note at bottom of DSP landing page.

That landing page is customized for each individual.  The limit on your page applies to you.  Different folks have different limits, based on LC account size.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 03, 2014, 09:19:28 AM
If they are getting 4K shares it's not through this DSP. It might be through Fidelity and their IPO eligibility outside of the DSP. See note at bottom of DSP landing page.

That landing page is customized for each individual.  The limit on your page applies to you.  Different folks have different limits, based on LC account size.

Would love to see evidence of that. Have only seen evidence to the contrary. Other members have claimed 500K+ LC balances and only have 350 shares. The LC rep stated the intent was to treat all equally. Also, there was no indication it was based on balances based on the Sept 30, you just had to be an LC lender/investor by then.

Here you go:

http://www.lendacademy.com/forum/index.php?topic=2831.msg25333#msg25333

350 cap.

I have an account value of over $550k in LC.

Below is the response I received from LC rep.  Think the 1,400 is BS.


"Apparently the structure was to treat all investors equally, so I'm sorry that you're disappointed in the plan.  Most companies don't even attempt these programs when going public because of the complexity and high degree of regulatory oversight involved.  I'm happy to pass along the feedback internally and will do so now but I'm told that there can't be any changes to the structure of the program."
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Booleans on December 03, 2014, 09:32:18 AM
I'm on the Fidelity site now and after I click participate it's telling me I need a balance of $500,000 or 36 trades over the past year.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: LoanWolf on December 03, 2014, 09:48:44 AM
It's possible that that restriction only applies if you are accessing it through the Research IPO page that is open to all Fidelity accounts.  Try going to the Lending Club DSP specific page by following the link in the email that was sent yesterday, and I think you'll be able to proceed.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Booleans on December 03, 2014, 10:07:17 AM
I just got off the phone with Fidelity and they told me that I don't have that email yet because there's a 24 hour delay after opening my account.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Kombinator on December 03, 2014, 10:23:26 AM
Called Fidelity, also got 350 shares, they are saying they have no control over that and it is whatever LC decides.  Seems that they basically decided to give everyone the same number of shares irrespective of account size...kind of sucks, perhaps may make sense to get some on opening if it does not jump right away.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 03, 2014, 10:36:56 AM
That landing page is customized for each individual.  The limit on your page applies to you.  Different folks have different limits, based on LC account size.

Would love to see evidence of that.

Perhaps one day you will.


Quote
The LC rep stated the intent was to treat all equally.

And you believe him over me, eh?  Well, there's no accounting for taste.

I know of one individual who got a 4000 share limit.  Peter has made a similar comment.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DLIFVOIP on December 03, 2014, 11:59:14 AM
That landing page is customized for each individual.  The limit on your page applies to you.  Different folks have different limits, based on LC account size.

Would love to see evidence of that.

Perhaps one day you will.


Quote
The LC rep stated the intent was to treat all equally.

And you believe him over me, eh?  Well, there's no accounting for taste.

I know of one individual who got a 4000 share limit.  Peter has made a similar comment.

I would love to know who this individual is and if he is participating thru the DSP or thru Fidelity.  I am the guy who posted my reps comment.  I am telling the truth.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on December 03, 2014, 12:31:11 PM
^Don't you have a very large account, as well?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Half Right on December 03, 2014, 12:36:10 PM
largest i have seen is 4K
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: JDowding on December 03, 2014, 12:43:20 PM
That landing page is customized for each individual.  The limit on your page applies to you.  Different folks have different limits, based on LC account size.

Would love to see evidence of that.

Perhaps one day you will.


Quote
The LC rep stated the intent was to treat all equally.

And you believe him over me, eh?  Well, there's no accounting for taste.

I know of one individual who got a 4000 share limit.  Peter has made a similar comment.


I am wondering if that was just a misunderstanding, someone had asked what the limit on the DSP was, and someone else responded 4000.  But, I think they meant $4000 (technically, $4200, 350x$12).   So, $4000 dollars, not 4000 shares.


Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: yojoakak on December 03, 2014, 02:27:24 PM
I am wondering if that was just a misunderstanding, someone had asked what the limit on the DSP was, and someone else responded 4000.  But, I think they meant $4000 (technically, $4200, 350x$12).   So, $4000 dollars, not 4000 shares.

Someone confusing dollars with shares would clearly not be qualified to participate in the IPO.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: lascott on December 03, 2014, 02:30:10 PM
I'm a little perplexed why everyone is so worked up for such a small amount of shares/money?  $4200=350x$12
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 03, 2014, 02:33:05 PM
I would guess no one has 4000 shares, it's all 350, based on how much of a pain in ass it would be for LC to tailor make their offering for the 100 odd people that have enough loans to qualify for super special treatment, but aren't actually sitting on the company board.

Conversely, if it isn't hard to tailor make a 4000 share offering for a special snowflakes, why not give 1000 2000 3000 share stepping stones for the less special but still baller investors?

Conversely conversely, I don't care either way, what I came here to ask is when do call put options open on LC?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on December 03, 2014, 02:40:18 PM
I'm a little perplexed why everyone is so worked up for such a small amount of shares/money?  $4200=350x$12
What if it increases 200% in the first day man.  We aren't all 1%ers like you, greedy SOB 

:)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: janef on December 03, 2014, 03:02:38 PM
Newbie question: so if I want to buy more LC shares, not through Fidelity but other channel such as eTrade, am I able to purchase it the opening day or have to wait till second day when people start selling off their LC shares?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 03, 2014, 03:27:01 PM
Newbie question: so if I want to buy more LC shares, not through Fidelity but other channel such as eTrade, am I able to purchase it the opening day or have to wait till second day when people start selling off their LC shares?

Opening day to me means opening day of trading.  So those people will start selling their shares on day 1, not 2.  (Where did the "second day" come from?  Just curious.)  Yes, you will be able to buy shares from your eTrade account on day 1.

I would guess no one has 4000 shares, it's all 350, based on how much of a pain in ass it would be for LC to tailor make their offering for the 100 odd people that have enough loans to qualify for super special treatment, but aren't actually sitting on the company board.

Someone said the 4k was for "Friends and Family", whatever that means.  I can see where Frenchy's massage "therapist" might be allocated more shares then us.  Why not?  This is apparently for special people, not necessarily special LC investors.  Why Peter the Great did not find himself on that list... that one I cannot answer.

As for your question about when the stock becomes optionable, good question.  It seems like things have been much quicker in recent years.  When were FB options available?

baller investors

I don't think I even want to know what that means.  And I'm not going to Google it because I'm afraid of the kind of images that may show up.  I do not think one's choice of undergarments has any bearing on their share allocation.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on December 03, 2014, 03:44:06 PM

baller investors

I don't think I even want to know what that means.  And I'm not going to Google it because I'm afraid of the kind of images that may show up.  I do not think one's choice of undergarments has any bearing on their share allocation.

It needs two 'D's' for a double dose of the pimpin'.  Just watch; Mike Judge is fantastic.

http://youtu.be/gzEMGfR_BtQ (http://youtu.be/gzEMGfR_BtQ)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on December 03, 2014, 03:51:13 PM
I would guess no one has 4000 shares, it's all 350, based on how much of a pain in ass it would be for LC to tailor make their offering for the 100 odd people that have enough loans to qualify for super special treatment, but aren't actually sitting on the company board.

Conversely, if it isn't hard to tailor make a 4000 share offering for a special snowflakes, why not give 1000 2000 3000 share stepping stones for the less special but still baller investors?

Conversely conversely, I don't care either way, what I came here to ask is when do call put options open on LC?

The only original reference I saw to someone getting 4000 shares was in this comment below:
Sully December 2, 2014 at 5:53 pm
Rec’d the e-mail from Fidelity. Minimum intent to purchase is 25 shares…maximum is 4000. At least that’s the e-mail I rec’d.


Sully was making a comment on Peter's LendAcademy homepage Dec 1 article: Lending Club Offering 50 Million Shares at $10-$12 in IPO
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: janef on December 03, 2014, 03:52:49 PM
(Where did the "second day" come from?  Just curious.) 

I just have this fancy idea about "the first day" as a celebrate day for company that launches IPO (thus no real trading for public in that day) ;D
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: lascott on December 03, 2014, 03:59:25 PM
I'm a little perplexed why everyone is so worked up for such a small amount of shares/money?  $4200=350x$12
What if it increases 200% in the first day man.  We aren't all 1%ers like you, greedy SOB  :)
That's pretty funny. If I was a 1%er I wouldn't be in a cube for a large part of my daily life!  I in this investing thing for the long haul -- slow and steady -- and tend to stay away from individual stocks in the past several years (plenty of mutual funds and other things).  Seems hard to play the stocks with the big boys making nano/micro-second moves.  I'll be watching all this from the sidelines but I, obviously, hope it goes well for LC and all involved. Need LC to be around a long while to help work my plan. :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DLIFVOIP on December 03, 2014, 04:19:38 PM
^Don't you have a very large account, as well?

I like to think my account is very large and would hold some weight, but an account with over $550k and having referred another $300k of account to LC has gotten me a 350 share cap.

Needless to say I am a bit disappointed.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on December 03, 2014, 04:50:25 PM
Needless to say I am a bit disappointed.

Don't worry, you'll get used to it!
Title: LendingClub IPO Directed Share Program through Fidelity
Post by: Johnlard on December 03, 2014, 05:49:40 PM
Can someone please do me a favor and post the url from the Fidelity email?  I phoned Fidelity and they said my email was "in the queue" but the fastest way would be to have a friend send me the link, since it is the same for everyone.  I appreciate it.  Thank you.

John
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 03, 2014, 06:03:56 PM
Can someone please do me a favor and post the url from the Fidelity email?  I phoned Fidelity and they said my email was "in the queue" but the fastest way would be to have a friend send me the link, since it is the same for everyone.  I appreciate it.  Thank you.

It's not the same for everybody.  But you can construct yours:
https://ipo.fidelity.com/ftgw/fbc/ofipo/dspLandingPage?csp_email=ioi&customerOfferId=XXXXX

Replace the X's with your own customerOfferId number.  This number can be found in the URL that you were sent in the "Notification of Eligibility" email a while ago.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 03, 2014, 06:12:14 PM
It's not the same for everybody.  But you can construct yours:
https://ipo.fidelity.com/ftgw/fbc/ofipo/dspLandingPage?csp_email=ioi&customerOfferId=XXXXX

So, since you have deciphered that, have you tried typing in different numbers to see what you get? 

Just askin'.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 03, 2014, 06:20:11 PM
So, since you have deciphered that, have you tried typing in different numbers to see what you get? 

Just askin'.

Beyond what I did with the first round, where I discovered that the entire list could be brute forced?  No, I have not done anything with this second URL.  But I did test it without a customerOfferId at all because that would have been simpler for him.  It did not work for me... gave me an error after it had me log in.  I don't see why they even need that damn number.  I mean since you're logged in they already know who you are.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Johnlard on December 03, 2014, 06:55:36 PM
Thank you.  The link above sent me to the page where I am to sign-up for a Fidelity account, which I did a few weeks ago.  Is there a different link from yesterday's email for the Indication of Interest page?  This is the one the Fidelity representative was referring to. 

Thanks,
John
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 03, 2014, 07:14:54 PM
Thank you.  The link above sent me to the page where I am to sign-up for a Fidelity account, which I did a few weeks ago.  Is there a different link from yesterday's email for the Indication of Interest page?  This is the one the Fidelity representative was referring to. 

The link I posted redirects me to a login form, and after I enter my Fidelity user/pass it takes me to the page where you indicate that you want 350 shares.  I don't know what's going on on your end.  Are you sure you didn't copy the wrong link in the process of finding your customerOfferId?  They are very similar:

First link (from a week and a half ago):
https://ipo.fidelity.com/ftgw/fbc/ofipo/welcomeDSP?csp_email=ao&customerOfferId=XXXXX

Second link from yesterday:
https://ipo.fidelity.com/ftgw/fbc/ofipo/dspLandingPage?csp_email=ioi&customerOfferId=XXXXX

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Ben on December 03, 2014, 09:11:09 PM
I'm sorry to Peter and anyone else who thinks there's a DSP 4000 share program. There is not. Someone got it backwards 12 × 350 is $4200 dollars not shares. Lending Club had a difficult enough time creating a DSP program. They are not going to create a second program for a few a baller investors. They already have wallstreet up their hinney.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on December 04, 2014, 09:44:50 AM
I'm sorry to Peter and anyone else who thinks there's a DSP 4000 share program. There is not. Someone got it backwards 12 × 350 is $4200 dollars not shares. Lending Club had a difficult enough time creating a DSP program. They are not going to create a second program for a few a baller investors. They already have wallstreet up their hinney.
The nice thing, of course, is if you have a spouse that is also a LC investor.  Then you effectively get 700 shares.  :)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 04, 2014, 01:04:04 PM
Would have been smart, in retrospect, to sign up ten crackheads to LC with $25 in their accounts, paid them $25 for their trouble, and then get 3000 shares . I guess that's why I'm not a captain of industry!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 04, 2014, 01:32:03 PM
Would have been smart, in retrospect, to sign up ten crackheads to LC with $25 in their accounts, paid them $25 for their trouble, and then get 3000 shares . I guess that's why I'm not a captain of industry!

They need not be crackheads.  You would be surprised what normal people will do for a few bucks.  I didn't pay a whole lot more than that for my throwaway accounts.  All without even leaving the house and having to interact with TB-infested addicts.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rockinray on December 05, 2014, 08:13:04 AM
I'm a dividend investor and its too bad that there are no plans to pay a dividend.   >:(

Oh well... I still plan to make a buy but doubt it will be a long term hold for me.

Ray
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: renoofturks on December 05, 2014, 02:09:27 PM
I'm a dividend investor and its too bad that there are no plans to pay a dividend.   >:(

Oh well... I still plan to make a buy but doubt it will be a long term hold for me.

Ray

When was the last time a stock had declared a dividend before or at it's IPO?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hamblingl on December 05, 2014, 02:48:19 PM
Well, you generally don't see private companies and rapid growth companies going public paying dividends.  They are usually short of capital and/or trying to raise capital to invest in growth for stockholder share appreciation.  Not pay out their limited cash to investors in a dividend.   May be some exceptions, but far and few.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Mbr on December 05, 2014, 06:48:15 PM
Please help me if I am mistaken,

After browsing the prospectus, specifically the "Dilution" section, it seems that existing stock is valued at $(0.05). [page 54 and 55 of the prospectus PDF][The pages themselves are labeled 46 and 47] That's negative 5 cents. We're supposed to buy-in at $11.00 per share and then the opening price will be $1.39, leaving us with an immediate loss of $9.61 per share?

So, existing investors will receive a 70% increase to their holdings, while us "new investors" will receive an 87% decrease (loss) to our investment through the DSP.

The intent here is that the price will rise above 11 dollars, i guess..

So LC buys Springstone Financial and all of their debt, which lowers their "pro forma net tangible book value per share" to negative 5 cents. Then rallies all of us to "invest" in them.. They ring the opening bell and, BAM, all of our money pays down their debt, their value per share goes from negative 5 cents to $1.39, we lose, they win.

I mean, eventually they could see share value in excess of 11 dollars, in which case we would all win.. but this seems a little ridiculous. Someone tell me i'm wrong and why, please.


Thanks

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hamblingl on December 05, 2014, 11:01:49 PM
Well you are looking at book value, not share price.   This is common in almost all startups and IPOs.   The early investors paid much less per share.  The new investors are paying a much higher amount.   The book value per share is quite dilutive to new investors and quite accretive to existing investors.   If the company was to be liquidated the day after the IPO, sold all its assets at its book value, yes, all new investors would lose their hiney.   The share price of the stock is typically based on estimated future value based on growth, potential income, as many start-ups may not even be profitable yet.  IPO investing is a risky business.  That is why there are many requirements by the brokerage firms that are mandated prior to investment, such as income levels, net worth levels, investment experience etc.    Much of this is pretty basic stuff, so for those who are not experienced in IPO investing, investor beware.  At least thru the DSP program the shares are limited so the neophyte investors, as well as everyone else getting the 350, only has exposure for apron $4,200.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 06, 2014, 12:22:04 AM
So LC buys Springstone Financial and all of their debt, which lowers their "pro forma net tangible book value per share" to negative 5 cents. Then rallies all of us to "invest" in them.. They ring the opening bell and, BAM, all of our money pays down their debt, their value per share goes from negative 5 cents to $1.39, we lose, they win.

"tangible book value per share" is what is left if you SHUT DOWN THE BUSINESS and pay everybody off.  In the case of a financial company like LC, that's stuff like furniture.  The value in LC is not in the furniture.  It is in the ongoing business and its earnings potential.

This is of course greatly simplified.  Take a course on finance or investing to get more detail.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on December 06, 2014, 01:46:30 AM
Book value includes accumulated losses (negative retained earnings) incurred due to GAAP net losses too.  Also, the assets on the balance sheet do not include the intangible value of the company, such as IP, name brand, etc.

Some unwanted advice for you - don't worry too much about IPO valuation for this kind of speculative investment... almost no reasonable metric can justify its offering price.  You have to really believe that LC has a truly disruptive business model and explosive growth will continue for many year going forward.  Or you could construct a thesis on LC entering new credit markets (student loans, home mortgages, etc) to drive growth.  Or you could bet that FB or another M+A happy company could buy out LC in a couple of years.  Other than that, organic earnings and cash flow over the next 2-3 year just don't justify the $5b valuation.... my 2c.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 06, 2014, 12:33:38 PM
If you feel the IPO valuation is BS, by all means short with both guns blazing. Careful though  ;)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: yojoakak on December 06, 2014, 01:28:55 PM
If you feel the IPO valuation is BS, by all means short with both guns blazing. Careful though  ;)

Yes. Be careful. "The market can remain irrational longer than you can remain solvent."
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: LoanWolf on December 06, 2014, 02:32:46 PM
"Despite Concerns, Analysts Bullish On Lending Club IPO"

EPS and EBITDA and Equity, oh boy!

http://www.valuewalk.com/2014/12/lending-club-ipo-analysts/

http://247wallst.com/banking-finance/2014/12/05/how-one-analyst-sees-lendingclub-valuation-ahead-of-its-ipo/

Not sure I followed all the 'rithmetic from this one analyst, but interesting that the largest risk was seen as being reliance on a single issuing bank.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on December 06, 2014, 03:43:27 PM
If you feel the IPO valuation is BS, by all means short with both guns blazing. Careful though  ;)

I'm buying as many shares that I can get at the IPO price, so I'm definitely long. But my point is don't bother trying to rationalize the valuation. There is no rational metric.

I'm also a big believer in greater fool theory.  ;)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nonattender on December 07, 2014, 05:35:22 PM
"Despite Concerns, Analysts Bullish On Lending Club IPO"

EPS and EBITDA and Equity, oh boy!

http://www.valuewalk.com/2014/12/lending-club-ipo-analysts/

http://247wallst.com/banking-finance/2014/12/05/how-one-analyst-sees-lendingclub-valuation-ahead-of-its-ipo/

Not sure I followed all the 'rithmetic from this one analyst, but interesting that the largest risk was seen as being reliance on a single issuing bank.

That bank, WebBank, is investable. ;)  I've owned SPLP since around March.  A little bit before the "news" came out about WB holding
onto loans for 2-5 business days, to satisfy "regulatory requirements", SPLP management did a tender offer at $16.50 for a bunch the
shares outstanding.  Mgmt bought.  And continues to buy.  Currently trading at around $18/share.  Don't think many people see yet...

;)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 07, 2014, 05:53:39 PM
Well that's quite a find.  SPLP owns Webbank.  Thank you for that info.

But SPLP owns a bunch of other stuff too, so SPLP is far from a specific investment in Webbank.  Its even difficult to figure how much of SPLP is Webbank, as its a consolidated subsidiary.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Rob L on December 07, 2014, 06:14:59 PM
Too bad; it's often hard to find pure plays on good ideas.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: SeanG on December 07, 2014, 07:38:34 PM
I can't seem to proceed beyond Step 4 in this progression. The only option I can choose right now is 4.1 "Modify your indication of interest". I tried to call Fidelity and they are closed for the weekend.

Can anyone else proceed beyond "Modify your indication of interest"?

Thanks

Sean
-----------------------

Key Steps
 
Step 1  Open and fund a Fidelity brokerage account.
 
Step 2  Review the Preliminary Prospectus, which describes Lending Club, the initial public offering and its potential risks.
 
Step 3  Complete the FINRA Rule 5130 Qualifying Questions.
 
Step 4  Enter your Indication of Interest. / Modify your indication of interest
 
Step 5  Confirm your Indication of Interest after the registration statement has been declared effective and the offering has priced.
 
Step 6  Pay for any shares allocated to you within 3 business days of the first day the stock trades on the NYSE
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on December 07, 2014, 07:46:58 PM
I can't seem to proceed beyond Step 4 in this progression. The only option I can choose right now is 4.1 "Modify your indication of interest". I tried to call Fidelity and they are closed for the weekend.

Can anyone else proceed beyond "Modify your indication of interest"?

Thanks

Sean
-----------------------

Key Steps
 
Step 1  Open and fund a Fidelity brokerage account.
 
Step 2  Review the Preliminary Prospectus, which describes Lending Club, the initial public offering and its potential risks.
 
Step 3  Complete the FINRA Rule 5130 Qualifying Questions.
 
Step 4  Enter your Indication of Interest. / Modify your indication of interest
 
Step 5  Confirm your Indication of Interest after the registration statement has been declared effective and the offering has priced.
 
Step 6  Pay for any shares allocated to you within 3 business days of the first day the stock trades on the NYSE
If you look closer, each of those steps has a date associated with it.  You are now in waiting mode until 12/9.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: samybob on December 07, 2014, 08:02:50 PM
Does anyone know if you needed to have money invested in LC notes or just have an account with them to have been eligible for the DSP? I am asking because depending on how well the IPO goes I would want to be able to get in on some other similar companies like Prosper when the do an IPO. I currently have a Prosper account but have never bought any notes.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: bobeubanks on December 07, 2014, 08:09:59 PM
Does anyone know if you needed to have money invested in LC notes or just have an account with them to have been eligible for the DSP? I am asking because depending on how well the IPO goes I would want to be able to get in on some other similar companies like Prosper when the do an IPO. I currently have a Prosper account but have never bought any notes.

There is no reason to expect that other companies would follow any precedent that LC set with their DSP.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ggnoob1337 on December 08, 2014, 10:29:04 AM
Does anyone know if you needed to have money invested in LC notes or just have an account with them to have been eligible for the DSP? I am asking because depending on how well the IPO goes I would want to be able to get in on some other similar companies like Prosper when the do an IPO. I currently have a Prosper account but have never bought any notes.

There is no reason to expect that other companies would follow any precedent that LC set with their DSP.

I agree that somebody like Prosper may not follow any precedent...but I will just say that I was invited to the DSP and my LC account does not currently have any money in it, but my Notes page does show 10 paid off notes.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: cs1725 on December 08, 2014, 01:41:21 PM
Did anyone else read the "How to Participate" pdf from Fidelity which states "Confirming an indication of interest does not guarantee an allocation of shares. You may receive some, none or all of the shares you requested."?

Any thoughts or insight on this statement?

http://personal.fidelity.com/misc/shares/pdf/participation-LC02.pdf
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 08, 2014, 02:12:58 PM
Did anyone else read the "How to Participate" pdf from Fidelity which states "Confirming an indication of interest does not guarantee an allocation of shares. You may receive some, none or all of the shares you requested."?

Any thoughts or insight on this statement?

It is 100% normal and expected.  All IPOs work this way. 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: limeyx on December 08, 2014, 05:02:54 PM
I would guess no one has 4000 shares, it's all 350, based on how much of a pain in ass it would be for LC to tailor make their offering for the 100 odd people that have enough loans to qualify for super special treatment, but aren't actually sitting on the company board.

Conversely, if it isn't hard to tailor make a 4000 share offering for a special snowflakes, why not give 1000 2000 3000 share stepping stones for the less special but still baller investors?

Conversely conversely, I don't care either way, what I came here to ask is when do call put options open on LC?

Let's say that unless the email/site is horribly broken then some were definitely offered 4,000
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on December 08, 2014, 09:05:02 PM
Well that's quite a find.  SPLP owns Webbank.  Thank you for that info.

But SPLP owns a bunch of other stuff too, so SPLP is far from a specific investment in Webbank.  Its even difficult to figure how much of SPLP is Webbank, as its a consolidated subsidiary.
Pull Webbank's Call Report and you can know.
https://www2.fdic.gov/idasp/confirmation_outside.asp?inCert1=34404
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: limeyx on December 09, 2014, 11:51:05 AM
I would guess no one has 4000 shares, it's all 350, based on how much of a pain in ass it would be for LC to tailor make their offering for the 100 odd people that have enough loans to qualify for super special treatment, but aren't actually sitting on the company board.

Conversely, if it isn't hard to tailor make a 4000 share offering for a special snowflakes, why not give 1000 2000 3000 share stepping stones for the less special but still baller investors?

Conversely conversely, I don't care either way, what I came here to ask is when do call put options open on LC?

Let's say that unless the email/site is horribly broken then some were definitely offered 4,000

As pointed out in another thread, I was a little "loose" with words here.

I for sure know someone who is able to express an interest in 4,000 shares through the DSP program.

Obviously how many are actually allocated is a different matter that will be known v.soon.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hamblingl on December 09, 2014, 01:41:28 PM
Look at my response in another thread somewhat related to this.  I too was able to put in an Ask thru the DSP account for not only the 350 shares, but also for additional shares.  This is because I am qualified by FIDO to invest in IPOs.  Even though I did put in an additional ask, does not mean I will get any additional shares.  Maybe, and I am hopeful, but certainly not guaranteed.   I am trying to maximize my opportunity to get LC shares at the IPO price.  Maybe it will work, and maybe it won't.   I have included a screen shot of my FIDO DSP account showing my two asks.  I also have an ask thru FIDO in my non DSP account.  Again, trying to maximize my potential for share allocation.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: limeyx on December 09, 2014, 02:40:49 PM
Look at my response in another thread somewhat related to this.  I too was able to put in an Ask thru the DSP account for not only the 350 shares, but also for additional shares.  This is because I am qualified by FIDO to invest in IPOs.  Even though I did put in an additional ask, does not mean I will get any additional shares.  Maybe, and I am hopeful, but certainly not guaranteed.   I am trying to maximize my opportunity to get LC shares at the IPO price.  Maybe it will work, and maybe it won't.   I have included a screen shot of my FIDO DSP account showing my two asks.  I also have an ask thru FIDO in my non DSP account.  Again, trying to maximize my potential for share allocation.

I am also qualified for IPOs but my screen does not look like that. I have a single indication of interest for 4,000 and this came in the email direct from LC.

Obviously the allocation may or may not be be fully given, but this does not appear to be related to being eligible for fidelity IPO's
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hamblingl on December 09, 2014, 03:02:25 PM
Well, that is great for you.  Hopefully you will get plenty of shares.  You seem to be the exception to anyone else in these forums, as almost everyone else only received a max of 350 share interest thru the DSP program with LC.  So again, great for you.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on December 09, 2014, 04:00:39 PM
I have a feeling we will be able to purchase on open market at below IPO price anyways, so I wouldn't fret too much about no allocation.   ;D
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Peter on December 09, 2014, 05:58:18 PM
On a completely different note I just got off the phone with Ianthe Dugan, a reporter with the Wall Street Journal. She would like like to talk with some individual investors who are participating in the IPO through the LC Directed Share Program. So, if you are open to chatting with her this is her email: Ianthe.Dugan@wsj.com.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on December 09, 2014, 06:52:10 PM
On a completely different note I just got off the phone with Ianthe Dugan, a reporter with the Wall Street Journal. She would like like to talk with some individual investors who are participating in the IPO through the LC Directed Share Program. So, if you are open to chatting with her this is her email: Ianthe.Dugan@wsj.com.
I hope you just realized what you did . . .
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 09, 2014, 07:11:26 PM
I hope you just realized what you did . . .

Haha yeah I'll say.  But why would we want to tell her the truth about LC before we've had a chance to dump our shares?  Must resist... the urge...

If she had a lengthy phone conversation with Peter I'm sure she has more than enough "information" for a cheery story already.  It's best to leave her on her own for now I think.  If she's hungry for juicy stories, they will keep for a short while.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Peter on December 09, 2014, 07:23:41 PM
I hope you just realized what you did . . .

Yes, I realize there are many people here who would love to dump on LC to a WSJ journalist. And she said she would be happy to talk with anyone who is participating in the share buying program. I figured anyone participating in the LC IPO would provide a well reasoned discussion on the merits of their participation.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hessinger on December 09, 2014, 07:32:08 PM
Haha yeah I'll say.  But why would we want to tell her the truth about LC before we've had a chance to dump our shares?  Must resist... the urge...

If she had a lengthy phone conversation with Peter I'm sure she has more than enough "information" for a cheery story already.  It's best to leave her on her own for now I think.  If she's hungry for juicy stories, they will keep for a short while.

I would definitely encourage some light being shed on Lending Club's shoddy practices. All she needs to do is spend an hour or two looking through these forums to find all the goodies.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 09, 2014, 07:45:04 PM
I hope you just realized what you did . . .

Yes, I realize there are many people here who would love to dump on LC to a WSJ journalist. And she said she would be happy to talk with anyone who is participating in the share buying program. I figured anyone participating in the LC IPO would provide a well reasoned discussion on the merits of their participation.

While I don't wish to speak with a reporter it appears I'm in the minority in feeling like this is a pretty great thing for LC to do for it's lenders who wouldn't normally be able to pick up IPOs. It's a pretty nice thank you on LCs part IMHO.

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: thezfunk on December 09, 2014, 08:06:54 PM
That will completely be determined by what happens to the share price.  If it goes up and we sell with a profit in hand I am sure much can be forgiven.  However, if the share price drops the howls on here will wake the dead.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 09, 2014, 08:17:22 PM
While I don't wish to speak with a reporter it appears I'm in the minority in feeling like this is a pretty great thing for LC to do for it's lenders who wouldn't normally be able to pick up IPOs. It's a pretty nice thank you on LCs part IMHO.

I can assure you LC is not doing this as a "pretty nice thank you".  They have their reasons and those reasons don't include putting cash in your pocket for being such a nice guy.  The entire IPO is solely for brand building / marketing purposes, and allowing retail investors to pick up a few shares is for this same cause.

That's one rational explanation.  If you want a better one I got that too:

They are allowing us to purchase a few shares so we keep quiet about LC's shortcomings until after the IPO.  But here's where it gets better:  LC knows embarassing WSJ stories and the associated investigative work can't be completed in a few short hours.  So they wait until the very last minute, the night before the first trading day.  Then, once it's too late for any news stories to spoil the IPO, they announce that the final allocation is ZERO.  Not enough shares for everyone, sorry.  When in reality it was all an elaborate hoax from the beginning.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Rob L on December 09, 2014, 08:49:00 PM
The entire IPO is solely for brand building / marketing purposes, ...
In my very limited experience the entire IPO is to permit the initial investors to cash out (extract huge returns on what has been a very risky investment). Going forward they will be rich or richer no matter the ultimate fate of LC. No different than any other IPO. Of course many will have a vested interest in the future success of the company; icing on the cake.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 09, 2014, 09:51:59 PM
While I don't wish to speak with a reporter it appears I'm in the minority in feeling like this is a pretty great thing for LC to do for it's lenders who wouldn't normally be able to pick up IPOs. It's a pretty nice thank you on LCs part IMHO.

I can assure you LC is not doing this as a "pretty nice thank you".  They have their reasons and those reasons don't include putting cash in your pocket for being such a nice guy.  The entire IPO is solely for brand building / marketing purposes, and allowing retail investors to pick up a few shares is for this same cause.

That's one rational explanation.  If you want a better one I got that too:

They are allowing us to purchase a few shares so we keep quiet about LC's shortcomings until after the IPO.  But here's where it gets better:  LC knows embarassing WSJ stories and the associated investigative work can't be completed in a few short hours.  So they wait until the very last minute, the night before the first trading day.  Then, once it's too late for any news stories to spoil the IPO, they announce that the final allocation is ZERO.  Not enough shares for everyone, sorry.  When in reality it was all an elaborate hoax from the beginning.

1. I'm a woman, so pretty nice gal thanks.

2. This is on target to be the second largest IPO of the year only behind Alibaba. Do you really think they'd invite 50,000 of their own customers to participate only to yank the football out from under them? Can you imagine the news stories from that many angry consumers?

Unless anyone on this forum has any real dirt or financial irregularities that contradict the SEC filings then the likelihood of anyone here at this forum being able to bring down the IPO is about as likely as it is you'd breathe a kind word about this company.

Also, this IPO has been in the works for almost a year I believe. So your theory about only having a few hours to complete the investigative work is thrown out the window especially considering that the answers to all of the reporters questions can already be found here, rooted out by a team of apparent Benedict Cumberbatch's.  ::)

Some people just complain about everything I suppose.



Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred on December 09, 2014, 10:00:52 PM
Do you really think they'd invite 50,000 of their own customers to participate only to yank the football out from under them?

This is called book-building (http://en.wikipedia.org/wiki/Book_building), and IMO one of the reasons for recent 18% valuation increase.  More demand, higher price.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 09, 2014, 10:05:57 PM
Do you really think they'd invite 50,000 of their own customers to participate only to yank the football out from under them?

This is called book-building (http://en.wikipedia.org/wiki/Book_building), and IMO one of the reasons for recent 18% valuation increase.  More demand, higher price.

They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

The institutional investors, the other 90%, are driving that train. Not us.

Even so, do you really think they set this up to intentionally yank the rug out from their own customers or is it more likely to show potential customers there may be financial benefit to becoming an LC customer?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on December 09, 2014, 10:46:27 PM
Do you really think they'd invite 50,000 of their own customers to participate only to yank the football out from under them?

This is called book-building (http://en.wikipedia.org/wiki/Book_building), and IMO one of the reasons for recent 18% valuation increase.  More demand, higher price.

They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

The institutional investors, the other 90%, are driving that train. Not us.

Even so, do you really think they set this up to intentionally yank the rug out from their own customers or is it more likely to show potential customers there may be financial benefit to becoming an LC customer?

Intentional or not, this IPO could be a real s**t-show for many reasons.  Furthermore, based on my experience, company management doesn't necessarily have a clue about how their stock is likely to perform in the open market. Some don't even care.  Bankers?  Well, we know what their intentions are - to earn a fee.  After the first few days of trading, they pack up and go about looking for the next transaction.

I think the hype around having a star-studded board, "disruptive" business model, and disintermediation and "down with big banks" story has driven the valuation up to unrealistically high levels.  Any time your valuation model relies on 10x+ sales or DCF with a 5 year forecast to make sense, watch out.  Also, I don't think people realize that this IPO is going out at the ideal moment with consumer default rates at historic lows, unbelievably low interest rates etc.  A turn in the cycle will not be kind to this company or its investors...
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred on December 09, 2014, 10:53:43 PM
Furthermore, based on my experience, company management doesn't necessarily have a clue about how their stock is likely to perform in the open market.

Forget about company management.  Even the underwriters can be wrong about valuation and direction.  I was with both GS and MS before.

Bankers?  Well, we know what their intentions are - to earn a fee.  After the first few days of trading, they pack up and go about looking for the next transaction.

I can confirm this.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 09, 2014, 11:03:01 PM
They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

You have evidence, or did you just make that up?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: DanB on December 09, 2014, 11:17:16 PM
Core.........DSPs are highly monitored & regulated by the SEC, which discourages DSPs in general & especially ones that allocate more than the usual 4-6%...............like this one at 10%. From what I've read 10% is pretty much the top limit these days & a rare occurrence.

I usually appreciate the creative scenarios you float, but this one needs a lot of work to be remotely credible.  Besides, what you're suggesting would take serious balls & a very high risk tolerance to even attempt. Does that sound like LC? And Fidelity would just go along with it, right. Come on!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 10, 2014, 03:47:21 AM
PONZI SCHEME OR NOT, I'M READY! COME TO ME LC SHARES

(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Fwww.quickmeme.com%2Fimg%2Fa4%2Fa418c3775099844d98c72f97186cf2d9c54c6d5966ef6ee572def8c85aa941ac.jpg&hash=fe56f7991a8c9e6910eb889ea9fb823c)
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 10, 2014, 05:25:53 AM
They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

You have evidence, or did you just make that up?

Besides the SEC filings, and the math, it's also been discussed at multiple times in the DSP threads. Mostly when DanB and the rest of the board were trying to work out the number of shares we could potentially be offered.

But let's say the LC customer part of the DSP took 100% of that 10% (which is in the SEC filing) it still doesn't change that the other 90% is what's going to shift and pull on raising the pricing range. Not the demand on our measly 10%.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 10, 2014, 05:29:14 AM
Do you really think they'd invite 50,000 of their own customers to participate only to yank the football out from under them?

This is called book-building (http://en.wikipedia.org/wiki/Book_building), and IMO one of the reasons for recent 18% valuation increase.  More demand, higher price.

They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

The institutional investors, the other 90%, are driving that train. Not us.

Even so, do you really think they set this up to intentionally yank the rug out from their own customers or is it more likely to show potential customers there may be financial benefit to becoming an LC customer?

Intentional or not, this IPO could be a real s**t-show for many reasons. 

Well that's the truth, but again I don't believe that LC intends pull the rug out from under 50K current LC customers that they invited to potentially participate  in their IPO. That would also be a story that would be all over CNBC, WSJ, etc etc.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 10, 2014, 05:40:23 AM
I don't believe that LC intends pull the rug out from under 50K current LC customers that they invited to potentially participate  in their IPO. That would also be a story that would be all over CNBC, WSJ, etc etc.

Yes certainly, that story would be all over CNBC, WSJ, etc.  Now why is that a bad thing from LC's perspective?  Keep in mind this is a company that profits from advertising during plane crash news coverage.  This could be one hell of a publicity stunt.  Better than "Take out a loan or we'll shoot this dog."  This is going to be a fun week I think.

And please, we are not "customers".  The borrowers are the customers, and we are now merely an annoyance.  One that I suspect will be going away in the not-so-distant future.  LC couldn't care less if you closed your account tomorrow, any/all of us.  It would actually be a plus for them.  The more the better.  That doesn't fit my definition of "customer".
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: avid investor on December 10, 2014, 05:42:31 AM
I don't believe that LC intends pull the rug out from under 50K current LC customers that they invited to potentially participate  in their IPO. That would also be a story that would be all over CNBC, WSJ, etc etc.

Yes certainly, that story would be all over CNBC, WSJ, etc.  Now why is that a bad thing from LC's perspective?  Keep in mind this is a company that profits from advertising during plane crash news coverage.

And please, we are not "customers".  The borrowers are the customers, and we are now merely an annoyance.  One that I suspect will be going away in the not-so-distant future.  LC couldn't care less if you closed your account tomorrow, any/all of us.  It would actually be a plus for them.  The more the better.  That doesn't fit my definition of "customer".
Core, I know that a lot of the comments you make on this forum are valid.  Yet, if you are so negative on LC, why do you stay involved with it?  It seems like such a needless expenditure of negative energy.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 10, 2014, 05:48:10 AM
I don't believe that LC intends pull the rug out from under 50K current LC customers that they invited to potentially participate  in their IPO. That would also be a story that would be all over CNBC, WSJ, etc etc.

Yes certainly, that story would be all over CNBC, WSJ, etc.  Now why is that a bad thing from LC's perspective?  Keep in mind this is a company that profits from advertising during plane crash news coverage.  This could be one hell of a publicity stunt.  Better than "Take out a loan or we'll shoot this dog."  This is going to be a fun week I think.


You might try a cup of coffee or two, clearly you're not thinking straight if you really believe that 50K LC 'investors' complaining about LC the week of an IPO wouldn't be a bad thing from LCs perspective.

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 10, 2014, 05:50:19 AM
Yet, if you are so negative on LC, why do you stay involved with it?

Because I like the 300% returns I was making until recently.  And I intend to get there again, as soon as I have some more free time again.  That's why. 

It seems like such a needless expenditure of negative energy.

It's my anger that keeps me going.  I need that negative energy that you speak of.  It is precisely what allows me to do what I do.

Hey, you did ask.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 10, 2014, 06:25:39 AM
They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

You have evidence, or did you just make that up?

Besides the SEC filings, and the math, it's also been discussed at multiple times in the DSP threads.

Ok, you just admitted that you made up your 4% statement.  Making up stuff is not helpful.

The SEC filing says "reserved up to 10%" for F/F, which includes investors.  There is no other official information, so nothing else to base "the math" on.   Your guess might be right, but it is a guess.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 10, 2014, 11:16:07 AM
They are really only giving the investor DSP about 4% of the shares. The other 6% still goes to traditional F/F allocations.

You have evidence, or did you just make that up?

Besides the SEC filings, and the math, it's also been discussed at multiple times in the DSP threads.

Ok, you just admitted that you made up your 4% statement.  Making up stuff is not helpful.

The SEC filing says "reserved up to 10%" for F/F, which includes investors.  There is no other official information, so nothing else to base "the math" on.   Your guess might be right, but it is a guess.

If a typical F/F DSP is 4% to 6%, this would probably fall in at a 6% based upon demand. The total allocation is 10% so the math is pretty clear. Doesn't take a rocket scientist to figure out what the split likely is. So, just "making stuff up" would be throwing a dart at a board full of numbers and proclaiming it to be fact. This is an educated guess while still a guess. Regardless the fact still remains that even if 100% of the allocation went to LC investors that the 90% is what moves the price and demand, not our little pittance.

More interesting that you'd assume some rando got allocated 4K shares with zero proof of that but nitpick the above assumption. To each his own.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: cs1725 on December 10, 2014, 12:12:24 PM
Looks like the link to participate no longer takes you to the 6 step process landing page.  Maybe because the deadline for share request has passed?  Has anyone confirmed their share amount request?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: core on December 10, 2014, 12:21:50 PM
Looks like the link to participate no longer takes you to the 6 step process landing page.

My link is still operational... for now.  Maybe they are currently running the football.bat job which pulls us off the offer one by one.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Half Right on December 10, 2014, 12:35:13 PM
Dear ************
The registration statement for the LendingClub Corporation (“LendingClub”). IPO is expected to be declared effective and the offering to be priced by 7:00 pm ET this evening.  The confirmation period is expected to occur this evening between 7:00 pm and 5:00 am ET tomorrow, December 11, 2014.  You will receive a separate email, this evening, informing you that the registration statement has been declared effective, the offering has been priced and that the confirmation period has begun. 
To be eligible for an allocation of shares in this offering, you MUST confirm your indication of interest after the registration statement has been declared effective and the offering has been priced through the LendingClub Directed Share web site using the link below before 5:00 am ET, tomorrow, December 11, 2014. Confirmed indications are orders to buy shares of LendingClub common stock and may be accepted in whole, or in part, or not at all by Fidelity Brokerage Services LLC.  If you confirm your indication of interest, but decide that you do not want to purchase the shares, you must withdraw your confirmed indication prior to 5:00 am ET, tomorrow, December 11, 2014.
If you have questions on the offering, please contact a Directed Share representative at 800-358-2670.
To access the directed share web site or review your indication of interest Click Here

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 

No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date. 

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: PennySaved on December 10, 2014, 12:46:35 PM
Thanks for heads up on the DSP confirmation timing.  I am not see any emails from Fidelity yet, but I will keep checking tonight.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 10, 2014, 01:06:08 PM
"LendingClub DSP Notification of Expected Time of Effectiveness - NO ACTION REQUIRED"

So...still in holding pattern?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: paulmess on December 10, 2014, 01:16:21 PM
the excitement begins tonight after 7pm et.
be sure you have opted-in for fidelity alerts.
watch for e-mails from either fmr.com or fidelity.com
i have often waited till after 9pm et for ipo alerts -- you can image all the scrambling behind the scenes at lendingclub, the investment banks, and fidelity.
you might also follow progress on the sec.gov website, where updates get posted -- watch for amendments to the 's-1'. search on either ticker LC or 'lendingclub' (one word)
follow all instructions carefully, and call fidelity if you have any questions -- the ipo desk works 24/7
cheers

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: mchu168 on December 10, 2014, 01:27:34 PM
Core - you might appreciate this news story about MOMO, another IPO pricing tomorrow.

http://www.scmp.com/news/china-insider/article/1659342/founder-china-dating-app-momo-accused-graft-theft-ahead-nasdaq
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Amelia on December 10, 2014, 06:15:50 PM
Financial Times is reporting that the prices has settled at $15/share.  This was posted ~40 minutes ago.

http://on.ft.com/1yR8coe

The hotly anticipated Lending Club initial public offering has priced.

The peer-to-peer lender, along with selling shareholders, priced shares at $15 apiece, above a previously sought range of $12 to $14 originally sought, according to two people familiar with the deal.

The deal was oversubscribed according to people familiar with the matter, Tracy Alloway and Eric Platt report in New York.

The company sold roughly 58m shares in the offering to raise $870m, valuing the company at more than $5.4bn.

Underwriters have the option to purchase additional shares if demand warrants, which could take the offering's size to $1bn.

Lending Club, whose backers include John Mack, the former boss of Morgan Stanley, and Larry Summers, the former US Treasury Secretary, has become the largest player in the peer-to-peer lending space.

Shares will begin trading on the New York Stock Exchange on Thursday under the ticker 'LC'.

The offering was led by Morgan Stanley and Goldman Sachs

Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Rob L on December 10, 2014, 06:30:30 PM
So much excitement I can hardly stand it!!!
Somewhere along the line the trader in me has just gotta fade this puppy.
Then again I went long OIL yesterday catching a falling knife.
When will I ever learn??
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 10, 2014, 06:48:44 PM
Goin in hot!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 10, 2014, 06:50:10 PM
Confirmation of Indication of Interest is live. Go back into your IPO account and confirm.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hamblingl on December 10, 2014, 06:53:49 PM
Yep Just did.  Made my confirmation.  Now it is wait and see what we might get.  something or nothing.  Oversubscribed offering, so hopefully we will get something.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 10, 2014, 06:58:00 PM
More interesting that you'd assume some rando got allocated 4K shares with zero proof of that but nitpick the above assumption. To each his own.

There were actually two "randos" as you call them.  One I saw with my own eyes, and the other came from Peter, the guy who runs this board.  I consider both my own eyeballs and also Peter to be reliable sources.  So it was hardly zero proof.  Better to deal with facts and reliable sources than your imagination.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ggnoob1337 on December 10, 2014, 06:58:17 PM
My "confirm indication of interest" is showing the price at $0. Same for you guys?
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 10, 2014, 07:03:18 PM
0$ per share! What a bargain! Also I may receive some or none at all! It just gets better and better! 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: rawraw on December 10, 2014, 07:06:17 PM
Increased the price again, sheesh. . .
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: nerf on December 10, 2014, 07:08:54 PM
More interesting that you'd assume some rando got allocated 4K shares with zero proof of that but nitpick the above assumption. To each his own.

There were actually two "randos" as you call them.  One I saw with my own eyes, and the other came from Peter, the guy who runs this board.  I consider both my own eyeballs and also Peter to be reliable sources.  So it was hardly zero proof.  Better to deal with facts and reliable sources than your imagination.

Peter confirmed that someone simply posted as much. The confirmation didn't come from him. You had also claimed your knowledge from the same source, IE: posted to Peter's blog. That you've "seen it with your own eyes" appears to be new information. That said, I came to this board as an investor looking for LC information on the IPO. Between you and Core no real surprise why the board doesn't have more people willing to engage here.

My imagination still manages to work out the math and regardless of how the 10% was allocated it was still only 10%, not enough to move the needle as much as you think. That said you'd know what was moving the needle if you had any information on LCs road show.



Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: hamblingl on December 10, 2014, 07:13:02 PM
Open Indications of Interest and Bids

Issuer Name

Shares

Price
Type

Limit
Price

Confirmed

Action


LENDINGCLUB 350 Market  0.0000 Yes 
Change
Delete
 
LENDINGCLUB 1000 Market  0.0000 Yes 
Change
Delete
 
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ggnoob1337 on December 10, 2014, 07:23:30 PM
My "confirm indication of interest" is showing the price at $0. Same for you guys?

Finally got a new e-mail from Fidelity and logging in now shows $15 per share.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Unfolder on December 10, 2014, 07:40:21 PM
I'll be staying up late to make sure everything gets confirmed.

Not that there's anything I can do in the case it doesn't...

Not that I sleep anyway...

I have to say, I'm pretty excited! Despite everything I feel this company might, just might be able to seize the initiative and be successful. Unlike, say, TSLA or AMZN they really can make rapid strides in volume and quality since the operate solely in the digital realm, and although people hate Summers and Google and the big banks I bet they will really make a good go of this and pour their talent and (our) resources into the company. Good luck LC! Please don't shit the bed on day one!
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: Fred93 on December 10, 2014, 08:21:40 PM
My imagination still manages to work out the math and regardless of how the 10% was allocated it was still only 10%, not enough to move the needle as much as you think. That said you'd know what was moving the needle if you had any information on LCs road show.

I have never offered an opinion about how much 10% moves any needle, so I don't understand why you're arguing that I'm wrong.
Title: Re: LendingClub IPO Directed Share Program through Fidelity
Post by: ca-lender on December 11, 2014, 12:14:08 PM
I those this Forum would be buzzing this morning with the 50% spike in Lending Club's IPO.

Just curious, how many shares did everyone receive, compared to what they requested?

I had 2 accounts at LC (1 for me, 1 for my wife). Never really used it too much. Invested $5k in each, then cashed it out within a year or so.

I requested 350 for each of us. Received 250 each.  ;D

Can't wait for the Prosper IPO.  Peter, can buzz on when that one is going to happen?

CA-Lender