Here is the Letter IEG Holdings Sent to LendingClub Board Announcing its “Tender Offer”

July 7, 2017 @ 4:47 pm By JD Alois

Below is the copy of the letter Paul Mathieson, the CEO of IEG, sent to Scott Sanborn, CEO of LendingClub, and the LendingClub Board of Directors.

In the letter, Mathieson declares his intent to commence a tender offer for up to 9.99% of LendingClub (NYSE:LC) shares.

IEG says it encourages LendingClub to “undertake substantial cost cuts” by terminating excess employees and reducing executive compensation. The letter also says IEG Holdings intends to “encourage LendingClub to transform the LendingClub broker business model with low gross margins and high volumes to focus on high gross margin unsecured loans to new prime clients…”

LendingClub, given a deadline of July 7, 2017, 4PM to respond, has of course expressed the fact it has no interest in the offer. The LendingClub board has determined the offer is misleading and to the detriment of existing shareholders.

Reg A - Form 1-A Filings Beta

Beta. Initial Form 1-A only. Target raise is the stated Amount to be Raised, totaled. Compared with the same dates one year earlier.

YTD: Jan 1, 2026 - Oct 25, 2026 vs Jan 1, 2025 - Oct 25, 2025

Number of Filings131Prior 126 +4.0%

Target Raise, Total$3.40BPrior $3.54B -3.9%

	This YTD	Year prior	Change
Filings	131	126	+4.0%
Target raise	$3.40B	$3.54B	-3.9%

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Source: DisclosureQuest. Initial Form 1-A only.

Created by Crowded Media Group

This display counts initial Form 1-A filings only. It does not represent subsequent filings, including Form 1-A/A amendments or Form 1-A POS post-qualification updates filed by the issuer. Amounts are the stated Amount to be Raised on the initial filing, not capital raised and not amounts revised in later filings.

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