| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
PORTFOLIO RECOVERY ASSOCIATES INC [ PRAA ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 08/14/2003 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 08/14/2003 | X | 21,000 | A | $3.6 | 4,939,500 | I | See footnotes(1)(2) | ||
| Common Stock | 08/14/2003 | X | 2,500 | A | $3.6 | 4,942,000 | I | See footnotes(1)(2)(3) | ||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Warrants (Right to Buy) | $3.6 | 08/14/2003 | X | 21,000 | 12/30/1999 | 03/31/2005 | Common Stock | 21,000 | $0(4) | 0 | I | See footnote(5) | |||
| Warrants (Right to Buy) | $3.6 | 08/14/2003 | X | 2,500 | 12/30/1999 | 03/31/2005 | Common Stock | 2,500 | $0(4) | 0 | I | See footnote(6) | |||
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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| Explanation of Responses: |
| 1. Includes 3,183,035 shares owned by PRA Investments, L.L.C. Angelo, Gordon & Co., L.P., AG Partners, L.P., John M. Angelo and Michael L. Gordon have a pecuniary interest in 35,681 of these shares. |
| 2. Includes 1,756,465 shares owned by Angelo, Gordon & Co., L.P. AG Partners, L.P., John M. Angelo and Michael L. Gordon beneficially own all of these shares. PRA Investments, L.L.C. has no beneficial or pecuniary interest in these securities. |
| 3. Includes 2,500 shares held by Michael L. Gordon. Angelo, Gordon & Co., L.P., AG Partners, L.P., John M. Angelo and PRA Investments, L.L.C. have no beneficial or pecuniary interest in these securities. |
| 4. Originally acquired in connection with a Credit Agreement between AG PRA 1999 Funding Co., LLC and the Issuer. |
| 5. Held by AG PRA 1999 Funding Co., LLC in which Angelo, Gordon & Co., L.P., AG Partners, L.P., John M. Angelo and Michael L. Gordon have a pecuniary interest. PRA Investments, L.L.C. has no beneficial or pecuniary interest in these securities. |
| 6. Held by AG PRA 1999 Funding Co., LLC in which Michael L. Gordon has a pecuniary interest. Angelo, Gordon & Co., L.P., AG Partners, L.P., John M. Angelo and PRA Investments, L.L.C. have no beneficial or pecuniary interest in these securities. |
| Angelo, Gordon & Co., L.P. by Michael L. Gordon, Chief Operating Officer | 08/14/2003 | |
| AG Partners, L.P. by Michael L. Gordon, its General Partner | 08/14/2003 | |
| John M. Angelo | 08/14/2003 | |
| Michael L. Gordon | 08/14/2003 | |
| PRA Investments, L.L.C. by Michael L. Gordon, Chief Operating Officer | 08/14/2003 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||