PRA Group
PORTFOLIO RECOVERY ASSOCIATES INC (Form: 4, Received: 08/09/2010 17:28:48)
FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

ROBERTS DAVID N
2. Issuer Name and Ticker or Trading Symbol

PORTFOLIO RECOVERY ASSOCIATES INC [ PRAA ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

120 CORPORATE BLVD, SUITE 100
3. Date of Earliest Transaction (MM/DD/YYYY)

8/5/2010
(Street)

NORFOLK, VA 23502
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   8/5/2010     S (1)    12200   D $69.62   (2) 81594   (3) I   See footnotes (1)  
Common Stock   8/6/2010     S (1)    21624   D $68.12   (4) 59970   (5) I   See footnotes (1)  
Common Stock   8/6/2010     S (1)    2899   D $69.09   (6) 57071   (7) I   See footnotes (1)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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

Explanation of Responses:
( 1)  Shares of stock disposed of pursuant to the sale transactions reported in this Form 4 were sold by the David Roberts 2008 Grantor Retained Annuity Trust (the "GRAT"), with respect to which the Reporting Person is the Trustee and a beneficiary. The Reporting Person disclaims beneficial ownership of the shares of stock, and the proceeds from the sales thereof, held in the GRAT, except to the extent of his pecuniary interest therein.
( 2)  The sale prices for this transaction ranged from $69.26 to $70.10. The filer hereby agrees to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
( 3)  Aggregate ownership by Reporting Person consists of (i) 10,164 of shares of stock owned directly and (ii) 71,430 shares of stock owned indirectly.
( 4)  The sale prices for this transaction ranged from $68.00 to $68.72. The filer hereby agrees to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
( 5)  Aggregate ownership by Reporting Person consists of (i) 10,164 of shares of stock owned directly and (ii) 49,806 shares of stock owned indirectly.
( 6)  The sale prices for this transaction ranged from $69.00 to $69.29. The filer hereby agrees to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price.
( 7)  Aggregate ownership by Reporting Person consists of (i) 10,164 of shares of stock owned directly and (ii) 46,907 shares of stock owned indirectly.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
ROBERTS DAVID N
120 CORPORATE BLVD
SUITE 100
NORFOLK, VA 23502
X



Signatures
/s/ David N. Roberts 8/9/2010
** 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).
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