Anyone else concerned about Ruiz's alleged net worth?

[Katzenboyer]

What is the concern here? As a lawyer myself, I know Ruiz values his bar license above all, and despite pushing the envelope he would not do anything to risk that liability.

Good to see other attorneys on the board!

My concern is the narrative that can be used against UM if everything falls through. "Don't go to Miami. Those NIL deals are fake news."

I'm of the mindset that you should walk softly but carry a big stick. The opposite seems to be happening here, which doesn't sit right. That's all.

Again, I'm happy to be wrong if the deal goes through.

 

[Hurracanes]

He’s probably going to use loans then use the revenue from all sources involved to pay off said loans. Just like any other gigantic business venture because believe it or not that stadium is going to be a gigantic business venture for him.

TIFWIW but I was told (credible poster) the family will be funding the entire operation.

I only hate I wasn’t able to reach this level of success (like Ruiz) fast enough to execute this dream. Either way, i’m grateful for their amazing gift.

 

[S.CarolinaCane]

Before going any further, I'm absolutely loving what the guy is doing for the program, and hope that it continues. This isn't an attempt to **** on a guy who clearly loves the Canes and is doing all he can to make UM into the power it was in its heyday.

But...is anyone else worried that it's funny money? For reference, I'm talking about this article, that came out in December (think it's behind a paywall). https://www.law.com/dailybusinessre...wyer-john-ruiz-turned-millions-into-billions/

The parts that concern me:



So the company currently doesn't generate any revenue ($800 million in investor funds is not revenue, FWIW), but it's expected to generate $3 billion in revenue next year? And $23 billion in five years? That's pie-in-the-sky stuff.

The other issue is Lionheart Capital, the firm that set up the special acquisition company (SPAC) that is currently valuing MSP Recovery in the billions. Lionheart's (and its CEO, Ophir Sternberg) main claim to fame is that it brought BurgerFi public using the same SPAC it's using to make Ruiz a billionaire. But BurgerFi's founder is suing Lionheart and Sternberg in Miami-Dade, and there are a bunch of other lawsuits against the company for misleading investors (or outright stealing investor money) over the course of the last few years (just do a simple docket search on the Miami-Dade Clerk of Courts; there are a LOT of pending lawsuits against the company and Sternberg individually).

Am I missing something? It just seems to be too good to be true.

As long as we get another Natty before his empire crumbles...IDGAF!!

 

[mavericksouth]

I think every fan should be weary of this guy after Shapiro. That said, if he is legit, God bless him for helping these young men out. But yes, something does feel "off."

 

[Katzenboyer]

He’s gonna be a billionaire whether it goes through or not. The company can easily support that valuation.

Whether his $30-40+M valuation holds up in this SPAC or not I don’t know. Seems a little off but it should be resolved soon I know they had a Q4 2021 estimate last time I checked for a resolution

He's not though. If the SPAC deal doesn't close, this is all noise.

 

[d--1]

My understanding is that the additional money UM is committing to the football program is not at all coming from him. His only tie to the program at this point is the NIL deals he's struck. I'll admit, I have no idea what culpability UM would have if everything about this guy goes south. Assuming UM has no knowledge of him being fraudulent in some way, I don't see why they'd be responsible if that somehow ended up being the case.

Then again, I'll be the first to admit I know little to nothing about how these things work.

 

[Angry Ibis]

Good to see other attorneys on the board!

My concern is the narrative that can be used against UM if everything falls through. "Don't go to Miami. Those NIL deals are fake news."

I'm of the mindset that you should walk softly but carry a big stick. The opposite seems to be happening here, which doesn't sit right. That's all.

Again, I'm happy to be wrong if the deal goes through.

Nothing about Miami is quiet or ever will be…. As we pick apart our potentially biggest booster ever on a message board…

 

[JayCane20]

I hope somebody at UM learned from the Nevin situation and will nudge Mr Ruiz off the spotlight. The NCAA does not play fair. We really shouldn't be poking that bear.

I love what he's doing for the school, but I don't see anyone else (boosters) tweeting NIL deals. Or, publicly going after former administration, who happen to be working in Washington now.

I'm really unsure of Mr. RUIZs long term goal, and save me the 'he just wants Maimi football back on the map' bs. Maybe I'm being overly spectical but Mr RUIZ is investing alot of money in sfla football. With Nevin, we found out later that he started some sports management business after gaining access to players. I'm definitely not accusing RUIZ of anything. I would just like to know what he expects for ALL the money he's throwing around. And, if he wants nothing in return, then what's with some of the attention seeking behavior we're seeing?

The University wants him to be public about it because the school and football staff can’t advocate on behalf of the student-athletes to get them NIL deals due to Florida NIL law.

This is how it has to be done to benefit the university relative to states like Texas where they don’t have this hoop to jump through. How else will HS athletes know they’ll be taken care of at UM? It has to be done publicly. No one affiliated with the university can sell it

 

[Zbrod95]

I hope somebody at UM learned from the Nevin situation and will nudge Mr Ruiz off the spotlight. The NCAA does not play fair. We really shouldn't be poking that bear.

I love what he's doing for the school, but I don't see anyone else (boosters) tweeting NIL deals. Or, publicly going after former administration, who happen to be working in Washington now.

I'm really unsure of Mr. RUIZs long term goal, and save me the 'he just wants Maimi football back on the map' bs. Maybe I'm being overly spectical but Mr RUIZ is investing alot of money in sfla football. With Nevin, we found out later that he started some sports management business after gaining access to players. I'm definitely not accusing RUIZ of anything. I would just like to know what he expects for ALL the money he's throwing around. And, if he wants nothing in return, then what's with some of the attention seeking behavior we're seeing?

They don’t have to. He’s not doing anything illegal and he’s using his own and UM’s legal team to make sure there’s proper compliance. It doesn’t mean there isn’t going to be guys like Rovell that think they’re hot **** as if 1) they’re dumb enough not to be compliant or 2) leave it so uncovered that a reporter will be able to find out it isn’t compliant.

 

[Rickd]

Ruiz doesn't own a patent. He has no physical product to sell.

The value of his firm is that he files claims against large insurance companies who should have been charged for money paid by Medicare.

Those claims are valuable, but they aren't revolutionary, and I have a hard time seeing how they'll generate enough revenue to make him effectively the most lucrative law firm in the country in five years' time (which is what is being projected currently).

And that's before we even get into Sternberg, who seems to have trouble follow him after every investment Lionheart makes.

Not a patent .. but APPARENTLY he / his firm .. have developed software to search insurance payments AND IDENTIFY payments that have been made in error by Medicare when a primary / secondary insurer should have covered the procedure. The savings to the US government would be billions annually. Once the new security listing is approved by the securities exchange commission (if it happens!) .. the new stock name MSPR would be listed on NASDAQ .. his initial documentation stated it would be listed based on a PE ratio of 10.5:1 .. and "based on that and the projected earnings his 70% ownership of the firm would have a STOCK VALUE in excess of $20 Billion dollars". THAT IS NOT CASH .. that is restricted stock shares. Generally in a new offering 10-20% of the company is sold .. that creates the trading volume on the exchange. The remaining stock is "restricted" and can be sold in small units only with securities exchange approval .. unless his company is acquired .. then he is bought out. So .. he is wealthy in his own right via his class action law firm .. can personally fund $10 million NIL deals. Things like building a $500 million dollar stadium .. or buying the Dolphins .. are ALL predicated on the securities activities taking place.

 

[Lazarre]

I never get involved in another man pocket nor worry about it. As long as the check clears for Miami. We are good.

 

[423Hurricane]

My biggest concern is the Ruiz’s seemingly constant social media presence. They seem to be enjoying their new found “fame” a bit too much for my liking. Also, seems they’re getting the cart before the horse as far as the possibility of becoming billionaires in the near future.

I’m glad they want to invest in the community and help bring back the U to relevancy. Doing such in a much less public way would be a better approach.

 

[AlexCane]

Good to see other attorneys on the board!

My concern is the narrative that can be used against UM if everything falls through. "Don't go to Miami. Those NIL deals are fake news."

I'm of the mindset that you should walk softly but carry a big stick. The opposite seems to be happening here, which doesn't sit right. That's all.

Again, I'm happy to be wrong if the deal goes through.

Stuff like this has likely already happened and will happen all over the country. It won't be unique to us. Business deals go south. It's why lawyers exist to begin with. This new NIL world is going to create disputes and problems in a very minimally regulated world between sophisticated businessmen and uneducated, inexperienced and minimally business savvy college kids.

 

[Zbrod95]

TIFWIW but I was told (credible poster) the family will be funding the entire operation.

I only hate I wasn’t able to reach this level of success (like Ruiz) fast enough to execute this dream. Either way, i’m grateful for their amazing gift.

I mean ok I guess. By that time he should have the cash but it’s never smart to use your own money in anything.

 

[Angry Ibis]

If it bothers peoples’ morals or sensibilities perhaps it is time to cut ties with the program, especially if it keeps you up at night or on a random Wednesday morning…

 

[JayCane20]

He's not though. If the SPAC deal doesn't close, this is all noise.

If the SPAC deal doesn’t close he’ll do an IPO and be worth billions. Probably $10B instead of $30B.

MSP has a strong portfolio and my understanding is he has a ton of other products and technology in the pipeline that will be valuable - not just this technology that finds medical billing errors. The Life Wallet thing was one but I’ve heard there are more than 10 additional technologies ready to begin rolling out

 

[Brains]

Ride the gravy train until the checks stop clearing.

 

[Hurracanes]

I mean ok I guess. By that time she should have the cash but it’s never smart to use your own money in anything.

I don’t expect him to pay cash for this project. To your point, he’ll find ways to leverage the fundings for it.

 

[canadianhurricane]

The University wants him to be public about it because the school and football staff can’t advocate on behalf of the student-athletes to get them NIL deals due to Florida NIL law.

This is how it has to be done to benefit the university relative to states like Texas where they don’t have this hoop to jump through. How else will HS athletes know they’ll be taken care of at UM? It has to be done publicly. No one affiliated with the university can sell it

Appreciate the info. I didn't he was doing this ON UMs behalf.

I guess Nevin nonsense has given me PTSD lol.

 

[swampcougar1]

My main concern is that either he's writing checks he's ultimately unable to cash, which makes the program look terrible at a time when they're trying to be out in the forefront of NIL deals (and which could impact recruiting).

I'm really not trying to be alarmist. It's just something that has stuck with me since reading the article last week. I have trouble seeing how a company that currently generates no revenue can be valued at $35-$50 billion based on the fact that it's merely filing lawsuits to recover Medicare funds that should have been paid by insurers in the past. Those claims may be worth quite a bit, but I don't see how the firm can generate more than the top-grossing firm in the entire world in a mere five years; it just seems completely unrealistic.

You act like that is the only company he owns.