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Anyone else concerned about Ruiz's alleged net worth?

Zbrod95 said:
Fiscal and financial education are completely untaught so people don’t know unless they seek the education themselves. No one understands the gold mine a 700 credit score is. My dad made sure I knew because no one taught him and he had to learn himself.
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High schools in some states are now requiring basic economic classes. I think Ohio may have been the first to do it. I hope it catches on everywhere.
 
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What I find strange is that there isn't a credits department in these insurance claims that isn't pursuing or resolving monthly. I worked at one time for Fresenius and we had a block monthly that was in the tens of millions of plus or minus revenue, but they were the provider. So who knows, I just find it strange that there's that much missing money out there, but as a lot of it depends on a human, I'm also not surprised.
 
OriginalCanesCanesCanes said:
No elaboration. All NIL deals, anywhere, can all be interpreted as pay to play. I rest my case.

Next.
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That's your opinion, but if a higher court interprets NIL's to be pay for play, then scholarships & NIL's become income, and student-athletes would become employees of the Universities. Small chance of it happening, but that'll have a huge, negative ramification for College sports. Now I'm no fan of the NCAA, but they do protect schools from certain things.
 
CaneSince4Ever said:
That's your opinion, but if a higher court interprets NIL's to be pay for play, then scholarships & NIL's become income, and student-athletes would become employees of the Universities. Small chance of it happening, but that'll have huge, negative ramifications for College sports. Now I'm no fan of the NCAA, but they do protect school from certain things.
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I believe what you’re saying is correct, but then that would be a universal effect for all universities.

The concern some of these scared people have on this site and in this thread is that somehow we will be singled out and punished.

Based on everything I know, there is no chance we are punished for NIL deals, unless the entire college football world is punished.

That was my point.

But I agree totally that somehow either through legislation or through some other mediums this whole system could change significantly, my point is we’re not doing anything differently at Miami than is being done in Alabama or Texas or any of the other SEC or P5 schools that are taking full advantage of NIL. That’s all.
 
Katzenboyer said:
Right. If the SPAC deal closes, it's really money. But it hasn't yet, and the valuation seems entirely unrealistic for that to actually happen.

Believe me, I want it to. I respect Ruiz and the niche he's found in the legal market. But it's just a niche; he's not sitting on some kind of technical revolution that will re-invent the practice of law, which is my main concern with the valuation numbers.

If those numbers were truly real, and not just funny money, why hasn't Kirkland & Ellis (a firm that actually does generate billions in revenue) go public via a SPAC? Why not Akerman? Holland & Knight? Debevoise & Plimpton?

It feels too good to be true.
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He’s not selling billable hours. He’s selling software that analyzes uncollectible or misallocated claims. Much more money in that than billing hours. Also, a law firm can’t be public due to fee splitting rules for lawyers.
 
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CaneSince4Ever said:
That's your opinion, but if a higher court interprets NIL's to be pay for play, then scholarships & NIL's become income, and student-athletes would become employees of the Universities. Small chance of it happening, but that'll have a huge, negative ramification for College sports. Now I'm no fan of the NCAA, but they do protect schools from certain things.
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I believe scholarships = university employment was a part of the O'Bannon vs NCAA case?

I'm sure I'm wrong, please somebody jump in here...
 
CaneSince4Ever said:
That's your opinion, but if a higher court interprets NIL's to be pay for play, then scholarships & NIL's become income, and student-athletes would become employees of the Universities. Small chance of it happening, but that'll have a huge, negative ramification for College sports. Now I'm no fan of the NCAA, but they do protect schools from certain things.
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I actually think it is highly likely that a student-athlete will win an "employee" case soon. They have already come close. I believe that certain elements of NIL (boosters, contingency on remaining at a particular school) will push it over the top. Now, whether the US Supreme Court would overturn that? Who knows.
 
MasterBlaster said:
I've been buying SPACs for the last 2 years, practically all of them are no revenue or have a lot of debt to start. A lot are start up companies, 33B is a lofty valuation, but if they hit their projection of 3 billion revenue next year and 23 billion in 5 years they'll be worth their valuation. Everything is forward looking, I'm invested heavy in Lucid Motors since being brought public in a SPAC deal with CCIV with a 25B valuation and no revenue at the time of the deal. I don't see any issues here.
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This sounds like the dot-com 2.0 bubble. Crazy revenue projections and a ton of debt. What could go wrong?
 
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We the Boss said:
He’s not selling billable hours. He’s selling software that analyzes uncollectible or misallocated claims. Much more money in that than billing hours. Also, a law firm can’t be public due to fee splitting rules for lawyers.
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No he's not. The company is pointing to the value of the CLAIMS Ruiz may recover under the MSP Act to value the company in the billions.

This is straight from the article I linked and Ruiz's own words. Ruiz is very clear that the value of the firm is " the value of the claims his company currently holds." He makes a 20% nut on "all recoveries after paying the claim assignor and outside counsel." The tools he utilizes to analyze those claims is not the product, and he's not making that argument in valuing the company as high as the numbers being thrown around.
 
We the Boss said:
He’s not selling billable hours. He’s selling software that analyzes uncollectible or misallocated claims. Much more money in that than billing hours. Also, a law firm can’t be public due to fee splitting rules for lawyers.
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Put another way, Ruiz identifies misallocated claims, farms out the work of recovery to outside firms, and takes a 20% cut of any recovery. THAT is what he's using to value the company in the billions -- and how he gets around the fee-splitting issues.
 
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I wouldn’t give AF if Osiel Càrdenas Guillén himself was our #1 backing booster.

You guys bemoan every year about trying to be like Bama & UGA, well the only way anything like that is ever going to happen at Miami is if somebody with a lot of money bankrolls our recruiting operations & puts forth a significant investment in upgrading the entire athletic program.

You guys are always a bunch of choir boys when it comes to stepping up to the plate to play big time ball.

Yall act like Ruiz has an overdrawn - negative account balance, I can assure you, he’s far from broke.
 
idc if life wallet is an NIL shell company. I only care that the checks cash and the kids get paid what they're promised. Ruiz can deal with the rest of it
 
From afar, living in another state, I've had concerns that this dude who I'd never heard of before is suddenly such an instrumental part of the discussion. Seems like a bit of a loose end, like we've made a deal with the devil of sorts (not dismissing this guy's character or anything, I know nothing). In general it's just not ideal for one person who doesn't work for the program having so much sway over what ends up happening and us being so dependent on his continued funding isn't the most stable footing. But until there's concrete reasons not to, keep cashing the checks as long as they clear, just be diligent keeping an eye on the situation.
 
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Liberty City El said:
I wouldn’t give AF if Osiel Càrdenas Guillén himself was our #1 backing booster.

You guys bemoan every year about trying to be like Bama & UGA, well the only way anything like that is ever going to happen at Miami is if somebody with a lot of money bankrolls our recruiting operations & puts forth a significant investment in upgrading the entire athletic program.

You guys are always a bunch of choir boys when it comes to stepping up to the plate to play big time ball.

Yall act like Ruiz has an overdrawn - negative account balance, I can assure you, he’s far from broke.
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YES, YES, YES. I have zero concerns and as someone else posted, "As long as the check don't bounce" I am OK.
 
Katzenboyer said:
Put another way, Ruiz identifies misallocated claims, farms out the work of recovery to outside firms, and takes a 20% cut of any recovery. THAT is what he's using to value the company in the billions -- and how he gets around the fee-splitting issues.
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Maybe I wasn’t clear in my first post but this is what I said. His business is the process of identifying claims. This isn’t practice of law. I don’t know how airtight his patent is or what barriers there are to competition but he’s got decided first mover advantage. The market for his service is huge. Even if his revenue in 2 years is half of what predicted, he will have a company worth ~50billion at 5x multiple, which would be conservative for a growth company. The spac is letting people buy a ticket on a potential rocket ship. Some rockets do crash tho.
 
We the Boss said:
Maybe I wasn’t clear in my first post but this is what I said. His business is the process of identifying claims. This isn’t practice of law. I don’t know how airtight his patent is or what barriers there are to competition but he’s got decided first mover advantage. The market for his service is huge. Even if his revenue in 2 years is half of what predicted, he will have a company worth ~50billion at 5x multiple, which would be conservative for a growth company. The spac is letting people buy a ticket on a potential rocket ship. Some rockets do crash tho.
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Ruiz does not own a patent to software/any claims identifying tool. The valuation of the company is based entirely on the 20% cut he gets for identifying claims.

At that math, Ruiz is effectively stating that he is in possession of $175 billion in claims against insurers that he can farm out to other attorneys over the next five years. For comparison's sake, that type of revenue would put him on par with the revenues grossed by Exxon and AT&T last year. That's just not realistic, especially when Ruiz has admitted that his company is currently not generating any revenue.

Honestly, though, my problem isn't really with Ruiz. It's with Lionheart Capital. Those guys leave trouble in their wake (just look at the lawsuits filed against them, they're public record). Just bothers me is all.
 
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