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LIFW

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ColoCane said:
One thing that could really be hurting lifewallet is the fact that Medicare since covid hasnt done many audits on providers. Once those start to pick up again I could see it moving upward, not to the levels projected but certainly to respectable levels. I know my 2 practices have not had an audit since 2019.
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I don't believe Medicare audits will help as they haven't really aggressively pursued 3rd party insurance. This appears to be LIFW critical business model component.
 
ColoCane said:
One thing that could really be hurting lifewallet is the fact that Medicare since covid hasnt done many audits on providers. Once those start to pick up again I could see it moving upward, not to the levels projected but certainly to respectable levels. I know my 2 practices have not had an audit since 2019.
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Very good point.
 
ColoCane said:
One thing that could really be hurting lifewallet is the fact that Medicare since covid hasnt done many audits on providers. Once those start to pick up again I could see it moving upward, not to the levels projected but certainly to respectable levels. I know my 2 practices have not had an audit since 2019.
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Not really impacting his "recovery" success. He has a huge inventory of "actionable claims" and his recovery process has not shown to be cost effective. Huge expenditures and very low recovery dollars. Sounds like he has something great when it is being "marketed" but then it doesn't produce from an actual operational standpoint. Over selling and under delivering. Not sustainable.
 
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Rickd said:
Not really impacting his "recovery" success. He has a huge inventory of "actionable claims" and his recovery process has not shown to be cost effective. Huge expenditures and very low recovery dollars. Sounds like he has something great when it is being "marketed" but then it doesn't produce from an actual operational standpoint. Over selling and under delivering. Not sustainable.
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So if LIFW goes belly up does Ruiz stay involved NIL wise by shifting NIL resources from other business ventures he has or does he step away from NIL altogether?? And that's assuming that NIL monies being used at this point by him are strictly from LIFW.... Is he funding through other ventures as we speak???
My concern is LIFW closing shop and he bounces.... That's a horrendous look for the school... I know he isn't "Officially " part of the school but everyone associates him with UM...
And yes I know we have others funding NIL more discreetly than Ruiz but he is the loudest so it draws the most attention...
 
Atom Atlas said:
He needs to show profit or there is no plan.... You can't function and make no money.... Not sure what can be done to turn this around... as of now his business model from LIFW has failed big...
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You know things are totally messed up when 90 days after the close of the fiscal year you cancel the meeting in which you are going to announce the 4th quarter and final 2022 year operating results. Then 3 months later you fire your CFO and request a further extension to file your 10K (2022 financials).

The last public announcement regarding 2022 financials was the 3rd quarter. "3rd quarter revenue of $8.3 million dollars and 3rd quarter operating loss of $79 million dollars". Assets included "Paid Value of Potentially Recoverable Claims" of $89.2 Billion dollars. Puffer comment "we are establishing a clear path towards monetizing assets". The revenue projections prior to the IPO showed figures of $1 Billion per year within 2 years. Right now RECORD revenue for a quarter is $8 million dollars, annualized = $32 million, and not all of that is from asset recovery.
 
Rickd said:
Not really impacting his "recovery" success. He has a huge inventory of "actionable claims" and his recovery process has not shown to be cost effective. Huge expenditures and very low recovery dollars. Sounds like he has something great when it is being "marketed" but then it doesn't produce from an actual operational standpoint. Over selling and under delivering. Not sustainable.
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he basically developed a formula to find the loop holes right?
 
Atom Atlas said:
So if LIFW goes belly up does Ruiz stay involved NIL wise by shifting NIL resources from other business ventures he has or does he step away from NIL altogether?? And that's assuming that NIL monies being used at this point by him are strictly from LIFW.... Is he funding through other ventures as we speak???
My concern is LIFW closing shop and he bounces.... That's a horrendous look for the school... I know he isn't "Officially " part of the school but everyone associates him with UM...
And yes I know we have others funding NIL more discreetly than Ruiz but he is the loudest so it draws the most attention...
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I dont think his firm closes which was his bread and butter. I do think that app goes away. I assume he still stays involved but maybe not as public but I guess it depends on how much he actually sunk into Lifewallet
 
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Rickd said:
You know things are totally messed up when 90 days after the close of the fiscal year you cancel the meeting in which you are going to announce the 4th quarter and final 2022 year operating results. Then 3 months later you fire your CFO and request a further extension to file your 10K (2022 financials).

The last public announcement regarding 2022 financials was the 3rd quarter. "3rd quarter revenue of $8.3 million dollars and 3rd quarter operating loss of $79 million dollars". Assets included "Paid Value of Potentially Recoverable Claims" of $89.2 Billion dollars. Puffer comment "we are establishing a clear path towards monetizing assets". The revenue projections prior to the IPO showed figures of $1 Billion per year within 2 years. Right now RECORD revenue for a quarter is $8 million dollars, annualized = $32 million, and not all of that is from asset recovery.
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sons of anarchy GIF
..LOL!!!
 
Atom Atlas said:
So if LIFW goes belly up does Ruiz stay involved NIL wise by shifting NIL resources from other business ventures he has or does he step away from NIL altogether?? And that's assuming that NIL monies being used at this point by him are strictly from LIFW.... Is he funding through other ventures as we speak???
My concern is LIFW closing shop and he bounces.... That's a horrendous look for the school... I know he isn't "Officially " part of the school but everyone associates him with UM...
And yes I know we have others funding NIL more discreetly than Ruiz but he is the loudest so it draws the most attention...
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Realistically if you look at the NIL support Ruiz has provided it is from him personally as MSPR / LIFW has not made a dime of profit. He is wealthy due to his legal practice(s) and I would expect him to remain involved to some degree with supporting UM athletics. This SPAC / IPO was his shot at going from very wealthy (?? net worth of a couple hundred million) to UBER wealthy (the Billionaire category), and so far it hasn't worked.
 
hoops156 said:
I dont think his firm closes which was his bread and butter. I do think that app goes away. I assume he still stays involved but maybe not as public but I guess it depends on how much he actually sunk into Lifewallet
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I gotcha.... I get his firm is fine , I was strictly talking about LIFW going belly up and would let's say he now use the firm for future potential NIL endeavors.... Ya know what I mean??
 
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Rickd said:
Realistically if you look at the NIL support Ruiz has provided it is from him personally as MSPR / LIFW has not made a dime of profit. He is wealthy due to his legal practice(s) and I would expect him to remain involved to some degree with supporting UM athletics. This SPAC / IPO was his shot at going from very wealthy (?? net worth of a couple hundred million) to UBER wealthy (the Billionaire category), and so far it hasn't worked.
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So he basically just reshuffles the deck so to speak it sounds like....... I mean I guess as long as he honors everything towards the athletes I'm good with it ....
 
Atom Atlas said:
I gotcha.... I get his firm is fine , I was strictly talking about LIFW going belly up and would let's say he now use the firm for future potential NIL endeavors.... Ya know what I mean??
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By "firm" I take it you are referring to his LEGAL PRACTICE, not MSPR / LIFW, the SPAC / IPO. Since the MSPR / LIFW company has never made a profit realistically the NIL funding has all been from J. Ruiz personally and I would expect that to continue.
 
Rickd said:
By "firm" I take it you are referring to his LEGAL PRACTICE, not MSPR / LIFW, the SPAC / IPO. Since the MSPR / LIFW company has never made a profit realistically the NIL funding has all been from J. Ruiz personally and I would expect that to continue.
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Yep.. that's what I was getting at.... From a business standpoint that's legal to take money from one business to fund another??? Or am I phrasing that wrong???
 
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Rickd said:
It was stated that they had an "algorithm" that would enable them to streamline the recoverable asset identification and recovery process. So far if there actually is an "algorithm" it hasn't worked.
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Every joker and his first cousin have been raising money claiming Big Data sets, with AI based learning models. If the best of the best AI and software engineers aren't involved, you can be pretty confident that "Algorithm" = "Snake Oil". And even with ELITE mathematical brains running the engineering department, the proof of concept needs to be run before it deserves unicorn valuations.

Respectfully for those that put some money in this, I never understood the hype. How does a lawyer from Miami deliver something software engineers from the Bay Area or Greater Boston or NYC haven't figured out? It's not like the collections industry is some new thing.
 
Atom Atlas said:
So if LIFW goes belly up does Ruiz stay involved NIL wise by shifting NIL resources from other business ventures he has or does he step away from NIL altogether?? And that's assuming that NIL monies being used at this point by him are strictly from LIFW.... Is he funding through other ventures as we speak???
My concern is LIFW closing shop and he bounces.... That's a horrendous look for the school... I know he isn't "Officially " part of the school but everyone associates him with UM...
And yes I know we have others funding NIL more discreetly than Ruiz but he is the loudest so it draws the most attention...
Click to expand...

What money was Ruiz making from this venture that he could put into NIL? Think about it real hard.
 
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