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hotshot said:
Thought Canes Connection was just getting up and running. The collective approach is def the way to go in the future.

The bigger six figure $$ NIL outlays thus far, Nigel Pack and Isaiah Wong to name two, were from Ruiz. As were the well-publicized Cavender Twins. Who sponsored TVD on the football side?
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We used to **** on collectives and proclaim them illegal, but there's the loophole that can't be closed by the NCAA. It's actually good for the NCAA that collectives exist.
 
Empirical Cane said:
closed $.18/share on 2 Aug 23
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i feel sick flu GIF
 
AmherstCane said:
I think the school would figure out how to cover any unpaid commitments to current players… but you’re right that clawbacks would be a problem.

With that said I highly doubt any NIL payments would be subject to clawbacks because I’m sure they were arms length business transactions (approved by the university) and carried out openly and publicly through the operation of the business.
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U.S. Bankruptcy Trustees are an aggressive lot. I’m a bankruptcy lawyer, but have only modest expertise in preference/fraudulent-transfer clawback adversary proceedings. My opinion (worth what’s been paid for it) is the athletes can expect they will be served with an adversary complaint to pay back monies if they don’t do so pre-litigation. There is a vast body of precedent governing the outcome of such an adversary, and facts and circumstances of each payment/contract will be highly scrutinized.
 
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Atom Atlas said:
Yea... It's keeps getting uglier... I've conceeded that I've lost... I don't see how this turns around... It's bad...
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this was a disaster since the moment it went public. no trolling, i hope you didnt put a lot into this.

he shouldve stayed a law firm and not tried to get too greedy. there wouldnt be a single issue unless he was committing some sort of fraud with his recoveries.

edit: I meant not try to make life wallet this publicly traded company. start ups fail all the time and this would have been another case of one. an idea that didnt turn out. he would have lost money but likely no securities violations and possible criminal behavior. anyways, as someone else said, he was somewhat questionable before and what's the cliche quote about stripes? he could be that.

thankfully, there are others who can fund our NIL ventures. I will miss his passion for hoops. he seemed to be one of the few who actually cared about our hoops team
 
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blah124 said:
this was a disaster since the moment it went public. no trolling, i hope you didnt put a lot into this.

he shouldve stayed a law firm and not tried to get too greedy. there wouldnt be a single issue unless he was committing some sort of fraud with his recoveries.
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I'm good... I didn't go deep.. just wanted to test the waters and see what happens and ... Well... We see... ..lol
 
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Pimpdaddycane said:
U.S. Bankruptcy Trustees are an aggressive lot. I’m a bankruptcy lawyer, but have only modest expertise in preference/fraudulent-transfer clawback adversary proceedings. My opinion (worth what’s been paid for it) is the athletes can expect they will be served with an adversary complaint to pay back monies if they don’t do so pre-litigation. There is a vast body of precedent governing the outcome of such an adversary, and facts and circumstances of each payment/contract will be highly scrutinized.
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That would be ugly.
 
Pimpdaddycane said:
U.S. Bankruptcy Trustees are an aggressive lot. I’m a bankruptcy lawyer, but have only modest expertise in preference/fraudulent-transfer clawback adversary proceedings. My opinion (worth what’s been paid for it) is the athletes can expect they will be served with an adversary complaint to pay back monies if they don’t do so pre-litigation. There is a vast body of precedent governing the outcome of such an adversary, and facts and circumstances of each payment/contract will be highly scrutinized.
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You sound like you have a better vantage point than me… but I have to respectfully disagree with the likelihood of players ultimately having financial exposure based upon the available information.

All of Ruiz’s public statements support the NIL deals as being arms length business marketing transactions, the school presumably reviewed the contracts, and I’m quite certain the players didn’t have the first clue other than that they were being paid to market the company as U athletes (which is a permissible and legal business expense). Heck I think even Ruiz genuinely believed he could get market traction through NIL sponsorships…. You just have to have a better service than what LIFW was selling.
 
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