Discussion in 'Awesome Recruiting' started by ETGator, Apr 15, 2023.
There are so many huge problems revealed in that article. Life Wallet stock trading at 88 cents? Life Wallet revenue for 2022 projected at one billion, but was 3.9 million? Not filing reports? Being potentially pulled from the exchange? But Life Wallet is going to make 89 billion by suing health insurers? ROTFLMAO!!!! Ruiz sued for fraud by the previous Life Wallet owner? They are done; Ruiz is a total fraud.
Gotta love the part about the stadium to be built at a different location. Ha ha. And exactly where would that be? Ha ha ha.
This is worse for Ruiz/Miami than you think.
Lol... there's a pun in there somewhere.
Would be interesting if Ruiz was convicted of fraud considering a bunch of those ill-begotten funds have poured into UM. What then?
That has been publicly involved. We don't know what the quiet boosters are doing.
And yes, this is good news for UF either way...I would use this at every meeting with someone considering UM.
ThugU will always have backdoor door deals that the NCAA will overlook.
John Ruiz's LifeWallet Defers Debt Payments, Warns of Accounting Blunders
"In the same statement, the company announced it had renegotiated payment obligations to its investment partner Virage Capital Management and its debt to Nomura Securities, which provided underwriting and banking services to help take the company public last year.
Nomura agreed to defer the upcoming May 29 payment date for LifeWallet's $24.5 million debt for those services. Under the parties' new deal, inked April 12, LifeWallet owes Nomura $26.3 million, now due in full on September 30, 2024.
The payment deadline for debt to Virage was extended to that same date, and in the meantime, Virage will have the right to monitor LifeWallet's bank accounts to keep track of its financial status. LifeWallet has different pathways to repay Virage, but if revenue is inadequate, Virage has broad rights to payment in LifeWallet stock with anti-dilution protections. If all else fails, Ruiz and his partner's stock will be liquidated to satisfy the payment obligations, according to an SEC filing."
So telling. You know why?
Ruiz had to borrow money from Nomura, a private investor; he couldn't get a commercial bank to loan him money.
He is done.
The company I worked for the longest had multiple lines of credits…including one from Nomura. That company is Still around today and worth many, many billions. Getting a line from nomura isn’t a death knell.
From the 8k filed by MSP Recovery, (Life Wallet), they owe Virage over 750 million dollars, as well as having other creditors. I don't know if the VIrage money is an investment or loan, however the deferred payments may have ramifications on the money virage put into the company if ultimately life wallet doesn't pay
No, of course not. I never said that it was. If said company paid Nomura then it is fine. But private financiers such as Nomura charge higher interest rates than commercial banks, because the borrower can't get financing from them. Nomura gets a higher interest rate, because it takes more risk. When an alleged billionaire such as Ruiz can't get loans from commercial banks, that is a huge red flag. These articles illustrate why.
Ruiz's business plan for collecting billions in unpaid insurance reimbursements for the health care field is absolute nonsense. Private health care companies, such as Aetna and BC/BS, have negotiated provider agreements with health care providers. Those agreements establish the reimbursement rates for each procedure performed by the provider. There is no claim there unless the health insurance company didn't honor the agreed upon rate, which is highly unlikely. It is also highly unlikely that a health care provider in network with a private health insurance company would sue them, because it most likely has been paid per the provider agreement, and suing them would be grounds for termination of the agreement which would knock them out of network, and cause them to lose tons of patients.
The inadequate Medicare reimbursement claims are LMAO ridiculous. Medicare sets reimbursement rates per region of the country. They have a set fee schedule that they will pay; that's all a health care provider gets--PERIOD. And Medicare always pays per the schedules. If the provider doesn't like the reimbursement rates, tough--it can stop billing medicare. I've got a good friend who did just that-stopped billing Medicare for that reason.
The only possible claims Lifewallet may have would be with regard to PIP/No fault auto underpayments. There would be money there, but billions and billions of dollars? LMAO again. What is Ruiz doing, representing every health care provider in the state that takes No fault payments? I think not; even if, they wouldn't get anywhere near those numbers. Plus, the legislature has clamped down on PIP reimbursements, and most of them now are tied to Medicare reimbursement schedules, which are low. And as for underpayments, they would be a $100 here, and a $100 there. It takes a lot of those to hit a million dollars, much less billions and billions of dollars.
Lifewallet's business model is a complete fraud. It will generate nowhere near the kind of revenue they forecast for their company. Evidently, the people that financed and invested in this company didn't understand the nature of the business.
And last but not least, the photo of Ruiz on the private jet? LMAO again. Such classic con man/ponzi scheme/scammer behavior. All hat, no cattle.
There's a bit more insurance money out there than you might think....denials work is a big business. But you are right that the volumes suggested are ludicrous, and as I've said before I am very established in that field and have never run across them in the market and am not aware of any significant providers using them
Virage website. It looks like they provide loans to litigation lawyers. A good chance the 750Million + that they have out with Life Wallet is a loan, but it's hard to tell from the 8k
Virage Capital Management LP
I posted on Twitter months ago that Ruiz was a fraudster and got attacked by the Cane faithful. South Florida and Medicare payments are an easy giveaway.
Highlighted above is exactly his model. He claims he has made a magic AI algorithm that would instantly find every such claim in Florida and that he is so big and bad he’d get them to pay up on all of them with no fight. Poppycock, obvious.
I couldn't find a pun but this haiku was available...
a rendezvous with destiny approaches
two collude with thoughts of cheating fate
there will be no escape
Whenever I think of the past, it brings back so many memories.
I know this was tongue and cheek but it tripped off my ocd. Haiku are based on syllables not words.
Every line is way over run and off meter.
please ignore this post; I just had to get it out of my brain.