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Anyone else concerned about Ruiz's alleged net worth?

Katzenboyer said:
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.
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It wouldn't be the first time Cane's fans bit their tongues off; half this board waits for the other shoe to drop after being conditioned like Pavlov's Dog the past 20 years.
 
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TheEye said:
While the other half continues to declare victory each and every off season.
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Paul Sun-Hyung Lee Baseball GIF by Kim's Convenience
..... LOL!!!... :ROFLMAO: :ROFLMAO:
 
Rickd said:
It's more than a story. MSP Recovery is investing huge amounts of money, technical time, and staff attorney time, in building what they call their claims recovery portfolio. There might be many smaller, independent entities involved in tracking payment issues in the healthcare industry but I really doubt that there is any entity with the staffing and focus that MSP has marshaled over the past two years. It takes a very specialized legal expertise to go after the large insurance companies that end up being the focus of these "recovery activities". The US Government is the "agency" that has made payment in error ... and we all know how efficient the US Government is (or is not) in tracking anything. If you believe that MSP and it's current activities, business plan, and potential revenue stream are simply "a story" you are significantly underestimating what Ruiz is in the process of building. Now he might not be anywhere as successful in the execution phase as they are planning, but even if they are significantly short of their established goals, there is a very good prospect that within a few years it will be a firm with annual revenues in excess of $ 1 billion.
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Great, how much revenue do they have today? Any?

Do you have any idea how many very large companies are focused on the inefficiencies/payments space in health care sector? Have you ever been to HiMSS?

Ok, an attorney has more insight and expertise than really well capitalized, public and private companies with hundreds of engineers/experienced employees.

Gotcha. Have you ever tried to raise money for a pre-revenue company? Maybe you can get a $10M valuation if you have a good Founder with successful track record and commercialized technology. Maybe $20M? Probably not today.

I would say there is little to no chance they are generating revenues of $1B in a few years, if they're still around. Cause they're likely burning whatever cash they have and the equity markets are essentially closed to new equity issuance. So how are they going to fund this investment into their great technology?

That is why all of these successful SaaS companies that are growing revenue 50-100% year but still losing money are seeing their stocks crater with no bottom as of yet.

I'm sorry, I won't post anymore about this BS, totally off topic to Canes football.
 
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skeeper said:
Great, how much revenue do they have today? Any?

Do you have any idea how many very large companies are focused on the inefficiencies/payments space in health care sector? Have you ever been to HiMSS?

Ok, an attorney has more insight and expertise than really well capitalized, public and private companies with hundreds of engineers/experienced employees.

Gotcha. Have you ever tried to raise money for a pre-revenue company? Maybe you can get a $10M valuation if you have a good Founder with successful track record and commercialized technology. Maybe $20M? Probably not today.

I would say there is little to no chance they are generating revenues of $1B in a few years, if they're still around. Cause they're likely burning whatever cash they have and the equity markets are essentially closed to new equity issuance. So how are they going to fund this investment into their great technology?

That is why all of these successful SaaS companies that are growing revenue 50-100% year but still losing money are seeing their stocks crater with no bottom as of yet.

I'm sorry, I won't post anymore about this BS, totally off topic to Canes football.
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Your comment stating "an attorney" has more insight that well capitalized companies etc. seems to simply ignore the fact that MSP is NOT just Ruiz ... an attorney ... working alone. His company has a staff of attorneys and a large number of professionals ... experienced employees ... with other backgrounds who ARE specialists in class action legal actions and funds recovery in the insurance sector. It is just your opinion that it is all smoke and mirrors with no fundamental solid core business basis. Like him and his style or not, Ruiz does have quite a history of success in major class action litigation and generating revenue within the insurance recovery sector.
 
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TheOriginalCane said:
I would add this - having worked for publicly-traded companies for 2 decades, I've read many 10-Ks. There's usually boilerplate CYA language in SEC filings that essentially says that "past performance may not guarantee future results", particularly in the case of a change in the laws.

I find it hard to believe that "errors in billing" are somehow unfixable by some combination of a change in the laws and/or a change in the processes. I'm not saying that Ruiz isn't addressing a valid existing gap in the process, but that this situation may not be something that is sustainable.

Perhaps, by that time, he will have other products and processes for his company to roll out.
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This guy doesn't seem to post very frequently, but he really knows his stuff.
 
TheOriginalCane said:
Correct.

Plus, if you look at the description of the overall business model/process, it seems like the entire process generates as much revenue for his law firm as it does for his proposed public company. Now, the expenses of the law firm and the company may be different, but that is still a massive amount of money for a law firm. So if this thing moves forward, he will have several income streams.

I just have questions (not cynical questions, just curious-as-to-who-will-invest questions) about the sustainability of this "billing glitch" that the business focuses on.
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NAILED IT! This poster is smart.
 
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skeeper said:
Great, how much revenue do they have today? Any?

Do you have any idea how many very large companies are focused on the inefficiencies/payments space in health care sector? Have you ever been to HiMSS?

Ok, an attorney has more insight and expertise than really well capitalized, public and private companies with hundreds of engineers/experienced employees.

Gotcha. Have you ever tried to raise money for a pre-revenue company? Maybe you can get a $10M valuation if you have a good Founder with successful track record and commercialized technology. Maybe $20M? Probably not today.

I would say there is little to no chance they are generating revenues of $1B in a few years, if they're still around. Cause they're likely burning whatever cash they have and the equity markets are essentially closed to new equity issuance. So how are they going to fund this investment into their great technology?

That is why all of these successful SaaS companies that are growing revenue 50-100% year but still losing money are seeing their stocks crater with no bottom as of yet.

I'm sorry, I won't post anymore about this BS, totally off topic to Canes football.
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currently advising a start up the pre seed round stage and gearing up for the pitch and **** man the market blows along with the many advisors who think they know better.

a law firm is successful based on its volume which they likely have bc they likely take more than just the class actions which take forever to settle. they probably have the bread and butter easy cases that pay the day to day as they wait on the larger settlements to come in. realistically, you need to settle around a min of 5 a month (not his firm bc its established but a start up firm). if you aren't doing 5 settlements a month, youre making next to nothing and thats not including paying for mailbox/virtual office space, case management software, email, etc. at he least, youre paying at least a legal assistant
 
skeeper said:
Great, how much revenue do they have today? Any?

Do you have any idea how many very large companies are focused on the inefficiencies/payments space in health care sector? Have you ever been to HiMSS?

Ok, an attorney has more insight and expertise than really well capitalized, public and private companies with hundreds of engineers/experienced employees.

Gotcha. Have you ever tried to raise money for a pre-revenue company? Maybe you can get a $10M valuation if you have a good Founder with successful track record and commercialized technology. Maybe $20M? Probably not today.

I would say there is little to no chance they are generating revenues of $1B in a few years, if they're still around. Cause they're likely burning whatever cash they have and the equity markets are essentially closed to new equity issuance. So how are they going to fund this investment into their great technology?

That is why all of these successful SaaS companies that are growing revenue 50-100% year but still losing money are seeing their stocks crater with no bottom as of yet.

I'm sorry, I won't post anymore about this BS, totally off topic to Canes football.
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No in the other thread he’s the goat, somehow turned $24m profit last year and can do no wrong. Comical chain of events.
 
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