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June 28 they fired Calvin Hamstra, the CFO, June 29 announced Ricardo Rivera as the new CFO. Ricardo Rivera, a UM alum, has been a LIFEW employee since 2019. Believe this was a tactic to help justify a further extension in presenting the 2022 10K (Annual financial report) to the SEC. It is due within 90 days of the end of the fiscal year and that was 12/31/22 for LIFEW. Business model so far has not worked to even a fraction of projected results.
 
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I certainly don't know anywhere enough to comment on this situation other than to wish Mr. Ruiz the best and thank him for his support of UM Athletics.

One question: What, specifically, is the sweet spot for LifeWallet becoming a profitable business? I looked at the web site, but I'm unclear on the path to success (and that may very well be my own ignorance)
 
Rickd said:
June 28 they fired Calvin Hamstra, the CFO, June 29 announced Ricardo Rivera as the new CFO. Ricardo Rivera, a UM alum, has been a LIFEW employee since 2019. Believe this was a tactic to help justify a further extension in presenting the 2022 10K (Annual financial report) to the SEC. It is due within 90 days of the end of the fiscal year and that was 12/31/22 for LIFEW. Business model so far has not worked to even a fraction of projected results.
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I bought shares and still have them... I'm not deep by any means so I'm ok with the hit I'm taking... It would just be nice to see ANYTHING at this point that indicates there's some sort of direction as opposed to continual pushing off of the inevitable... I knew the risks going in so again, I'm good with it.... Really hope Ruiz can get it together...
 
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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its always been a scam of a business lol. his business is the law firm. life wallet was always a poor rip off of already existing products in the market. man made his money off the merger but this company is gonna end up going under. luckily, he still makes more than enough through his other ventures
 
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Hold My Beer said:
I certainly don't know anywhere enough to comment on this situation other than to wish Mr. Ruiz the best and thank him for his support of UM Athletics.

One question: What, specifically, is the sweet spot for LifeWallet becoming a profitable business? I looked at the web site, but I'm unclear on the path to success (and that may very well be my own ignorance)
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isnt lifewallet basically using MSPR as its life support (correct me if im wrong but MSPR is what merged and went public and then renamed it all to lifewallet on the ticker right?). i dont think lifewallet will ever be anything. if it werent for MSPR, id venture to guess the entire thing would have gone under by now
 
Atom Atlas said:
I bought shares and still have them... I'm not deep by any means so I'm ok with the hit I'm taking... It would just be nice to see ANYTHING at this point that indicates there's some sort of direction as opposed to continual pushing off of the inevitable... I knew the risks going in so again, I'm good with it.... Really hope Ruiz can get it together...
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Same.
 
Atom Atlas said:
I bought shares and still have them... I'm not deep by any means so I'm ok with the hit I'm taking... It would just be nice to see ANYTHING at this point that indicates there's some sort of direction as opposed to continual pushing off of the inevitable... I knew the risks going in so again, I'm good with it.... Really hope Ruiz can get it together...
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Big red flag from the outset was the extremely small float - shares actually in the market being traded. Something like 80 million. Only. With something like 33 billion authorized and 22 billion of those being Held by Ruiz. With a small float of 80 million shares it is struggling to maintain a share value of $.25 per share and THAT is purely speculative as so far LIFW isn’t even close to sniffing a profit.
 
hoops156 said:
isnt lifewallet basically using MSPR as its life support (correct me if im wrong but MSPR is what merged and went public and then renamed it all to lifewallet on the ticker right?). i dont think lifewallet will ever be anything. if it werent for MSPR, id venture to guess the entire thing would have gone under by now
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MSPR simply changed the name of the publicly traded company to LifeWallet. LifeWallet was a division - product line - of the MSPR corporation. The main product that theoretically had the “billions of revenue potential” was / is - erroneous Medicare payment recoveries.
 
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Rickd said:
MSPR simply changed the name of the publicly traded company to LifeWallet. LifeWallet was a division - product line - of the MSPR corporation. The main product that theoretically had the “billions of revenue potential” was / is - erroneous Medicare payment recoveries.
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isnt he still waiting to show a recovery on the settlement side of those lawsuits?
 
hoops156 said:
isnt he still waiting to show a recovery on the settlement side of those lawsuits?
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The company has an “inventory” supposedly of several billion dollars of “ recoverable” mis payments. Each one has to be processed - his “algorithm” was supposed to identify the easiest and most recoverable transactions and supposedly expedite the process. Has not happened so far.
 
Rickd said:
The company has an “inventory” supposedly of several billion dollars of “ recoverable” mis payments. Each one has to be processed - his “algorithm” was supposed to identify the easiest and most recoverable transactions and supposedly expedite the process.
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Are there other entities in the same space or is this theoretically new ground Ruiz is trying to mine?
 
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Hold My Beer said:
Are there other entities in the same space or is this theoretically new ground Ruiz is trying to mine?
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The US Government does have, within the medicare organization, a group called COBR (coordination of benefits and recovery) that is tasked with identifying and recovering mis-paid benefits (situations where medicare should not be the primary). So Ruiz supposedly has an "algorithm" that expedites the identification and recovery process for a fee. So far it isn't working.
 
Rickd said:
The company has an “inventory” supposedly of several billion dollars of “ recoverable” mis payments. Each one has to be processed - his “algorithm” was supposed to identify the easiest and most recoverable transactions and supposedly expedite the process. Has not happened so far.
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and if hes waiting on lawsuits as his "inventory", yeahhhhhhhhhhhhhhhh good luck
 
Considering his rather small investment in the original SPAC, I don't believe Ruiz is too concerned about his own wealth. I think the price of LIFW closely reflects the true original value of the company. I'm surprised it is not on the OTC yet .
 
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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