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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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I tend to agree.
In my largely uneducated opinion since I don't do any of that work, there's a dangerous ****tail at play:
1. Aggressive trustees that like to gloat about how much they've recovered (regardless of how that money was collected);
2. Attorney's incentives to generate and charge fees;
3. The fact that claims against UM athletes will garner lots of publicity and press for the lawyers/law firm;
4. Some of these deals got publicized so creditors can complain . . . "hey, why I am getting stuck when so and so athlete got $400K/year" . . .
5. And then last, and likely most importantly, every case, even bad ones, have a value. Some of you can sit here and debate into the clouds about whether such a claim is legitimate or not, but the fact is that it is tough to dismiss cases so every case has a "cost of defense" value. So even if you squeeze $10K from some kid--as unfair as that is--that's $10K you didn't have.

My law partner does this. Maybe I'll chat with him and post some more educated thoughts later.
 
blah124 said:
still broke. this inst a settlement lol. its just allowing a class certification I believe. lawsuit is now a class action.
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Rachel Dratch Snl GIF by Saturday Night Live
 
AlexCane said:
I tend to agree.
In my largely uneducated opinion since I don't do any of that work, there's a dangerous ****tail at play:
1. Aggressive trustees that like to gloat about how much they've recovered (regardless of how that money was collected);
2. Attorney's incentives to generate and charge fees;
3. The fact that claims against UM athletes will garner lots of publicity and press for the lawyers/law firm;
4. Some of these deals got publicized so creditors can complain . . . "hey, why I am getting stuck when so and so athlete got $400K/year" . . .
5. And then last, and likely most importantly, every case, even bad ones, have a value. Some of you can sit here and debate into the clouds about whether such a claim is legitimate or not, but the fact is that it is tough to dismiss cases so every case has a "cost of defense" value. So even if you squeeze $10K from some kid--as unfair as that is--that's $10K you didn't have.

My law partner does this. Maybe I'll chat with him and post some more educated thoughts later.
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Someone connected to UM will defend the athletes pro bono.
 
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Let's see, stock opened today at $.147 and is down to $.114 on volume of 1,137,435 shares. Very active trading day for a stock with a float as low as LIFW. One of the biggest creditors with loans TO Lifewallet is John Ruiz / Frank Quesada who loaned Lifewallet $128 million in fiscal 2022, and I believe there was a similar loan in 2021.
 
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AlexCane said:
For real. She gave up a multimillion dollar contract that was guaranteed, easy money for as long as she wanted it. I presume she can always get back into that industry but she has to be questioning herself now.
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She definitely did not give up a multimillion dollar contract. Wsvn pays well but not like that.
 
Tony4Miami said:
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Gotta love the Herald. A story generated by Cano Health being managed by morons (and that's the most benevolent interpretation of what was going on there) and now flailing in the winds of desperation somehow ends up with a headline essentially focused on UM.

Laughably, none of this actually matters. Even in the perceived negative recruiting against us. All that really matters in the world of NIL is that new cash replaces old cash and payments are never missed. The type of **** that happened with Rashada at UiF should really be the main things you ever want to actually avoid in relation to having credibility with recruits and their families in relation to NIL.
 
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ben said:
She definitely did not give up a multimillion dollar contract. Wsvn pays well but not like that.
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I don't think that's accurate. Maybe I shouldn't have said multimillion, but she likely had a multiyear contract paying several hundred thousand dollars a year. Over the span of 1 contract, that's likely $1MM+. Two contracts is definitely multimillion.

Years ago, I represented a local Miami weatherman--not a lead anchor--and IIRC, he had like a 4 or 5 year contract paying him $250K+ year that was worth well over $1 million over the course of the contract.
 
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All we need to do is get the robots in here to pay $75 a month and then our CIS GREENTREE ALL-AMERICAN NIL collective is cooking with Crisco.
 
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