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Ruiz potentially suing the NCAA….

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AtlAtty said:
UF’s journalism degree is a Bachelor of Science degree and not Bachelor of Arts? What exactly is the scientific aspect of journalism?
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depends on how the school itself does it. example: political science is a BA at UF and UM but a BA and BS at FSU lol. there isnt anything scientific about Pol Sci. the only thing I could think of w UF J school is that its part of the J school and not LAS? I know UM comm grad degrees are both MA and MS depending on the track.
 
hoops156 said:
depends on how the school itself does it. example: political science is a BA at UF and UM but a BA and BS at FSU lol. there isnt anything scientific about Pol Sci. the only thing I could think of w UF J school is that its part of the J school and not LAS? I know UM comm grad degrees are both MA and MS depending on the track.
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I appreciate this but as someone who has a BA in Poli Sci, there is nothing scientific about that degree.
 
ruiz taking a pounding on financial reporting



LifeWallet said at the end of March that it wouldn’t be able to file its annual report for 2022 on time. Last week, it indicated that it had discovered accounting errors, including “material weaknesses in internal controls,” that rendered two financial filings from last year unreliable. Monday, the company said that it had renegotiated two debts, pushing its repayment dates back by a year
 
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rsa coral gables said:
ruiz taking a pounding on financial reporting



LifeWallet said at the end of March that it wouldn’t be able to file its annual report for 2022 on time. Last week, it indicated that it had discovered accounting errors, including “material weaknesses in internal controls,” that rendered two financial filings from last year unreliable. Monday, the company said that it had renegotiated two debts, pushing its repayment dates back by a year
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Slowly but surely I'm starting to sour on this guy....
 
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rsa coral gables said:
ruiz taking a pounding on financial reporting



LifeWallet said at the end of March that it wouldn’t be able to file its annual report for 2022 on time. Last week, it indicated that it had discovered accounting errors, including “material weaknesses in internal controls,” that rendered two financial filings from last year unreliable. Monday, the company said that it had renegotiated two debts, pushing its repayment dates back by a year
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Oh there will be some receipt pulling.

I can see porsters going back now and editing their porsts.

Whoops...too late....

🤣🤣🤣🤣🤣
 
rsa coral gables said:
ruiz taking a pounding on financial reporting



LifeWallet said at the end of March that it wouldn’t be able to file its annual report for 2022 on time. Last week, it indicated that it had discovered accounting errors, including “material weaknesses in internal controls,” that rendered two financial filings from last year unreliable. Monday, the company said that it had renegotiated two debts, pushing its repayment dates back by a year
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Looks like a duck, sounds like a duck, walks like a duck. Guess what ....it's a duck.
 
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rsa coral gables said:
ruiz taking a pounding on financial reporting



LifeWallet said at the end of March that it wouldn’t be able to file its annual report for 2022 on time. Last week, it indicated that it had discovered accounting errors, including “material weaknesses in internal controls,” that rendered two financial filings from last year unreliable. Monday, the company said that it had renegotiated two debts, pushing its repayment dates back by a year
Click to expand...

Very common in companies that go public and are filing for the first time or even the first few times. I consult on SOX and ICFR implementation. Accounting estimates and GAAP compliance aren't easy transitions and often requires external help or restructuring and bringing in staff that are familiar and have extensive experience in SEC reporting. External auditors are also now looking at their footnotes and disclosures and language used.

Oftentimes, GAAP isn't reality and not what you use to make your own internal assessment and managerial decisions. It's just for consistency across the industry for investor comparison.

Not saying he doesn't have some trouble on the horizon but litigation takes time - very common in recovery entities to push out repayment terms and negotiate - but the ICFR and footnote things happen to every newly public company out there - mostly just isn't in the spotlight.
 
JayCane20 said:
Very common in companies that go public and are filing for the first time or even the first few times. I consult on SOX and ICFR implementation. Accounting estimates and GAAP compliance aren't easy transitions and often requires external help or restructuring and bringing in staff that are familiar and have extensive experience in SEC reporting. External auditors are also now looking at their footnotes and disclosures and language used.

Oftentimes, GAAP isn't reality and not what you use to make your own internal assessment and managerial decisions. It's just for consistency across the industry for investor comparison.

Not saying he doesn't have some trouble on the horizon but litigation takes time - very common in recovery entities to push out repayment terms and negotiate - but the ICFR and footnote things happen to every newly public company out there - mostly just isn't in the spotlight.
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Understood, but when you have, what was it??? $9 Billion valuation and you go public, the stock tanks immediately and then it’s reported that the profits where closer to what, was it $21 million in that Miami NewTimes article?

Does it matter if the books are off with such a large deficit or it’s a common occurrence if the discrepancy in the numbers is so far off?

I am trying to learn here so as I don’t know how this works but just using common sense. Let’s say, as an example, I reported having $50.35 in my pocket but instead I had $46.50. Then I would be like, ok, that might fall in the +/- $5 error scale.

What seems to be happening here though is that $50.35 was reported and what’s actually in the pockets is $5.35.

I am not a finance guy. @SpikeUM - what says you, lol??
 
PIPO said:
Understood, but when you have, what was it??? $9 Billion valuation and you go public, the stock tanks immediately and then it’s reported that the profits where closer to what, was it $21 million in that Miami NewTimes article?

Does it matter if the books are off with such a large deficit or it’s a common occurrence if the discrepancy in the numbers is so far off?

I am trying to learn here so as I don’t know how this works but just using common sense. Let’s say, as an example, I reported having $50.35 in my pocket but instead I had $46.50. Then I would be like, ok, that might fall in the +/- $5 error scale.

What seems to be happening here though is that $50.35 was reported and what’s actually in the pockets is $5.35.

I am not a finance guy. @SpikeUM - what says you, lol??
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I have no inside info and hindsight is 20/20, but SPACS in general are sleazy, I dont touch them. In this case, most investors pulled out the cash before the transaction consummated. It appears that it should have never proceeded.

Having said that, the recovery business is tough and brutal, BUT it can be very profitable, so I wouldnt count Ruiz out yet, and my guess is he finds someone to take it private again.
 
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