Miami’s supposed NIL king

[#1HomeGrownUTVOL]

'Doubt' over company of Miami NIL booster

Miami's mega-booster, who has spent millions on NIL deals for Hurricanes athletes in recent years, told investors this week that there is "substantial doubt" that his company, LifeWallet, will stay in business, according to an SEC filing.

www.espn.com

 

[WillisWG]

surprised they made it this far

 

[WillisWG]

Miami 'NIL King' John Ruiz facing major SEC investigation

LifeWallet went public on the NASDAQ exchange in 2022 following a special purpose acquisition company merger last year, and started trading at $10 a share, but was trading at just $0.22 a share Sunday.

And the issues with LifeWallet go beyond the stock price. As that Herald piece notes, the company only filed its 2022 financial report this week, months late (and only did so after the newspaper asked about it). That report showed they made $22.4 million last year from their primary business of recovering insurance claims, just 2.2 percent of the $992 million in 2022 revenue they projected before going public. Meanwhile, Ruiz and his companies have sold four of the seven Coral Gables mansions they owned at one point, and he told the paper he’s trying to sell a Boeing jet and a helicopter as well.

 

[OrangeVolMan]

Miami U will become Transfer U

 

[Godfatha]

$7.7 million in revenue and net loss of $211 million? Am I reading that right?

 

[butchna]

$7.7 million in revenue and net loss of $211 million? Am I reading that right?

Something’s got to give.

 

[Raebo]

$7.7 million in revenue and net loss of $211 million? Am I reading that right?

Exactly my first thought. Unless there is some funny accounting going on.

 

[Firebirdparts]

That's the beauty of an IPO. People literally just give you the money. There's no limit to how unsophisticated you can be after you get it.

 

[lawgator1]

Wait, U Miami success illusory, ephemeral, temporary, all bluster?

 

[Lawrence Wright]

A corrupt businessman in Miami?

 

[ptcarter]

math can be cruel.

 

[BigOrangeTrain]

I thought Ruiz was supposedly bouncing checks last year? Seems like Miami is having another good class.

 

[Volfan1000]

Miami U will become Transfer U

Perhaps Tennessee will acquire Francis Malamoa from the transfer portal.

 

[Dudleys87]

He stole millions from people to live vicariously through the football team.

They’ll never find him.