John Ruiz's company, MSP Recovery, has notified the Securities and Exchange Commission that has six months left before it shutters its doors. As Billy Corben loudly shouts "I TOLD YOU SO!" about the man and character that is John Ruiz...he brings on 1st Amendment lawyer Ari Cohn to double down on the fact that Billy told you so. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chapter 1: Who is John Ruiz and why is he controversial in Miami?
Nobody has made more waves in the name, image, likeness, waters than Miami businessman John Ruiz. He can spend his money wherever and however he wants to. He's not going to bulldoze a public high school. He's not going to build a stadium anywhere in the city of Coral Gables.
Miami is a sunny place for shady people, and I resent when some of that shade overshadows the good that people are doing, a positive moment in the history of this community and this
And this program, a billionaire whose money may or may not be real, who is very interested in you knowing he has money and is looking to, you know, buy the Marlins, buy the Dolphins, the change, put stadiums on top of stadiums and conquer all of South Florida. But he's saying it. Certainly you've heard of Nevin Shapiro. This is Nevin Payaso. The Ruiz thing smells like Miami.
And when something smells like Miami, I am left to distrust anything that smells a little too much like Miami. And we drape in some of that good Cuban cologne. Big booster man on money that may or may not be real, is real, kind of real. It's definitely real. Okay. Real money that's confusing to many people.
It was subject to all sorts of scrutiny and it went public, guys.
At a time when things being real in currency seems less real than it's ever been.
Obviously the concern always has been for what like the last two years that shady man with shady money pouring it into the Miami University of Miami again was going to end the same way that always ends and it looks by all indications like that's exactly what's going to happen.
I was labeled a hater for just sort of saying hey look the sky's blue for stating what I thought was the obvious or abundantly clear what is now proven to be a fact. That last headline reads that U.M. Booster, the former, I should say, University of Miami Hurricane sugar daddy, John Rees' company, once called MSP Recovery, then called LifeWallet, now called MSP Recovery again.
Because you know a going concern keeps changing its name and rebranding, Roy. Well, the company has notified the SEC through public filings that it may only have six months left to live. How about another rebrand then? What? I don't know whether they could—they should start a defibrillator company, maybe, Roy, to revive this dead brand.
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Chapter 2: What is MSP Recovery and what financial troubles is it facing?
what they seem to be claiming is that because the department of justice's justice manual in the context of talking about the rights and policies and procedures when someone is called to testify in front of a grand jury call someone a target if they are if there is substantial evidence linking them to the commission of the crime
That because the word target has this specialized use in this one particular case, that it's defamatory to say they are the target of an investigation. That's nonsense for a few reasons, not least of which is because nobody reading the Miami Herald reads the word target and thinks, oh, yeah, you mean the definition in the justice manual, which most people don't even know exists.
They have a manual?
There's a manual for justice. They didn't get rid of it because of DEI? Emanuel Justice sounds like an NBA player. There is Emanuel of Justice.
Anyone reading this statement in the Miami Herald would know immediately that the meaning is that MSP recovery is the one being investigated. Like that is very clear. It is unreasonable to claim that anyone would think otherwise. Like it is just the worst kinds of like trying to nitpick on formalistic legal technology. And for what it's worth, the courts.
don't hold journalists to the proper use of formal legal terminology, specifically because this could happen, because it would become very dangerous to report on legal proceedings because you say one thing and you take the normal meaning of it rather than the formal legal meaning of it, and somebody sues you for defamation.
It's literally, I mean, like you said, it's the whiniest thing I've ever seen. It's just not going to stick.
Would they have just said, like, oh, they are the subject of the investigation?
No, subject has a meaning in the Justice Manual, too. But if the Miami Herald had said MSP recovery is being investigated, like, they wouldn't have even had this whiny hook. And that's clearly what targeted investigation means in the common parlance. So it's just I don't know why they think that a judge is going to look at this and do anything but say, why the fuck are you wasting my time?
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