Looks like Lifewallet, MSP Recovery did not submit an annual report to the SEC.
"The Company noted that it had determined that it would be unable to file the Form 10-K with the Securities and Exchange Commission (the “SEC”) within the prescribed time period without unreasonable effort or expense. While the Company continues to work diligently to file its Form 10-K as soon as possible, on April 16, 2023, the Company determined that it would not be able to file within the additional time afforded by the filing of the Form 12b-25, and, therefore, it will not file the Form 10-K by April 17, 2023."

Sounds like LifeWallet is falling short of their income claims.. Seems to run in the family..

https://www.miaminewtimes.com/news/l...rrors-16793585

Only about 970 MILLION DOLLARS short!!! To boot their accounting was dicked up for only 3 months???? I am betting that it is both deeper and wider than it looks.

Seems the whole business is based on the amount of claims they believe is available NOT based on what they have actually collected on those claims.

Ruiz: We have 3 trillion in claims available!
Investors: How much have you collected so far?
Ruiz: We don't have the paperwork done yet.

It also hurts when a real billionaire (Barry Sternlicht) leaves the board of directors and then comments:
In total, we handed the company in excess of $1.4 billion in June 2021, less than two years ago," he added. "Fast forward to today, this management team has expended nearly all this cash, and the company has not enjoyed any demonstrable improvement in its core profitability.

Would love to see where that 1.4 went,,,,,,,, I bet there has been some nice bonus etc.

992 million in projected revenue?!? Now that boggles my mind right there. I had to google how many business days there are in 2022. Comes to 303, assuming they work 6 days a week and get all the public holidays off, if they actually met that goal you are talking about 3.273 mill per day!
Take 53 Saturdays out and it goes up to 3.968 million per day! HOLY COW!!! How big a phone center do they have to try and collect that kind of coin? And most of the people i've run into that have been in collections for medical bills range from a few hundred to maybe a few thou....how many calls do you need to make to collect millions per day!!! WOW does that all smell fishy....

yeah, but you’re also leaving out the cigarette clothing line sales! As a subsidiary of the Lionheart empire, no doubt the sweatpants are going to contribute to the bottom line!

Oh well now it all makes sense! LOL how could i forget that!

In fairness Barry was commenting about another board wasting the $1.4 billion. He was having a go at them because instead of being paid cash they took MSP shares (not the smartest decision).

Anyone who invested was a sucker IMO. For me the dealbreaker would have been that Lifewallet was engaging Ruiz’s law firm to run the cases, who would then take a significant cut (I could be wrong). If that was the case, talk about taking the cake and eating it too.