In February 2021, Raging Bull submitted a business plan to the court in hopes of ressurecting the castrated carcass.
However, the temporary receiver of Raging Bull has declared that their “business plan” is dead on arrival.
Most notable in this document is that Raging Bull is trying to collect $1,151,795 in a PPP loan…which is likely a forgivable loan.
Let’s not forget that this money is our money, we are the taxpayer, and I am sure that nobody that was victimized by these thieves wants them to receive a free $1.1 million.
Instead, I have a proposal, we should give them $500 to open a Robinhood account. Since they are millionaire traders, then they should be able to parlay the $500 into millions within a few weeks.
And finally, and most laughably, they are claiming that if they are allowed to reopen, then they will be able to generate $50+ million almost immediately from sales of their bogus investment products.
Good luck with that!raging-bull-business-plan-rebuttal
They got a PPP loan last year for about the same amount
Right before the charges Raging Bull had a huge Marketing push to sell there Elite Membership for $4,999. Even the beginning of December up until the 7th they were pushing this membership hard. So any unfortunate customer that bought this membership(thankGod im not one of them)pd 5k and has received absolutely no value. It was most likely another huge money grab for them right before they were shut down. Before these thieves are allowed to collect another dime they should have to make all these people whole again. The court should really know they did this. In jbs response he tried to make it seemed like he was duped on the harvard thing and that they only sell newsletters for a couple hundred bucks a quarter. Does the court know they ran a huge 5k per year elite membership scam right before they were shut down? I feel for these customers that fell for it. Not that customer service was ever helpful but now these people have no one to contact. Just a random thought after seeing they are only thinking about themselves again and how many millions they can scam opening back up again. Not ecen thinking about making things right with the people they just scammed. Ughg disgusting.
The timing of that money grab now makes even more sense, since Broyle v. Ragingbull.com was filed Nov. 19, 2020. Even w/o the FTC surprise, they knew they’d be spending shitloads of money….
At this point, it looks like they are just trying to get the business plan approved in order to collect the PPP money.
What is truly laughable in their “business plan” is that their revenue assumptions are all based upon the prior business model. Which of course, was all based upon fraud.
This is like asking a bank robber to submit a business plan. “So Mr. Bank Robber, I see that your business plan and revenue assumptions are based upon robbing banks. How do you plan on earning revenue without robbing banks? -asked the judge
To which Mr. Bank Robber replied, “Well your honor, we have the same business model of robbing banks but we plan on not using a gun.”
The judge then replied, “This is an interesting business model.”
Neither the RB expert nor the FTC’s expert takes into account that it is ONLY the deceptive up-front marketing that drives the revenues in companies like that.
To be fair, nobody outside that industry can possibly grasp that the product is purely ephemeral and the gurus don’t matter. A product may even be okay and a guy quite decent. But a good product and a decent guru, marketed as such, don’t bring in the amount of revenue that the compulsive liars specializing in fraudulent marketing copy and marketing analysts manipulating offer, refund strategy, and upsell gauntlets do.
(Too bad that the copy writers and copy chiefs — the professional conmen with their hands elbow-deep in the gross sales revenues — always manage to ENTIRELY elude liability. The sap in customer service is laid off, the liars freelance in downtown Baltimore.)
If the court were to order elimination of false claims, cherry-picked testimonials and results, disclosure of required principal and risk pertaining to promised returns from the marketing copy, and demanded clearly stated, visible refund terms, RB may be able to re-start with 2 or 3, max 4 products. That’s a $2mil gross p.a. business TOPS — IF they can live down the reputational damage.
You have just got to admire the absolute dastardly chutzpah that these folks are showing. Just effing unbelievable.
And then, in support of his claim, Mr Bank Robber submitted to the court further evidence of his good character.
As well as robbing banks, he had recently extended his business concept on-line by starting an educational website teaching people how to rob banks. He offered three kinds of membership depending on whether a gun was used and what size property was targeted.
There were 1050 testimonies on his original website, 847 of which claimed they managed to buy a yacht and 150 a private jet, since they started practising what they have been taught.
Mr Bank Robber’s solicitor, in his submission to the court, expressed hope that if the court fails to accept a revised business plan to not use a gun during robbery, it would consider a proposal by the firm to move from practical to educational activity.
Hahaha! Nadina, you really have a clever wit. Very funny.