Hard pass. A few early entrants will most likely make $ and those in later will be left holding worthless paper when ipo's with initial high arbitrary valuations are proven to be just that too high. Remember equity IPO prices are established by market forces, demand at various specific prices are matched to the size of the offering and a balance is eventually established just prior to the shares opening for trade. Here it seems as if an overall valuation is established then shares are sold without regard for prior demand, much different than a specialist/underwriting system we see for IPO's.
Reminds me to an extent of a few years back when Adrian Foster sold interest in his future NFL earnings. I think he monetized that at something like 23.5 million and ended up playing only a few games.
Lastly, the issuance of 1099's by an entity with little expertise/experience in the detailed record keeping necessary to produce accurate 1099's seems like a recipe for disaster.
Anyway just my opinion and good luck to those participating.
Last edited by iwantitiwinit; 09-10-2020 at 06:22 PM.
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