1 00:00:01.140 --> 00:00:03.750 Sean Murray: Hello, welcome back to deBanked TV. I'm Sean Murray. 2 00:00:03.840 --> 00:00:05.970 Johny Fernandez: And I'm Johny Fernandez. And thank you guys so 3 00:00:05.970 --> 00:00:09.660 much for tuning in this week. It's a holiday week. So I'm 4 00:00:09.660 --> 00:00:12.750 excited. Stache is growing a lot better for you, isn't it? 5 00:00:12.840 --> 00:00:15.060 Sean Murray: I mean I, this is basically as far as I think it 6 00:00:15.060 --> 00:00:17.310 really needs to go, right. I mean, how much farther does one 7 00:00:17.310 --> 00:00:18.870 really need to try to grow one? 8 00:00:19.110 --> 00:00:19.920 Johny Fernandez: It's legit. 9 00:00:19.950 --> 00:00:22.020 Sean Murray: It's like it's real. Yeah, actually, somebody 10 00:00:22.020 --> 00:00:25.650 asked me recently, if it was real, because they saw a picture 11 00:00:25.650 --> 00:00:27.630 of it online. They're like, Oh, why is he wearing a? Like a 12 00:00:27.630 --> 00:00:30.510 mustache? Like a, like a disguise? Or whatever? And I'm 13 00:00:30.510 --> 00:00:31.950 like, no, no. 14 00:00:33.420 --> 00:00:35.610 Johny Fernandez: Mine is gone. But it's coming back. 15 00:00:35.640 --> 00:00:36.870 Sean Murray: Are you trying to make it comeback? 16 00:00:37.740 --> 00:00:38.880 Johny Fernandez: Yeah, you know what, yeah. 17 00:00:39.150 --> 00:00:42.270 Sean Murray: You got like, you have like, one week now. I don't 18 00:00:42.270 --> 00:00:43.080 think it's gonna work. 19 00:00:43.110 --> 00:00:45.870 Johny Fernandez: What if I do it instead of No Shave November or 20 00:00:45.870 --> 00:00:49.200 Movember? What if it's just like all next year? 21 00:00:49.290 --> 00:00:50.250 Sean Murray: That would be cool. 22 00:00:50.480 --> 00:00:52.520 Johny Fernandez: I think I'd look good with a mustache, like 23 00:00:52.520 --> 00:00:56.900 a legit one. I had, I had one grown, but I felt like that was 24 00:00:57.320 --> 00:00:58.280 baby steps. 25 00:00:59.390 --> 00:01:01.100 Sean Murray: Well, let me know when you do it for real. Be 26 00:01:01.100 --> 00:01:04.550 happy to check it out. And we'll comment it about it on here. 27 00:01:05.780 --> 00:01:07.610 Johny Fernandez: Alright, so we have a couple of different 28 00:01:07.610 --> 00:01:13.250 topics to discuss today. And also some pretty fun news. For 29 00:01:13.250 --> 00:01:15.530 Broker Fair, that's coming up. I can't believe Broker Fair is 30 00:01:15.560 --> 00:01:16.910 literally right around the corner. 31 00:01:16.940 --> 00:01:17.630 Sean Murray: Finally happening. 32 00:01:17.630 --> 00:01:19.700 Johny Fernandez: I know. It's exciting. Alright, so the first 33 00:01:19.700 --> 00:01:22.640 conversation that we're going to discuss today is MCA agreements, 34 00:01:22.640 --> 00:01:26.360 that being a series, the conversation that started 35 00:01:26.810 --> 00:01:30.350 regarding an article that was posted online. So Sean let's 36 00:01:30.350 --> 00:01:33.680 talk a little bit more about that article, and about some of 37 00:01:33.680 --> 00:01:36.530 the landmark decision that was made back on November 12. 38 00:01:36.530 --> 00:01:38.858 Sean Murray: Yeah, so the the news is that a, an appeals court 39 00:01:38.915 --> 00:01:42.474 in the state of New York reached the conclusion that a merchant 40 00:01:42.531 --> 00:01:46.034 cash advance is not a user use various loan, which is the same 41 00:01:46.090 --> 00:01:49.537 as what a different branch of the Appellate Court in New York 42 00:01:49.593 --> 00:01:53.209 ruled earlier? Yeah. So this is kind of already known people are 43 00:01:53.266 --> 00:01:56.938 like, oh, great. It's not usury. But didn't we know that already, 44 00:01:56.995 --> 00:02:00.441 we pretty much did. This has already gone to the court system 45 00:02:00.441 --> 00:03:44.310 So it's interesting to see what happens and I always find it 46 00:02:00.498 --> 00:02:04.001 before whether or not MCA are loans or not. And we had I think 47 00:02:04.001 --> 00:02:07.560 it was about at this point three years ago, with a case called 48 00:02:07.617 --> 00:02:11.176 champion auto, which took place in the first department. So New 49 00:02:11.233 --> 00:02:14.227 York is broken into four departments when it comes to 50 00:02:14.284 --> 00:02:17.674 like the appellate division. And what the Appellate Division 51 00:02:17.730 --> 00:02:20.951 decides is basically, you know, the law of the land, like 52 00:02:21.007 --> 00:02:24.115 there's no more room for interpretation. Like if you go 53 00:02:24.171 --> 00:02:27.448 to court, and you lose, and you're like, you know, that's, 54 00:02:27.505 --> 00:02:30.782 that's wrong, I'm going to appeal. Right? Yeah. It's cause 55 00:02:30.838 --> 00:02:34.172 like, you feel like that court was wrong. Yeah. And someone 56 00:02:34.228 --> 00:02:37.731 needs to decide once and for all that level of sport to decide 57 00:02:37.788 --> 00:02:41.121 once for all. So we've already had MCAs go to the appellate 58 00:02:41.178 --> 00:02:44.455 level. And in particular, there was a case three years ago 59 00:02:44.511 --> 00:02:48.014 called champion audio that went to the first department of New 60 00:02:48.071 --> 00:02:51.517 York, the first department of the, of the Appellate Division. 61 00:02:51.574 --> 00:02:54.681 And they ruled that that particular MCA was not a loan. 62 00:02:54.738 --> 00:02:58.071 They explained why and that basically solidify once and for 63 00:02:58.128 --> 00:03:01.461 all that MCAs are not loans. However, you could potentially 64 00:03:01.518 --> 00:03:04.851 have disagreement between the judicial departments, because 65 00:03:04.908 --> 00:03:08.185 the first department governs Manhattan and the Bronx. Now, 66 00:03:08.241 --> 00:03:11.575 what happens if you go to the Appellate Department in like, 67 00:03:11.631 --> 00:03:15.134 you know, Western New York, and you're up in like Buffalo, and 68 00:03:15.191 --> 00:03:18.524 Rochester, and all those parts, maybe they have a different 69 00:03:18.581 --> 00:03:21.632 opinion, right? Typically, you're not going to have a, 70 00:03:21.688 --> 00:03:25.361 you're not going to have a major disagreement. Because, you know, 71 00:03:25.417 --> 00:03:28.920 they should all kind of think the same way. But you never know 72 00:03:28.977 --> 00:03:32.310 what's going to happen. And so, the news is that the fourth 73 00:03:32.367 --> 00:03:35.926 department was governed Western New York, agreed with the first 74 00:03:35.983 --> 00:03:39.316 department that MCAs are not loans. And so that's good news 75 00:03:39.373 --> 00:03:41.520 for those who are in the MCA industry. 76 00:03:44.310 --> 00:03:48.180 interesting because there's always I, from what I've seen in 77 00:03:48.180 --> 00:03:52.140 my time working with you guys, MCA, anything MCA related. 78 00:03:52.140 --> 00:03:54.360 There's always something in the courts regarding it. 79 00:03:54.420 --> 00:03:55.590 It's always in the courts. 80 00:03:55.620 --> 00:03:57.240 Johny Fernandez: It's always something in the courts, it's 81 00:03:57.240 --> 00:03:59.520 always some type of new development. Something's always 82 00:03:59.520 --> 00:04:02.790 happening. There's always, you know, law makers trying to get 83 00:04:02.790 --> 00:04:05.700 their say, and like how they think the MCA industry should 84 00:04:05.700 --> 00:04:08.730 work and the business aspect of it. So it's always interesting 85 00:04:08.730 --> 00:04:13.830 to see. Just how, how much it's in the courts. 86 00:04:13.870 --> 00:04:15.850 Sean Murray: Yeah. And in New York, it's weird that people 87 00:04:15.850 --> 00:04:18.580 still challenge them and say, hey, this was really a loan. 88 00:04:19.240 --> 00:04:21.640 When it's gone to the court system, literally, at this 89 00:04:21.640 --> 00:04:23.980 point, hundreds, like you said, always in the courts. 90 00:04:23.980 --> 00:04:24.700 Johny Fernandez: Always in the courts, yeah. 91 00:04:24.730 --> 00:04:27.160 Sean Murray: Gone through the court system hundreds of times 92 00:04:27.370 --> 00:04:29.080 to the point where it's gotten to the Appellate Division and 93 00:04:29.080 --> 00:04:31.330 they're like, it's not a loan. And then you have the other 94 00:04:31.330 --> 00:04:34.960 courts who are like, thank you, you know, for, for, you know, 95 00:04:34.960 --> 00:04:37.630 for making that final and so they tell everyone, like stop 96 00:04:37.630 --> 00:04:40.660 filing these their not loans stop complaining. Stop arguing, 97 00:04:40.660 --> 00:04:43.390 stop complaining about you think their loans because they're not. 98 00:04:43.450 --> 00:04:45.580 Yeah. So somehow one got to another appellate court and 99 00:04:45.580 --> 00:04:46.930 they're like, still not loans. 100 00:04:46.950 --> 00:04:49.900 Johny Fernandez: Yeah and were like if TM changed, but it's, 101 00:04:49.969 --> 00:04:52.920 it's, I mean, it's already been spoken for. 102 00:04:52.920 --> 00:04:55.030 Sean Murray: It's been spoken for. I mean, they're, you know, 103 00:04:55.030 --> 00:04:58.420 there's a right way to do an MCA and a wrong way to do an MCA, 104 00:04:58.420 --> 00:05:00.700 but if you're doing it the right way, you know, New York State 105 00:05:00.700 --> 00:05:03.550 pretty much acknowledges that they're completely legal. 106 00:05:03.570 --> 00:05:06.240 Johny Fernandez: Now it's different. Besides like, and 107 00:05:06.240 --> 00:05:08.970 we've talked about this here, you know, there's certain things 108 00:05:08.970 --> 00:05:13.440 like that they ended up filing and you know, trying to bring it 109 00:05:13.440 --> 00:05:17.100 down, like the whole industry down. But it's also interesting, 110 00:05:17.700 --> 00:05:21.300 the restriction that they put on MCA loans and on small business 111 00:05:21.300 --> 00:05:24.300 financing. So we'll talk a little bit about that later, a 112 00:05:24.300 --> 00:05:28.830 little later on, but I think it's always interesting to see 113 00:05:28.830 --> 00:05:33.990 the regulations that are put on in that the MCA space by 114 00:05:33.990 --> 00:05:37.110 lawmakers. Yeah. So yeah. So. 115 00:05:37.350 --> 00:05:38.010 Sean Murray: It is interesting. 116 00:05:38.040 --> 00:05:41.340 Johny Fernandez: It is it's Yeah, I feel like there's always 117 00:05:42.480 --> 00:05:46.650 yeah. We"ll move onto the next topic. Um, alright, so I want 118 00:05:46.650 --> 00:05:49.560 you guys at home to take a look at your screen, because there's 119 00:05:49.560 --> 00:05:53.160 a picture that's gonna pop up. That guy right there. 120 00:05:53.160 --> 00:05:55.650 Sean Murray: Oh, man, I didn't know we were doing that. Okay. 121 00:05:55.990 --> 00:05:58.960 Johny Fernandez: That guy right there. You may have seen him. I 122 00:05:58.960 --> 00:06:02.800 saw him on the internet. And I was like, oh, very interesting. 123 00:06:03.220 --> 00:06:08.860 I know that I think I know that guy. That guy goes by general 124 00:06:09.160 --> 00:06:10.030 Sean Murray. 125 00:06:11.680 --> 00:06:13.660 Sean Murray: What? So you want me to explain myself now? 126 00:06:13.690 --> 00:06:14.290 Johny Fernandez: A little bit, yeah. 127 00:06:14.320 --> 00:06:18.610 Sean Murray: Okay. So that sign that sign said I'm buying the 128 00:06:18.610 --> 00:06:19.570 Constitution. 129 00:06:19.600 --> 00:06:21.040 Johny Fernandez: So, are you Nicolas Cage? 130 00:06:21.900 --> 00:06:23.190 Sean Murray: You know, I haven't even seen the movie that 131 00:06:23.190 --> 00:06:26.880 everyone's talking about. But it doesn't matter. You know at at 132 00:06:26.880 --> 00:06:29.760 the end of the day, what that was all about was that there was 133 00:06:29.760 --> 00:06:35.400 an internet movement to try and crowdfund the purchase. Of a U 134 00:06:35.460 --> 00:06:39.540 of a US Constitution. Yeah. A copy of it. Yeah. There are 13 135 00:06:39.540 --> 00:06:42.120 copies of the original United States Constitution in 136 00:06:42.120 --> 00:06:46.650 existence. Two of them are in the hands of private collectors. 137 00:06:47.340 --> 00:06:52.020 And one of those two went up for auction at Sotheby's on Thursday 138 00:06:52.020 --> 00:06:56.340 of last week. And so some internet movements started. Dao. 139 00:06:56.700 --> 00:07:00.300 Yeah DAO, a DAO. DO, yeah. That which stands for decentralized 140 00:07:00.300 --> 00:07:05.070 autonomous organization. A DAO, which is just a collective of 141 00:07:05.070 --> 00:07:08.940 people were supposed to be no leader. Yeah. Crowdfunded money 142 00:07:08.940 --> 00:07:13.800 to try to raise enough to be the winning bidder. At the auction 143 00:07:13.800 --> 00:07:16.860 at Sotheby's, it was kind of an insane idea. Right? 144 00:07:16.860 --> 00:07:18.990 Johny Fernandez: Yeah. So So let's back up real quick. So 145 00:07:19.440 --> 00:07:24.930 this whole, you know, the DAO, essentially, so how many? I 146 00:07:24.930 --> 00:07:26.880 think there's like more than 100 people chipped in. 147 00:07:27.060 --> 00:07:28.530 Sean Murray: More than 17,000. 148 00:07:28.590 --> 00:07:29.070 Johny Fernandez: Okay. 149 00:07:29.100 --> 00:07:29.670 Sean Murray: Chipped in. 150 00:07:29.690 --> 00:07:34.040 Johny Fernandez: Okay. So the grand total was they raised up 151 00:07:34.040 --> 00:07:39.140 $47 million via Ethereum. That's a lot of money. Yep. Okay, so 152 00:07:39.200 --> 00:07:42.320 everyone they want to fund, they want to kind of get this going. 153 00:07:42.320 --> 00:07:44.870 They want the copy the copy of the Constitution. So what 154 00:07:44.870 --> 00:07:48.290 happened on Thursday? Because I heard Thursday things went nuts. 155 00:07:48.680 --> 00:07:51.560 Sean Murray: Yeah. So I was there earlier in the day outside 156 00:07:51.560 --> 00:07:52.280 of Sotheby's. 157 00:07:52.610 --> 00:07:53.300 Johny Fernandez: With your with. 158 00:07:53.330 --> 00:07:55.220 Sean Murray: With my sign and my costume on. 159 00:07:55.220 --> 00:07:55.940 Johny Fernandez: General Murray. 160 00:07:56.390 --> 00:07:58.340 Sean Murray: Yeah. General Murray, as they call me around 161 00:07:58.340 --> 00:07:58.970 Sotheby's. 162 00:07:59.780 --> 00:08:02.450 Johny Fernandez: What did people say, when they saw you? Were 163 00:08:02.450 --> 00:08:04.130 they really confused were they like. 164 00:08:05.210 --> 00:08:08.720 Sean Murray: Some people took pictures. Okay. Some people had 165 00:08:08.720 --> 00:08:13.670 no idea what I was doing. I did bump into somebody who, I guess 166 00:08:13.670 --> 00:08:18.680 was a very senior contributor or a member of the entire movement. 167 00:08:19.040 --> 00:08:21.470 And so we took our picture together and we talked in person 168 00:08:21.470 --> 00:08:26.150 for a little bit. But but that was basically it. Okay. I didn't 169 00:08:26.150 --> 00:08:28.610 go inside, you can go inside if you want to. I didn't go inside. 170 00:08:28.640 --> 00:08:30.170 I was wearing a costume. I didn't want to freak out 171 00:08:30.170 --> 00:08:32.180 security and all that other stuff, right? Because they have 172 00:08:32.180 --> 00:08:34.070 a lot of very expensive items in there. And. 173 00:08:34.550 --> 00:08:36.890 Johny Fernandez: So you can go inside to see the copy of the 174 00:08:36.890 --> 00:08:37.400 Constitution? 175 00:08:37.400 --> 00:08:37.880 Sean Murray: You can, yeah. 176 00:08:38.090 --> 00:08:38.360 Johny Fernandez: Okay. 177 00:08:38.390 --> 00:08:40.940 Sean Murray: Yeah. I mean, it's also like an exhibit, like an 178 00:08:40.970 --> 00:08:43.160 exhibit hall during the day, you can go in and check out all the 179 00:08:43.160 --> 00:08:45.800 different pieces of artwork that they have available, they're 180 00:08:45.800 --> 00:08:49.100 going to have up for auction, etc. So I didn't go inside, but 181 00:08:49.100 --> 00:08:51.890 then later that night, they had the actual auction. It was 182 00:08:51.890 --> 00:08:55.850 broadcast on their website and on YouTube. You had this 17,000 183 00:08:55.850 --> 00:09:00.230 plus people all watching a Sotheby's auction, rooting, you 184 00:09:00.230 --> 00:09:02.690 know, for our side or whatever. 185 00:09:02.960 --> 00:09:05.540 Johny Fernandez: So essentially, they were rooting for the 186 00:09:05.540 --> 00:09:10.580 constitution to be bought by the DAO. Exactly. And then what 187 00:09:10.580 --> 00:09:13.220 happened with the Constitution once the DAO gets it, what was 188 00:09:13.220 --> 00:09:13.670 the plan? 189 00:09:13.730 --> 00:09:16.010 Sean Murray: Yeah, what was the plan? So everything was thrown 190 00:09:16.010 --> 00:09:19.010 together so hastily, and you know, I wasn't, I'm not in 191 00:09:19.010 --> 00:09:22.970 charge of it or anything. But the plan was, from what I 192 00:09:22.970 --> 00:09:28.790 understand it was to have it put somewhere some sort of put it in 193 00:09:28.790 --> 00:09:31.730 some sort of publicly accessible and view viewable institution 194 00:09:31.730 --> 00:09:35.060 like a museum where you know, the public could see it and 195 00:09:35.060 --> 00:09:38.960 stuff but then it would be owned by the members of the DAO and so 196 00:09:38.960 --> 00:09:41.930 at anytime they wanted to, to change the location or do 197 00:09:41.930 --> 00:09:45.140 something special with it, it would be up to the DAO to do 198 00:09:45.440 --> 00:09:46.640 whatever they wanted with it. 199 00:09:46.790 --> 00:09:48.710 Johny Fernandez: I have a questiom. This is random. I'm 200 00:09:48.710 --> 00:09:51.080 just curious to know did did anyone ever say that they were 201 00:09:51.080 --> 00:09:54.530 going to turn it into an NFT. Was that ever brought up? 202 00:09:54.980 --> 00:10:00.080 Sean Murray: Um, so I mean, I mean more, I mean, more or less 203 00:10:00.260 --> 00:10:04.520 It's kind of the same concept in a way because they went in, they 204 00:10:04.520 --> 00:10:07.010 went in saying that everyone was going to get fractionalized 205 00:10:07.010 --> 00:10:08.660 ownership of the constitution. 206 00:10:08.810 --> 00:10:11.360 Johny Fernandez: So what does what does that mean? How does 207 00:10:11.360 --> 00:10:15.740 that look like if 17,000 people that contributed. 208 00:10:15.810 --> 00:10:18.360 Sean Murray: So if you contributed Ethereum, you got um 209 00:10:18.420 --> 00:10:23.010 a, a, you got tokens in return digital tokens that wouldn't go 210 00:10:23.010 --> 00:10:25.770 into your crypto wallet. Okay. They would represent your 211 00:10:25.770 --> 00:10:29.460 percentage ownership of the Constitution, should they win 212 00:10:29.460 --> 00:10:33.690 it. Okay. Right. So I put in my contribution, and I got my 213 00:10:33.690 --> 00:10:37.260 people tokens that's what they call them people tokens, because 214 00:10:37.260 --> 00:10:41.370 it's We the People, I got it in my Ethereum wallet, and other 215 00:10:41.370 --> 00:10:43.770 people got a certain amount of people tokens, depending on 216 00:10:43.770 --> 00:10:47.310 their contribution. Okay. And then you could, depending on the 217 00:10:47.310 --> 00:10:50.520 amount of people tokens you have, when it comes to a vote to 218 00:10:50.520 --> 00:10:53.370 decide where the Constitution was going to go, your vote would 219 00:10:53.370 --> 00:10:57.720 count. It would be equivalent to the amount of tokens that you 220 00:10:57.720 --> 00:11:00.720 own, so like someone who put in a million dollars for someone to 221 00:11:00.720 --> 00:11:03.090 put in $10, a person put in a million dollars would have a 222 00:11:03.090 --> 00:11:05.400 much stronger vote. Yeah. Then person who put in 10. And your 223 00:11:05.400 --> 00:11:08.340 people tokens you might have would govern. Yeah. The size of 224 00:11:08.340 --> 00:11:12.450 your vote. So that's, in a way it was like, you know, in a way, 225 00:11:12.480 --> 00:11:15.240 I mean, these tokens are fungible, actually, they're not 226 00:11:15.240 --> 00:11:19.710 non fungible tokens. They're fungible tokens, but it's the 227 00:11:19.710 --> 00:11:24.570 same concept in that it's a it's a, it's a digital representation 228 00:11:24.780 --> 00:11:26.760 of ownership of something physical. 229 00:11:26.790 --> 00:11:30.120 Johny Fernandez: Yeah. Okay, so let's talk about Thursday, the 230 00:11:30.120 --> 00:11:33.630 auction happened, things are going it's chaotic. Everyone's 231 00:11:33.900 --> 00:11:37.290 rooting to, to get the Constitution. And then what? 232 00:11:37.810 --> 00:11:40.060 Sean Murray: Well, here's the crazy part, right. So they went 233 00:11:40.060 --> 00:11:43.840 through 24 different lots at the auction first. And then this 234 00:11:43.840 --> 00:11:47.050 particular one was at the very end, like the main event ended, 235 00:11:47.230 --> 00:11:50.380 and then like the special auction for the high rollers 236 00:11:50.380 --> 00:11:53.350 came up separate. Okay. With a different auctioneer and 237 00:11:53.350 --> 00:11:57.730 everything. Okay. And the minimum bid was set so high that 238 00:11:57.730 --> 00:12:00.580 it they they only had two people. Okay. Who were bidding. 239 00:12:00.970 --> 00:12:06.310 It was the DAO side and the representation for some unknown 240 00:12:06.310 --> 00:12:08.830 person at the time, we didn't know who the other side was. And 241 00:12:08.830 --> 00:12:11.500 it was all very confusing, because there were two agents 242 00:12:12.370 --> 00:12:16.060 bidding one was representing the DAO one for someone unknown. And 243 00:12:16.060 --> 00:12:18.490 we didn't know which side was ours. So everyone's going 244 00:12:18.520 --> 00:12:21.370 everyone's cheering and booing. But no one knows which of the 245 00:12:21.370 --> 00:12:23.470 bidders is ours literally. 246 00:12:23.500 --> 00:12:24.700 Yeah, that's great. 247 00:12:24.700 --> 00:12:30.910 Nobody knew and at the end of it, the the Constitution sold 248 00:12:30.970 --> 00:12:34.690 for less than the amount that was raised by the DAO. So there 249 00:12:34.690 --> 00:12:37.900 was this assumption that the DAO must have won because they had 250 00:12:37.900 --> 00:12:41.080 more money than the winning bid. In fact, all the news outlets 251 00:12:41.080 --> 00:12:45.190 went out and reported that the DAO won, Coin Desk, CNBC, 252 00:12:46.060 --> 00:12:48.130 basically everyone in the discord channel all over 253 00:12:48.130 --> 00:12:51.580 Twitter. And I'm like, I don't think we won, even though I 254 00:12:51.580 --> 00:12:54.070 didn't know which was our person. Yeah. The amount that 255 00:12:54.070 --> 00:12:57.520 the winning bid was much too high for the DAO to have one 256 00:12:57.520 --> 00:13:01.300 because they there's the buyer's premium. There's the sales tax, 257 00:13:01.420 --> 00:13:02.800 there's the overhead premium. 258 00:13:03.430 --> 00:13:05.710 Johny Fernandez: And let's talk about the sales tax. Yeah. 259 00:13:05.740 --> 00:13:09.010 Because being in New York, you get taxed for everything. So how 260 00:13:09.010 --> 00:13:10.270 much was the sales tax do you know? 261 00:13:10.270 --> 00:13:15.370 Sean Murray: It's 8.875%, on top of a sales price that you can 262 00:13:15.370 --> 00:13:18.280 add, you know, just if you want to do quick math just add 10% to 263 00:13:18.280 --> 00:13:20.800 the sales price, you already know what the sales tax is going 264 00:13:20.800 --> 00:13:22.900 to be. And so I'm doing the quick math, and I said, you 265 00:13:22.900 --> 00:13:25.960 know, the DAO doesn't have enough, like that winning bid no 266 00:13:25.960 --> 00:13:28.720 way it's ours, because we don't have enough, but nobody thought 267 00:13:28.720 --> 00:13:31.810 it nobody realized that. I'm sure there were people who knew. 268 00:13:31.870 --> 00:13:36.010 But when you look at the masses who were all like, yeah, yeah, 269 00:13:36.040 --> 00:13:38.590 because it was an internet movement. It was like a meme a 270 00:13:38.590 --> 00:13:40.360 meme gone wild. Everyone's just throwing. 271 00:13:40.390 --> 00:13:42.550 Johny Fernandez: Everyone was doing the Nicolas Cage meme, and 272 00:13:42.550 --> 00:13:44.800 that was everyone's, let's get constitution. 273 00:13:44.840 --> 00:13:49.100 Sean Murray: Exactly with this whole thing. And, you know, once 274 00:13:49.130 --> 00:13:53.180 once the reality set in that the DAO did not win people thought 275 00:13:53.180 --> 00:13:55.850 that the whole thing must be a scam because more money was 276 00:13:55.850 --> 00:13:59.390 raised than the winning bid. And it was impossible to tell 277 00:13:59.390 --> 00:14:02.510 someone that there was a fee and sales tax. They didn't want to 278 00:14:02.510 --> 00:14:06.350 hear it. Like no I was it was it was a scam, I was scammed. And 279 00:14:06.350 --> 00:14:08.540 it just it turned the whole thing turned into a gigantic 280 00:14:08.540 --> 00:14:11.780 mess. The discord channel was completely out of control. And I 281 00:14:11.780 --> 00:14:15.050 was like, I can't even watch you know, watch this. Like so many 282 00:14:15.050 --> 00:14:18.200 people went in under so many like. Assumptions. False 283 00:14:18.200 --> 00:14:20.900 assumptions. Yeah. You know what I mean that like and then them 284 00:14:20.900 --> 00:14:23.870 want and then watching their reaction after the fact. They 285 00:14:23.870 --> 00:14:26.750 had no idea. They didn't know who was bidding on what they 286 00:14:26.750 --> 00:14:28.910 didn't know what the terms of the auction were. They don't 287 00:14:28.910 --> 00:14:31.400 know how Ethereum works. They don't know anything. But they 288 00:14:31.400 --> 00:14:34.160 all threw their money into this thing. Man, people were 289 00:14:34.160 --> 00:14:36.920 literally someone someone said it like fester, like, you know, 290 00:14:37.370 --> 00:14:40.760 you know, I didn't think in 2021 people would be fumbling into 291 00:14:40.760 --> 00:14:43.760 the Constitution. But here we are. Yeah. Like, people just 292 00:14:43.760 --> 00:14:45.020 wanted to be in and be part of it. 293 00:14:45.050 --> 00:14:48.320 Johny Fernandez: Well, it's $47 million. That was raised. And 294 00:14:48.320 --> 00:14:52.130 it's interesting, because I think what gets to people that 295 00:14:52.130 --> 00:14:54.920 really don't do transaction like that in New York. Is that sales 296 00:14:54.920 --> 00:14:59.570 tax, I mean, just the amount of stuff that gets put on top of 297 00:14:59.750 --> 00:15:04.790 any transaction is insane. And you get charged an insane amount 298 00:15:05.000 --> 00:15:08.030 just for, you know, doing a transaction like that. 299 00:15:08.030 --> 00:15:32.690 Yeah. All right. Well, that was an eventful day, wasn't it? 300 00:15:08.010 --> 00:15:10.527 Sean Murray: Yeah, you know, I would just say on that note that 301 00:15:10.527 --> 00:15:13.748 other outlets have come up with their own figure as to what the 302 00:15:13.799 --> 00:15:16.668 total set price was. Yeah. I think their still incorrect. 303 00:15:16.719 --> 00:15:19.588 Okay. Because I don't see any that have that included the 304 00:15:19.638 --> 00:15:22.709 sales tax. Okay. It seems like a pretty important part. Yeah. 305 00:15:22.760 --> 00:15:25.680 It's a huge. The sales tax was probably around $4 million. 306 00:15:32.720 --> 00:15:33.680 It was an eventful day. 307 00:15:33.710 --> 00:15:36.950 Johny Fernandez: Did you stay the whole time in front of 308 00:15:36.950 --> 00:15:37.460 Sotheby's or? 309 00:15:37.490 --> 00:15:39.260 Sean Murray: No, no I wasn't. I wasn't there like all day and 310 00:15:39.260 --> 00:15:41.930 all night. No we were out there for like, a little over an hour. 311 00:15:41.990 --> 00:15:42.980 Okay. Yeah. 312 00:15:43.140 --> 00:15:45.120 Johny Fernandez: I saw I'm taking the train general Murph, 313 00:15:45.150 --> 00:15:48.630 Murray. And I'm like oh, I wonder what's going on. And then 314 00:15:48.630 --> 00:15:50.790 I started following. I was like, wait a minute. He's at Sotheby's 315 00:15:50.790 --> 00:15:55.590 right now. But I think the beard made it look even more official. 316 00:15:55.770 --> 00:15:58.920 I mean, the moustache made it look even more official. 317 00:15:58.960 --> 00:16:01.480 Sean Murray: Yeah, you and I, we sit here and we talk about NFT's 318 00:16:01.480 --> 00:16:03.580 and whether or not like an autograph is real and all that 319 00:16:03.580 --> 00:16:07.480 other stiff if it's digital. For me, this connected the real 320 00:16:07.480 --> 00:16:11.980 world a real world object with crypto. Yeah. Because it was 321 00:16:11.980 --> 00:16:16.300 going to go into the backed by something kind of cool. You know 322 00:16:16.300 --> 00:16:18.970 it's the Constitution. You might say, well, Sean, I don't get to 323 00:16:18.970 --> 00:16:22.240 own it and put in my house. You know, what's it worth to me? At 324 00:16:22.240 --> 00:16:23.920 the end of the day, this is something that was gonna have to 325 00:16:23.920 --> 00:16:26.710 go into like a museum anyway. Right. It wasn't going to be 326 00:16:26.920 --> 00:16:29.560 able to go into anyone's house. Yeah. And this token was just 327 00:16:29.560 --> 00:16:32.770 going to represent your fractional contribution to it. 328 00:16:32.800 --> 00:16:35.320 Yeah. But it would still be cool to be a part owner of the 329 00:16:35.320 --> 00:16:37.240 Constitution. Even if it was a tiny piece. 330 00:16:37.270 --> 00:16:38.770 Johny Fernandez: But that Constitution was not the 331 00:16:38.770 --> 00:16:41.320 original Constitution it was a copy of the Constitution. 332 00:16:41.320 --> 00:16:42.040 Sean Murray: It is the original. 333 00:16:42.040 --> 00:16:43.080 Johny Fernandez: Oh, that was the original? 334 00:16:43.000 --> 00:16:45.700 Sean Murray: Yeah there's 13 of, 13 of it. And this is one of 335 00:16:45.700 --> 00:16:49.690 them. There all the all 13 are the original. So they made 500. 336 00:16:50.350 --> 00:16:53.290 In essence constitution, they originally made 500. There are 337 00:16:53.320 --> 00:16:56.230 13 surviving copies of it. Okay. It's not like one is the 338 00:16:56.230 --> 00:16:59.560 original and the other copies. All 500 are the original. Okay. 339 00:16:59.590 --> 00:17:01.750 There's only 13 left. This is one of them. 340 00:17:01.810 --> 00:17:04.090 Johny Fernandez: Okay, okay. So I thought it was there was one 341 00:17:04.090 --> 00:17:06.580 original Constitution, and they copied it. 342 00:17:07.090 --> 00:17:10.600 Sean Murray: No this is an original, it's original as the 343 00:17:10.600 --> 00:17:11.050 original. 344 00:17:11.920 --> 00:17:14.290 Johny Fernandez: Oh okay. That is pretty cool, though. 345 00:17:14.330 --> 00:17:18.980 Sean Murray: It sold for more than $43 million. Yeah. And, you 346 00:17:18.980 --> 00:17:22.430 know, I don't know. You want to hear more about like, the other 347 00:17:22.430 --> 00:17:24.470 side of it. But I've been wanting to know, who did we lose 348 00:17:24.470 --> 00:17:28.490 to? Who did you who did we lose to? We lost to the CEO of 349 00:17:28.490 --> 00:17:32.600 Citadel, which is the Hedge Fund that was all involved in the 350 00:17:32.600 --> 00:17:39.350 Robin Hood and Gamestop debacle. So he outbid the DAO. And so 351 00:17:39.380 --> 00:17:42.140 he's kind of the villain in the Gamestop Robin Hood story. Yeah, 352 00:17:42.170 --> 00:17:44.660 he's now come back to destroy the hopes and dreams of an 353 00:17:44.660 --> 00:17:48.260 internet movement by jacking the Constitution from them. I don't 354 00:17:48.260 --> 00:17:52.250 I don't have any animosity to it, but others do they feel like 355 00:17:52.250 --> 00:17:55.970 he's like this big villain and stuff. But from my understanding 356 00:17:55.970 --> 00:17:59.360 is that, he also is going to put the Constitution in a public 357 00:17:59.390 --> 00:18:02.570 place. He said that he's going to have it on display at a 358 00:18:02.570 --> 00:18:04.220 library in Arkansas. 359 00:18:04.820 --> 00:18:06.230 Johny Fernandez: Okay. All right. 360 00:18:06.230 --> 00:18:08.690 Sean Murray: So it's you know it's not the same because he 361 00:18:08.690 --> 00:18:09.980 owns it. And not the people. 362 00:18:10.010 --> 00:18:14.600 Johny Fernandez: Not the people. We the People. Well, I mean, 363 00:18:14.630 --> 00:18:17.570 hey, that's a cool experience regardless, so you can now tell 364 00:18:17.570 --> 00:18:22.280 your grandkids that you dressed up and was on the Upper East 365 00:18:22.280 --> 00:18:22.700 Side. 366 00:18:22.700 --> 00:18:24.730 Sean Murray: I can tell them that I wore a costume one day 367 00:18:24.730 --> 00:18:27.190 I'll tell my kids that I wore a costume on the Upper East Side 368 00:18:27.250 --> 00:18:30.040 forget about the Constitution the DAO one day I'll tell my 369 00:18:30.040 --> 00:18:31.690 kids that I wore a costume on the Upper East Side. 370 00:18:31.720 --> 00:18:32.980 Johny Fernandez: Cause you didn't go into the building so 371 00:18:32.980 --> 00:18:36.160 you can't like you were outside. 372 00:18:36.820 --> 00:18:38.470 Okay, but I did contribute to the DAO. 373 00:18:38.510 --> 00:18:41.480 You did you did contribute to the DAO. So you could you could 374 00:18:41.480 --> 00:18:45.740 tell them your costume on the Upper East Side. And you almost 375 00:18:45.800 --> 00:18:49.790 won a fraction of the Constitution. Almost. Almost so 376 00:18:49.790 --> 00:18:56.660 close but no cigar. So, I love the picture are we gonna see 377 00:18:56.660 --> 00:18:58.880 that picture again? It's a great picture. 378 00:19:00.230 --> 00:19:02.630 Sean Murray: There it is. There it is. You know, somebody on the 379 00:19:02.630 --> 00:19:04.880 street thought it said I'm burning the Constitution. 380 00:19:04.880 --> 00:19:06.550 Johny Fernandez: That's what it looks like the B 381 00:19:08.590 --> 00:19:10.810 Sean Murray: Really you thought that I'm burning? I was like, 382 00:19:10.810 --> 00:19:12.850 why are you burning the Constitution? I'm like, buy, 383 00:19:12.970 --> 00:19:14.890 buying, buying the Constitution. 384 00:19:14.930 --> 00:19:21.470 Johny Fernandez: Oh. Good stuff. Yeah. I love it. All right, so 385 00:19:22.310 --> 00:19:24.560 this next topic kind of goes in hand with our first 386 00:19:24.560 --> 00:19:29.780 conversation. Well, Congress introduces new restrictions for 387 00:19:30.020 --> 00:19:32.900 small business financing. So we know that Representative 388 00:19:32.900 --> 00:19:39.200 Velazquez and Senator Robert Menendez they have hoped to stop 389 00:19:39.560 --> 00:19:42.920 small business loans, sorry, small business loans by by 390 00:19:42.920 --> 00:19:45.680 applying broad consumer protection to small business 391 00:19:45.680 --> 00:19:49.460 borrowers nationwide. And it's actually interesting because 392 00:19:49.460 --> 00:19:53.210 this would probably be the most more restrictive than the New 393 00:19:53.210 --> 00:19:57.680 Year commercial financing disclosure law. So we have some 394 00:19:57.680 --> 00:20:01.430 supporters there also Lending Club and Funding Circle so Sean, 395 00:20:01.940 --> 00:20:08.330 it's interesting cause from how I see it, they're not stopping 396 00:20:08.330 --> 00:20:09.980 it. But they're putting more restrictions. 397 00:20:10.190 --> 00:20:11.840 Sean Murray: So they're not stopping anything at this point. 398 00:20:11.840 --> 00:20:14.690 Yeah. It's just a bill. Yeah. It's just the here's their idea. 399 00:20:14.780 --> 00:20:16.010 And they hope it becomes the law. 400 00:20:16.319 --> 00:20:18.329 Johny Fernandez: It does. But it's interesting, because like 401 00:20:18.329 --> 00:20:21.839 we said earlier, there's always people always try to put 402 00:20:21.839 --> 00:20:25.769 restrictions on it. And sometimes it works. Sometimes it 403 00:20:25.769 --> 00:20:29.519 doesn't work. So these restrictions, like it's, they 404 00:20:29.519 --> 00:20:33.419 want to, like, monitor and make sure everything goes pretty much 405 00:20:33.569 --> 00:20:38.639 is beneficial to the other side. But they're not stopping 406 00:20:38.639 --> 00:20:40.889 anything. They just want to put more restrictions on it. 407 00:20:41.099 --> 00:20:43.529 Sean Murray: Well, it would, it would probably stop most of it, 408 00:20:43.619 --> 00:20:46.739 it would probably, it would probably shut down the vast 409 00:20:46.739 --> 00:20:49.379 majority of a small business lending industry in the country. 410 00:20:49.540 --> 00:20:52.300 Johny Fernandez: But do you think their their approach? What 411 00:20:52.330 --> 00:20:56.110 I mean, what restrictions? Would they be putting up on it? Cause 412 00:20:56.110 --> 00:21:00.340 it's more restricted than New York, the New York law? 413 00:21:00.360 --> 00:21:04.620 Sean Murray: Yeah, it would be all types of disclosures, all 414 00:21:04.620 --> 00:21:09.150 type of reporting and noticing that you have to do after the 415 00:21:09.150 --> 00:21:12.330 fact, basically, so here's, here's what, and this is my 416 00:21:12.330 --> 00:21:14.160 personal opinion, you know, maybe I'm stepping out of 417 00:21:14.160 --> 00:21:17.370 bounds. But here, here's what some members of Congress and 418 00:21:17.370 --> 00:21:20.280 maybe state legislators don't understand is that they think of 419 00:21:20.280 --> 00:21:24.540 Small Business Finance as something commoditized. Because 420 00:21:24.540 --> 00:21:27.000 if you apply for a consumer loan, they're looking at your 421 00:21:27.000 --> 00:21:29.490 credit score, and how much money you make, sometimes not even 422 00:21:29.490 --> 00:21:31.560 that, sometimes they're not even looking at anything, they're 423 00:21:31.560 --> 00:21:35.190 like you are a person, I will give you this. And what 424 00:21:35.190 --> 00:21:37.980 regulators and legislators want to do is like, make sure that 425 00:21:37.980 --> 00:21:40.560 there were no other characteristics about you that 426 00:21:40.560 --> 00:21:43.020 were used in that that could be used to discriminate against 427 00:21:43.020 --> 00:21:45.030 you, right? Or that there were things in there that were 428 00:21:45.030 --> 00:21:48.600 designed to, like, trick you, right? Because there's there's 429 00:21:48.600 --> 00:21:51.360 really nothing else in the underwriting for a consumer 430 00:21:51.360 --> 00:21:55.860 loan. It's very cut and dry. A business loan is a very 431 00:21:55.890 --> 00:21:59.340 intensive, personalized process. Yeah. How long has this been in 432 00:21:59.340 --> 00:22:01.920 business fo? What type of product do they sell? What do 433 00:22:01.920 --> 00:22:04.530 they sell? You know, what type of customers do they have? What 434 00:22:04.530 --> 00:22:06.660 are their sales like this time of year? What are their sales 435 00:22:06.660 --> 00:22:09.240 like going to be like next time a year? You know, what's, what's 436 00:22:09.240 --> 00:22:12.720 their supply chain like? Are they going to be affected by 437 00:22:12.720 --> 00:22:15.930 COVID. Right? What's what's the marketing message and the story 438 00:22:15.930 --> 00:22:18.570 of the business? All these different factors, how long are 439 00:22:18.570 --> 00:22:20.310 they going to be at that location? Are they moving? 440 00:22:20.310 --> 00:22:26.430 What's the relationship with the landlord? Oftentimes, it's this 441 00:22:26.460 --> 00:22:30.000 this type of like underwriting process. It doesn't, it doesn't 442 00:22:30.000 --> 00:22:33.120 connect with those who were who trying to create and change the 443 00:22:33.120 --> 00:22:36.000 law, they don't realize that all this is happening. They think 444 00:22:36.000 --> 00:22:39.360 it's just like commoditized. They're like, oh, they just 445 00:22:39.360 --> 00:22:42.510 judge them on their gender. Yeah. They just judge them on on 446 00:22:42.510 --> 00:22:45.510 their race. Yeah. That must be it. That's why this person was 447 00:22:45.510 --> 00:22:47.820 approved and this person was declined. It has to be that 448 00:22:47.820 --> 00:22:52.260 because they both own the store. And one was, you know, this, and 449 00:22:52.260 --> 00:22:55.500 one was that, so there must it must have been discrimination, 450 00:22:55.530 --> 00:22:58.260 you're like, oh, this person was doing 100,000 in sales a month. 451 00:22:58.620 --> 00:23:02.010 This one was doing 20,000 in sales a month, right? This one 452 00:23:02.010 --> 00:23:05.160 looks like the safer bet. They don't realize that this whole 453 00:23:05.160 --> 00:23:08.610 big thing to it. Yeah. And so they're trying to add a 454 00:23:08.610 --> 00:23:12.960 commoditized type of regulation to something that is very 455 00:23:12.960 --> 00:23:16.110 subject subjective, personalized, and intense. Yeah. 456 00:23:16.140 --> 00:23:19.890 And it probably in my opinion, if it were to ever to go 457 00:23:19.890 --> 00:23:24.360 through, it would make it so much more cumbersome to do any 458 00:23:24.360 --> 00:23:27.960 of these deals. Yeah. If you had to treat these, these 459 00:23:27.960 --> 00:23:32.040 transactions as if as if they were, as if they were all the 460 00:23:32.040 --> 00:23:36.270 same. You know, everyone's within a name and a number and 461 00:23:36.330 --> 00:23:39.090 stop thinking about the business. It would make it very, 462 00:23:39.120 --> 00:23:41.310 very difficult. I think for a lot of the small business 463 00:23:41.310 --> 00:23:44.100 finance companies around the world, around the world around 464 00:23:44.100 --> 00:23:47.370 the country to carry on. That's what I think would be the 465 00:23:47.370 --> 00:23:47.880 outcome. 466 00:23:48.119 --> 00:23:50.339 Johny Fernandez: Yeah. So it's interesting to see what will 467 00:23:50.339 --> 00:23:51.719 happen regarding that. 468 00:23:51.750 --> 00:23:54.480 Sean Murray: It's just a bill at this point. This particular 469 00:23:54.480 --> 00:23:57.630 bill, some version of it came out last year too it never went 470 00:23:57.630 --> 00:24:00.840 anywhere. Yeah. It you know, it comes with a big scary press 471 00:24:00.840 --> 00:24:04.440 release about how they're going to go after, you know, predatory 472 00:24:04.440 --> 00:24:06.720 this and predatory that I'm not sure where they get their 473 00:24:06.720 --> 00:24:10.110 information from when everything is predatory, supposedly, or 474 00:24:10.110 --> 00:24:14.340 whatever. But you know, we'll see where it goes. This Congress 475 00:24:14.340 --> 00:24:16.920 is a little bit different than the ones we've had in the past. 476 00:24:16.920 --> 00:24:19.140 So it could have some legs to it this time around. 477 00:24:19.140 --> 00:24:22.300 Johny Fernandez: Yeah. Cool. So the last thing we're going to 478 00:24:22.300 --> 00:24:28.990 just talk about, is Broker Fair. So Broker Fair is how many days 479 00:24:28.990 --> 00:24:29.350 away? 480 00:24:30.220 --> 00:24:31.750 Sean Murray: It's two weeks, two weeks away. 481 00:24:31.750 --> 00:24:35.110 Johny Fernandez: Two weeks? To the day, right? Yep. Okay, it's 482 00:24:35.110 --> 00:24:39.370 two weeks away. So it's exciting. I've talked to a lot 483 00:24:39.370 --> 00:24:42.460 of people that are excited to be here and come and join the pre 484 00:24:42.460 --> 00:24:44.800 show, and then go to Broker Fair. They're excited because 485 00:24:44.800 --> 00:24:47.890 it's first event that has actually happened since pre 486 00:24:47.890 --> 00:24:52.150 pandemic. So you want to talk about the raffle first? 487 00:24:52.210 --> 00:24:54.160 Sean Murray: Oh, yeah, so we announced it last week, we are 488 00:24:54.160 --> 00:24:57.400 doing a raffle. The cool part about this raffle is that nobody 489 00:24:57.400 --> 00:24:59.920 has to do anything to enter it. You don't have to do anything. 490 00:25:00.070 --> 00:25:00.670 Johny Fernandez: That's great. 491 00:25:00.700 --> 00:25:01.990 Sean Murray: Well actually have to do one thing. 492 00:25:02.020 --> 00:25:02.710 Johny Fernandez: What is that thing? 493 00:25:02.740 --> 00:25:05.440 Sean Murray: You just have to have a ticket to be entered into 494 00:25:05.440 --> 00:25:08.380 this raffle. You don't have to physically do anything other 495 00:25:08.380 --> 00:25:11.950 than own a ticket prior to the, to the raffle itself. 496 00:25:12.010 --> 00:25:14.680 Johny Fernandez: So if you have a ticket, you're entered into 497 00:25:14.680 --> 00:25:16.870 the raffle. What exactly is the prize? 498 00:25:17.020 --> 00:25:20.260 Sean Murray: The prize is if you win, you get a refund of your 499 00:25:20.260 --> 00:25:22.390 ticket, but you still get to come to the show. 500 00:25:22.570 --> 00:25:24.970 Johny Fernandez: That's great. Here's a question I have for 501 00:25:24.970 --> 00:25:29.560 you. If they ordered a pre show ticket, do they get that money 502 00:25:29.560 --> 00:25:30.010 back? 503 00:25:31.120 --> 00:25:32.620 Sean Murray: You know, I don't even know the answer to that. 504 00:25:32.650 --> 00:25:34.810 That's the that's a good question for the team. 505 00:25:34.840 --> 00:25:40.600 Johny Fernandez: Yeah. So if they came with a buddy, do they 506 00:25:40.600 --> 00:25:43.690 get does his buddy get the money back? Or is it just the person? 507 00:25:43.720 --> 00:25:44.380 Sean Murray: It's just the one. 508 00:25:44.380 --> 00:25:45.880 Johny Fernandez: Just one? Okay, just one. 509 00:25:45.880 --> 00:25:47.470 Sean Murray: This isn't like you and all your friends get a 510 00:25:47.470 --> 00:25:49.240 refund. It's just one lucky winner. 511 00:25:49.300 --> 00:25:51.550 Johny Fernandez: So when will people find out about who won? 512 00:25:51.570 --> 00:25:53.310 Sean Murray: So we're gonna announce it on Cyber Monday. 513 00:25:53.310 --> 00:25:55.770 Again, you don't have to enter to do anything, you just have to 514 00:25:55.770 --> 00:26:00.990 have a ticket. This is a good way for people to hurry up and 515 00:26:00.990 --> 00:26:04.140 get their ticket now versus waiting until it's too late. As 516 00:26:04.140 --> 00:26:07.800 I've said in the past, we do typically turn off ticket 517 00:26:07.800 --> 00:26:11.100 registration prior to the event. And we don't sell tickets at the 518 00:26:11.100 --> 00:26:14.190 event. So we're doing this for your own good to make sure you 519 00:26:14.190 --> 00:26:17.400 have a ticket before Cyber Monday. And then the benefit of 520 00:26:17.400 --> 00:26:20.610 that is that on Cyber Monday, we will pick one ticket holder at 521 00:26:20.610 --> 00:26:24.360 random. Even if they have no idea about what we're doing. 522 00:26:24.480 --> 00:26:26.970 Even if they're not watching. They don't get the email, 523 00:26:26.970 --> 00:26:29.160 they're not paying attention. One lucky winner is just gonna 524 00:26:29.160 --> 00:26:32.520 get a refund on their ticket. And that's it. And still get to 525 00:26:32.520 --> 00:26:32.970 come. 526 00:26:33.060 --> 00:26:36.270 Johny Fernandez: That's awesome. What could people expect at 527 00:26:36.270 --> 00:26:36.990 Broker Fair? 528 00:26:37.830 --> 00:26:39.900 Sean Murray: Alright, so we have, we have a really large 529 00:26:39.900 --> 00:26:45.030 crowd shaping up. We have a lot of networking setup. We have a 530 00:26:45.030 --> 00:26:49.290 lot of good panels and speakers. We have the founder of 531 00:26:49.290 --> 00:26:53.250 Indiegogo, Slava Rubin is speaking at the show, we have a 532 00:26:53.250 --> 00:26:57.060 lot of broker centric content there, we probably have more 533 00:26:57.060 --> 00:27:00.240 broker centric content this year than any previous Broker Fair. 534 00:27:00.780 --> 00:27:05.130 In the past, we've had a lot of funder centric and institutional 535 00:27:05.130 --> 00:27:09.810 and legal panels that can be helpful to brokers and like 536 00:27:09.810 --> 00:27:12.960 knowing and understanding the big landscape. Yeah. This time 537 00:27:12.960 --> 00:27:16.740 around, we went very broker sales centric. And so most of 538 00:27:16.740 --> 00:27:19.860 the panels are dominated by people who are brokers. And we 539 00:27:19.860 --> 00:27:25.680 have two good sessions, one by Oz, and one by Leo, two people 540 00:27:25.680 --> 00:27:30.630 who are basically broker trainers, and train 1000s of 541 00:27:30.630 --> 00:27:34.290 brokers to work from home, we're going to be presenting on stage 542 00:27:34.320 --> 00:27:37.500 in person at Broker Fair teaching brokers who are 543 00:27:37.500 --> 00:27:40.710 attending all their tips and tricks. Oh, and the other thing 544 00:27:40.710 --> 00:27:44.550 is, we also now have a certification you can take while 545 00:27:44.550 --> 00:27:48.570 you're at Broker Fair, we were fortunate to land a a 546 00:27:48.600 --> 00:27:51.420 partnership, this time around, probably the only time we'll 547 00:27:51.420 --> 00:27:57.090 ever have it, partnership with the SBFA to enable the the 548 00:27:57.090 --> 00:28:00.870 certification of you becoming a small business finance 549 00:28:00.870 --> 00:28:03.930 professional, this is a brand new certification. There's never 550 00:28:03.930 --> 00:28:06.330 been a small business, finance, professional certification, it's 551 00:28:06.360 --> 00:28:10.950 brand new. And at the show, you can now take the time out of 552 00:28:10.950 --> 00:28:15.750 your day to go and take that exam and go and learn about the 553 00:28:15.750 --> 00:28:19.470 industry and get certification all in one place. 554 00:28:19.680 --> 00:28:22.590 Johny Fernandez: So if someone has hesitations about buying 555 00:28:22.590 --> 00:28:25.740 their ticket, and they want to wait to the last minute, we're 556 00:28:25.740 --> 00:28:28.320 at the two week mark, what would you tell them? 557 00:28:29.470 --> 00:28:32.050 Sean Murray: You know, it's not you know, this is not an ad 558 00:28:32.080 --> 00:28:35.020 because in the past when we turned off ticket registrations, 559 00:28:35.620 --> 00:28:37.960 it's been turned off. And people would say, why would you do 560 00:28:37.960 --> 00:28:40.870 that? You know, surely I can go to the event, buy a ticket, 561 00:28:40.870 --> 00:28:43.570 you're not going to turn down the money? Yes, we will. In the 562 00:28:43.570 --> 00:28:47.260 past, we have told people who showed up on event day with 563 00:28:47.260 --> 00:28:49.630 money, sometimes offering to pay double per ticket, if they can 564 00:28:49.630 --> 00:28:52.540 just get in and we said unfortunately, you can't get it. 565 00:28:52.930 --> 00:28:56.080 We do not have the infrastructure there to register 566 00:28:56.080 --> 00:28:58.510 new people, we will not accept anyone who does not have a 567 00:28:58.510 --> 00:29:01.540 ticket into the event period. It doesn't matter how much money 568 00:29:01.540 --> 00:29:04.000 you have. Doesn't matter if you know me, doesn't matter who your 569 00:29:04.000 --> 00:29:06.580 friends are doesn't matter. If you know, you know someone who's 570 00:29:06.580 --> 00:29:09.580 a sponsor. If you do not have your ticket prior to the event, 571 00:29:09.850 --> 00:29:12.310 you can't come to the event. We don't sell on site. We don't 572 00:29:12.310 --> 00:29:14.680 sell them the day before we usually turn it off a few days 573 00:29:14.680 --> 00:29:18.100 before. Don't wait until it's too late. Again, it's not it's 574 00:29:18.100 --> 00:29:22.660 not an ad. It's to prevent you from being disappointed. Yeah. 575 00:29:22.690 --> 00:29:26.050 For when we turn it off, and you not being able to get that 576 00:29:26.050 --> 00:29:29.350 ticket because we only have so much infrastructure in place. 577 00:29:29.560 --> 00:29:32.590 And once we hit a certain we hit a certain number, we say that's 578 00:29:32.590 --> 00:29:35.500 it. That's it. You know, we now need to focus on actually 579 00:29:35.500 --> 00:29:36.820 producing the event itself. 580 00:29:36.930 --> 00:29:39.900 Johny Fernandez: Okay, so let's talk about vaccine cards. We 581 00:29:39.900 --> 00:29:44.520 have people coming from out of New York. This vaccine mandate 582 00:29:44.580 --> 00:29:47.970 is something part of New York City. So what do you say to 583 00:29:47.970 --> 00:29:53.160 people that aren't vaccinated it's two, it's two weeks away or 584 00:29:53.550 --> 00:29:58.830 that loss their vaccine card you know, don't want to comply? Have 585 00:29:58.830 --> 00:30:01.590 questions about the vaccine mandate, what would you say to 586 00:30:01.590 --> 00:30:01.890 them? 587 00:30:03.100 --> 00:30:05.050 Sean Murray: Lost a vaccine card? You know, I don't know 588 00:30:05.050 --> 00:30:07.210 that's a good one, you're gonna have to have it, that's for sure 589 00:30:07.210 --> 00:30:10.390 you have to have proof of vaccination. If you don't have 590 00:30:10.390 --> 00:30:13.300 your vaccine card, you're gonna have to have whatever, you're 591 00:30:13.300 --> 00:30:16.930 gonna have to have an app that will confirm your vaccination 592 00:30:16.930 --> 00:30:17.530 status. 593 00:30:18.980 --> 00:30:21.590 Johny Fernandez: Just to make sure you clarify, because we 594 00:30:21.590 --> 00:30:26.030 want people to know, we are not putting the vaccine rule that is 595 00:30:26.300 --> 00:30:28.820 brought to by the actual venue. 596 00:30:28.850 --> 00:30:30.350 Sean Murray: Oh, yeah, we had nothing to do with it. Yeah, 597 00:30:30.380 --> 00:30:33.620 yeah. So the city requires that you be vaccinated to enter any 598 00:30:33.620 --> 00:30:36.380 establishment, we have nothing to do with it it's not our 599 00:30:36.380 --> 00:30:38.840 decision is not something we we wanted to do. 600 00:30:38.840 --> 00:30:39.470 Johny Fernandez: We had no say. 601 00:30:39.470 --> 00:30:42.080 Sean Murray: It wasn't our, we have no say in it, it's the way 602 00:30:42.080 --> 00:30:45.200 it is. For any event in New York City. If you're like, if your 603 00:30:45.200 --> 00:30:48.920 idea is to go to a bar or restaurant in the city, thinking 604 00:30:48.920 --> 00:30:52.190 that you're going to escape it, you won't, because you have to 605 00:30:52.190 --> 00:30:54.470 have it in order to go into any restaurant or bar in the city. 606 00:30:54.830 --> 00:30:56.750 Johny Fernandez: And they will check and they'll check your ID. 607 00:30:56.750 --> 00:30:57.680 Johny Fernandez: Again and those are the venue people like there 608 00:30:57.680 --> 00:30:59.129 Sean Murray: They'll check your ID, they'll check your ID, 609 00:30:59.129 --> 00:30:59.840 no one from deBanked is checking vaccine cards. 610 00:30:59.840 --> 00:31:02.381 they'll check your vaccine card it's not a joke I want I was 611 00:30:02.381 --> 00:31:05.090 Sean Murray: deBanked is not checking the venue is going to 612 00:31:05.090 --> 00:31:05.740 just in Madison Square Garden just last week, and they checked 613 00:31:05.740 --> 00:32:05.793 check. So if you try to pull one of us aside and say, you know, 614 00:31:05.793 --> 00:31:08.939 my vaccine card, I go to a restaurant I pick up lunch, I go 615 00:31:08.992 --> 00:31:12.191 anywhere, I have to show proof of vaccination. The city does 616 00:31:12.245 --> 00:31:15.337 not accept a negative COVID test, the city does not accept 617 00:31:15.390 --> 00:31:18.323 whether or not you've had COVID before and you have the 618 00:31:18.376 --> 00:31:21.362 antibodies, they don't care about any of that, you know, 619 00:31:21.415 --> 00:31:24.614 that you can feel about that however you want. You know what 620 00:31:24.667 --> 00:31:27.920 I mean? It's unfortunate that things like that would not make 621 00:31:27.973 --> 00:31:31.278 a difference. But we're not the city at the end of the day. So 622 00:31:31.332 --> 00:31:34.691 like I said, we don't have any say in any of that. So to comply 623 00:31:34.744 --> 00:31:37.676 with New York City Law, the venue will be checking your 624 00:31:37.730 --> 00:31:41.089 vaccination status at the event, at the door, you won't be able 625 00:31:41.142 --> 00:31:44.554 to get in, it doesn't matter if you say I forgot it at home. And 626 00:31:44.608 --> 00:31:47.647 I'll show it to you later. They're not, they're not going 627 00:31:47.700 --> 00:31:51.006 to let you and I have I have to say it because if on that day, 628 00:31:51.059 --> 00:31:53.991 you can't come get me or somebody and say, Sean, let me 629 00:31:54.045 --> 00:31:57.350 in because I'm not gonna have any say or control on that part. 630 00:31:57.403 --> 00:31:59.430 Only the venue will control that part. 631 00:32:08.990 --> 00:32:11.630 you know me, wink, wink, wink, you know, yeah, I don't have a 632 00:32:11.630 --> 00:32:14.540 vaccine card. I can't do anything. Because it's not up to 633 00:32:14.540 --> 00:32:17.240 me. It's the city and the and the venue is gonna be checking 634 00:32:17.240 --> 00:32:20.000 on behalf of the city. It is what it is, you know, you may 635 00:32:20.000 --> 00:32:22.400 have your own opinion on it. I get it. I understand, you know, 636 00:32:22.400 --> 00:32:25.370 you have everyone should do what they think is in their own best 637 00:32:25.370 --> 00:32:27.440 interest. But this is what Broker Fair requires. 638 00:32:27.440 --> 00:32:32.330 Johny Fernandez: Yeah. So I'm excited. That's all I can say. 639 00:32:32.390 --> 00:32:36.260 Sean Murray: It's gonna be good, the numbers are shaping up to be 640 00:32:36.260 --> 00:32:36.980 very good. 641 00:32:37.160 --> 00:32:40.520 Johny Fernandez: Yeah. So it's exciting. We'll, we'll obviously 642 00:32:40.520 --> 00:32:43.850 we'll be there. And I'm excited just to meet everyone. Again, in 643 00:32:43.850 --> 00:32:47.420 person, the pre show, if people are interested in getting pre 644 00:32:47.420 --> 00:32:50.720 show tickets, let's talk about that. Where can they go? 645 00:32:50.960 --> 00:32:53.540 Sean Murray: You can also go online. So when you go to 646 00:32:53.540 --> 00:32:55.850 register your ticket, it'll give you the option of buying the 647 00:32:55.850 --> 00:32:58.250 type of ticket you want. Whether your broker funder, a general 648 00:32:58.250 --> 00:33:01.400 admission, and a pre show ticket, which is a separate 649 00:33:01.400 --> 00:33:04.670 selection if you want to do the the conference and the pre show 650 00:33:04.670 --> 00:33:07.580 the night before he got to make sure you select both and pay for 651 00:33:07.580 --> 00:33:11.570 both. If you buy just the conference ticket, and you show 652 00:33:11.570 --> 00:33:14.660 up to the to the event the night before, you're not going to get 653 00:33:14.660 --> 00:33:17.120 into that. So you got to make sure you have a ticket to both 654 00:33:17.150 --> 00:33:18.890 if you want to go to both parts. 655 00:33:18.920 --> 00:33:22.040 Johny Fernandez: Yeah. All right. Well, countdown started 656 00:33:22.040 --> 00:33:23.870 two weeks from today. 657 00:33:24.050 --> 00:33:25.430 Sean Murray: Two weeks from today. And we're going right 658 00:33:25.430 --> 00:33:28.160 into Thanksgiving. And like I said Cyber Monday, we're going 659 00:33:28.160 --> 00:33:32.300 to announce the the refund winner free refund to some 660 00:33:32.300 --> 00:33:35.720 random lucky person who already has a ticket. And after that 661 00:33:35.720 --> 00:33:38.000 we're going to be so close to the show. At some point we're 662 00:33:38.000 --> 00:33:40.310 going to have to turn off registration prior to the event. 663 00:33:40.430 --> 00:33:43.130 I say that just to make sure that you are not disappointed. 664 00:33:43.130 --> 00:33:44.450 So don't wait until it's too late. 665 00:33:44.510 --> 00:33:47.390 Johny Fernandez: Yeah. All right, you guys. So that is the 666 00:33:47.390 --> 00:33:49.700 latest from here again I'm Johny Fernandez. 667 00:33:50.300 --> 00:33:51.110 i'm Sean Murray. 668 00:33:51.170 --> 00:33:52.370 General Sean Murray. 669 00:33:52.490 --> 00:33:53.120 Sean Murray: General. 670 00:33:53.810 --> 00:33:55.220 Johny Fernandez: And we'll see you guys next time. Have a good 671 00:33:55.220 --> 00:33:55.520 one.