From what I heard Jay and his cousin, Sergio Valente were two art students who met at CCNY in the early 70's. They decided to start a band, even though neither had musical experience. The name of the band escapes me, but I recall it was the name of a marital aid in a Burroughs novel... anyway the band fizzled, Sergio went into fashion design and Jay got an apprenticeship with the world-reknowned luthier, Carlo Robelli.
After working under the master from May to October in 1977, Jay struck out on his own. One of his first designs in fact was the original MM Stingray, which he licensed to Leo Fender with a 20 year non-compete clause. His next design, the hydraulic pickup was not as well-received (couldn't qualify for the UL listing, no GCFI). This was followed by a series instruments meant to be played in odd time signatures. He gave up luthing and took a job at his dad's sponge factory.
Fast-forward 20 years. Jay now has the right to sell his first design and it's a big success. Imagine, a bass that looks like a Musicman...but costs much less!
You've apparently found a good one...it's not as hard as some people seem to think. They're decent basses, especially for the price. Just like Jay always wanted.
All jokes aside, they aren't crap... they're just inexpensive. There's nothing wrong with that.
Hope that helps.