United Development Funding IV fka UDFI

[Phaedrus77]

I like how the execs brag about paying $6.06 of distributions since inception.

Book value at 12/31/22 was $10.65. It almost certainly declined in 2023.

$10.65 + 6.06 - 0.39 (dividends declared after 12/31/22) = $16.32.

The IPO was at $20.00.

Over the course of ~12 years, they’ve lost 20% of their equity…in one of the biggest bull markets in real estate history.

Yep, they should be awfully proud of themselves.

[Phaedrus77]

I feel like I’m living in a George Orwell novel.

[Enterprising Investor]

The first thing that came to my mind when reading this letter was a part of a Willie Nelson song often sung by Don Meredith on ABC’s Monday Night Football.

[Phaedrus77]

These guys have funded ONE new loan not related to existing projects in the past 4+ years.

How much have we paid them to generate that single loan?

How many loans have defaulted during those years?

[Phaedrus77]

Meanwhile, there are still no audited financials for 2023. How long does it take to audit a book of 20 loans?

And didn’t they mention something about providing liquidity to shareholders this year? They can have my shares for the same price they “opportunistically” purchased shares a couple years ago.

[Phaedrus77]

What a nothing burger!

So sad that they have to list an audit as one of their accomplishments. One audit in 5 year. They’re at the Mendoza line.

I wonder if Captain Jim hands out little gold stars to the employees when they show up for work each day. Maybe they get participation trophies each year at the Christmas party.

[TruthSheperd]

Hey, it worked in the past, right? Much like politicians...be happy with your crumbs we gave you and maybe in 4 years we will give you another crumb.

[REITInvestor58]

My suspicion is that a $1,500 per hour lawyer wrote that letter - primary purpose was to now blame NexPoint for everything that has happened to shareholders (since they were unsuccessful blaming Kyle Bass). Interesting that without NexPoint's efforts, shareholders likely would never have received audited statements (as worthless as what we received may have been) and these trustees would have likely never again have been subjected to an election. The basic UDF argument seems to be as follows: despite our founder and 3 other executives being convicted of fraud (which conviction ultimately survived all appeals) and sentenced to years in prison, despite our settling an SEC enforcement action that resulted in a large disgorgement payment from the executives which our shareholders ultimately paid for out of corporate assets, despite our losing all liquidity for our shareholders by not complying with the court order from the SEC settlement and being de-registered so that our stock can't trade on an organized market, despite our not holding a shareholder meeting or providing any information to shareholders for years, despite our spending tens of millions of dollars defending all this to no avail and despite our allowing almost all our assets to be under the control of a single developer in the worst housing market in a decade, because we have returned some of your capital you should trust us to the exclusion of everyone else (including the largest stakeholder in the company, who owns more than 10 times more stock than all the officers and trustees combined).

[freddie me]

Thanks of the "return of capital" UDF

[freddie me]

UDF Executives are convicted, in jail...
did Company also defend their frauds w more of my money?
https://www.justice.gov/usao-ndtx/pr/udf-executives-sentenced-combined-20-years-prison

[freddie me]

F these guys, seriously "UDF IV Issues Letter to Shareholders"
Highlighting the Board and Management’s Decisive Actions to Protect Shareholder Value
https://udfonline.com/udf-iv-issues-letter-to-shareholders-highlighting-the-board-and-managements-decisive-actions-to-protect-shareholder-value/

[curious analyst]

Have we learned when we will get ballots to vote? Will they come from UDF? Will they be paper or electronic?

[Enterprising Investor]

NexPoint Nominates Four Independent Trustees to United Development Funding (UDF IV) Board of Trustees (6/20/24)

DALLAS, June 20, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint"), a major shareholder of United Development Funding IV ("UDF IV" or the "Company"), a real estate investment trust ("REIT"), today announced its nomination of four highly qualified, independent candidates for election to the UDF IV Board of Trustees at the Company's upcoming Annual Meeting of Shareholders.

Following years of holding no UDF IV shareholder meetings prior to December 2023, or elections of independent trustees, the Circuit Court for Baltimore City, Maryland has ordered UDF IV to conduct an election for four independent Trustees at an Annual Meeting that must be held on or before December 31, 2024.

NexPoint has delivered to UDF IV its nomination of the following four highly qualified and independent trustee candidates:

Paul S. Broaddus – Mr. Broaddus is a seasoned entrepreneur in commercial real estate across Texas, operating a $200 million portfolio as the Managing Partner and Chief Financial Officer of Riverbend Development and My Garage Self Storage, where he also serves as President. His expertise in raising and investing capital, alongside his extensive experience in acquisitions and asset dispositions, as well as REIT accounting practices and tax structuring, will help to ensure proper financial management of UDF IV.

Edward N. Constantino – Mr. Constantino has over 40 years of audit, advisory, and tax experience and substantial expertise in REIT governance. He retired as an audit partner from KPMG where he oversaw the firm's real estate and asset management business. Mr. Constantino currently serves on the boards of several publicly traded REITs, including as audit committee chair, as well as on the board of public company Patriot National Bancorp, Inc. His extensive experience in real estate accounting will enhance financial oversight and accountability for UDF IV shareholders.

John A. Good – Mr. Good is a nationally recognized REIT executive and lawyer. He is the Chief Executive Officer of NexPoint Storage Partners, Inc. (formerly Jernigan Capital, Inc., a NYSE-listed self-storage REIT), an independent director and audit committee chair of another NYSE-listed REIT and was formerly a partner and co-head of the REIT practice group of Morrison & Foerster LLP. He has more than 28 years of experience working (either as a senior executive officer and board member or as a trusted counsel) with senior management teams and public company boards in the REIT and financial services industries on corporate finance, corporate governance, M&A, tax, executive compensation, joint venture, and strategic planning projects. He has served as lead counsel on over 200 securities offerings raising over $25 billion, with more than 125 of those deals being in the REIT industry. Mr. Good's vast experience in the REIT sector as an executive, board member and counselor makes him well qualified to provide critical strategic guidance and financial oversight to UDF IV.

Julie E. Silcock – Ms. Silcock is an experienced financial services professional who has served on several public company boards across various industries. She formerly served as a Partner at CDX Advisors, a tech-enabled investment bank, as well as Managing Director and Co-Head of Southwest Investment Banking at Houlihan Lokey. Ms. Silcock currently serves on the boards of Overseas Shipholding Group Inc., JC Skincare, Goodwill Industries of Dallas, Inc., and the U.S. Ski & Snowboard Foundation. Her well-honed financial acumen, strategic M&A knowledge, and extensive governance expertise will be pivotal in strengthening UDF IV's financial operations and ensuring robust corporate governance that serves the interests of shareholders.
NexPoint is nominating Edward N. Constantino and Julie E. Silcock as Class II trustees with three-year terms eligible for re-election in 2027, and Paul S. Broaddus and John A. Good as Class III trustees with one-year terms eligible for re-election in 2025.

As UDF IV's largest shareholder, NexPoint has been working for over four years to establish proper oversight and accountability at UDF IV. In making its nominations, NexPoint provided the following comment:

"Now that four of UDF IV's incumbent trustees must stand for election following a court order, shareholders finally have the chance to take action to address the company's corporate governance failures and dramatic multi-year diminution of shareholder value. With our proposed Trustees, shareholders can elect a Board that will represent shareholders' interests and find opportunities to provide a path to value recapture/creation and, ultimately, liquidity. Our nominees have decades of REIT and asset management experience and a strong track record of upholding their fiduciary duties. If elected, we believe they will restore integrity, accountability, and transparency at UDF IV while working to recover lost value.

"Our efforts have already delivered significant victories for shareholders, including securing this upcoming 2024 Annual Meeting, and our trustee nominees will work to enact further positive changes. After years of opaque accounting and financial reporting, stagnant real estate developments, and the misuse of shareholder funds, shareholders should seize this moment to reclaim their rightful ownership of UDF IV and support these highly qualified nominees."

NexPoint believes that UDF IV's incumbent trustees have entrenched themselves through a systematic disenfranchisement of voters and have stifled any attempt by shareholders to drive meaningful change. Despite the convictions and subsequent incarcerations of several of UDF IV's founders and former management team, the trustees have continued to resist shareholder calls for transparency, accountability, and reform. NexPoint believes there are numerous examples of governance abuses at UDF IV, including:

The trustees have thwarted shareholder initiatives for accountability through acts of poor governance, including amending Company bylaws to prevent the fair nomination and election of trustees who genuinely represent shareholders' interests.
The so-called independent trustees have shown disregard for shareholder democracy: three have not stood for election since 2015, and one has never been elected by shareholders at all.
The trustees have inexplicably allowed the Company's advisor and much of the former management team to remain in place, despite a history of criminal fraud at the company.
The trustees also appear to have supported former management in using shareholder funds to cover legal fees for their criminal cases, uses which NexPoint believes to be in violation of their fiduciary duty and ethical standards.
The trustees have allowed the Company's assets to be concentrated with one borrower who has a history of not performing its obligations and using this concentration to influence the actions of the Company.
NexPoint encourages shareholders to visit udfaccountability.com and complete the contact form to receive ongoing updates about the Company and the upcoming Annual Meeting, including about the meeting date once it has been set by the Company. Shareholders can also contact NexPoint via email at [e-mail].

Additional information about NexPoint's nominees can be found at udfaccountability.com/nominees.

About NexPoint

NexPoint Real Estate Opportunities, LLC is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust, Inc. (NYSE: NXDT), an affiliate of NexPoint Advisors, L.P.

NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com.

https://www.prnewswire.com/news-releases/nexpoint-nominates-four-independent-trustees-to-united-development-funding-udf-iv-board-of-trustees-302178493.html

[Enterprising Investor]

NexPoint Sends Letter to United Development Funding IV (UDF IV) Shareholders in Advance of Court-Ordered Annual Meeting (6/13/24)

Large Shareholder to Nominate Four Independent Trustees to Restore Accountability and Transparency Following Criminal Convictions of Members of Former Management Team

DALLAS, June 13, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint") announced today that it has sent a letter to fellow shareholders of United Development Funding IV ("UDF IV" or the "Company"), a real estate investment trust, ahead of the Company's upcoming Annual Meeting of Shareholders. The Circuit Court for Baltimore City, Maryland recently issued an order requiring UDF IV to hold an Annual Meeting on or before December 31, 2024, at which four of the five trustees must stand for election.

The letter, included below, notifies shareholders of this recent development and of NexPoint's intent to nominate four highly qualified, independent trustees who will act in the interest of shareholders to restore accountability at UDF IV.

NexPoint encourages shareholders to visit udfaccountability.com and complete the contact form to receive ongoing updates about the Company and the upcoming Annual Meeting. Shareholders can also contact NexPoint via email at [e-mail].

Important Update for Shareholders of United Development Funding IV (UDF IV):

Opportunity to Restore Accountability and Transparency at Upcoming Annual Meeting

Dear Fellow Shareholders:

The corporate governance failures at United Development Funding IV ("UDF IV" or the "Company") have left shareholders suffering for years with little hope for recovering value. These failures are highlighted in lawsuits from the Securities and Exchange Commission and Department of Justice, resulting in multimillion-dollar fines, criminal convictions, and prison sentences for several former executives. Sadly, these actions have fallen short in providing adequate resolution for shareholders.

As major shareholders ourselves, NexPoint Real Estate Opportunities, LLC (together with our affiliates "NexPoint") has been working to establish proper oversight and accountability at UDF IV. While management and the Board have resisted our efforts, we are notifying you of a major development that finally gives shareholders a chance to take action to address the corporate governance failures by electing new trustees to the UDF IV Board who will represent your interests and provide a path to recovering value.

For the first time in over eight years, you have the power to enact positive change at UDF IV. A recent order from the Circuit Court for Baltimore City, Maryland requires the Company to hold its next Annual Meeting of Shareholders on or before December 31, 2024, during which four of the five trustees must stand for election. While the meeting date has not been announced, we want you to be prepared to exercise your right to vote. We will notify you once the date of the meeting is set. To receive updates via email, complete the contact form at udfaccountability.com or email [e-mail].

NexPoint intends to nominate four highly qualified and independent trustees to replace incumbent trustees Lawrence S. Jones, Philip K. Marshall, J. Heath Malone, and Steven J. Finkle, who we believe have repeatedly violated their fiduciary duties. The incumbent trustees' actions have continually advanced their own interests and those of UDF IV management at the expense of shareholders.

The incumbent trustees must be replaced. They created an insular governance structure and served as an impediment to liquidity for long-suffering shareholders. In response to basic shareholder requests for accountability, the incumbents changed the Company bylaws, entrenching themselves and disenfranchising shareholders by impeding your voting rights. In fact, three of UDF IV's independent trustees have not stood for election since 2015; one independent trustee has never been elected by shareholders. The incumbents' failure to protect investors' interests has resulted in, among other things, a de-registered, illiquid stock, and their entrenchment tactics have—until now—limited all recourse available to shareholders to enforce basic rights.

The Board's egregious actions continued even after the Company's executives were convicted and sent to prison for fraud. Under the Board's leadership, the Company's advisor and management carried out a massive multi-year deception and fraud through the UDF IV "investment" program. Worse, once this deception was uncovered, the Board sat idle, allowing the advisor and much of the management team to remain in place, protecting their interests at the expense of shareholders. Of note, the Board also appears to have supported former UDF IV management in improperly using shareholder money to pay legal fees to defend the criminal charges that ultimately sent former management to prison.

NexPoint's actions have already positively impacted shareholders and resulted in the upcoming, Court-ordered 2024 Annual Meeting. We now need your support to replace the incumbent trustees and put UDF IV on a path to recovering value. Our nominees have decades of relevant professional experience and will seek to restore proper governance and establish a path to liquidity. It is time for UDF IV to have a Board that serves the interests of all shareholders—not just entrenched management. The upcoming Annual Meeting is shareholders' opportunity to reclaim your rightful ownership of the Company following years of corrupt governance and stagnant illiquidity. We hope you will support us in this endeavor.

Sincerely, NexPoint Real Estate Opportunities, LLC

About NexPoint

NexPoint Real Estate Opportunities, LLC is a wholly owned subsidiary of NexPoint Diversified Real Estate Trust, Inc. (NYSE: NXDT), an affiliate of NexPoint Advisors, L.P.

NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company, and various real estate vehicles. For more information visit www.nexpoint.com

IMPORTANT INFORMATION

NexPoint Real Estate Opportunities, LLC ("NexPoint") intends to deliver a proxy statement with respect to its solicitation of proxies for nominees to be elected to the United Development Funding IV ("UDF IV") Board of Trustees at the Annual Meeting of Shareholders of UDF IV. The date for the Annual Meeting has not yet been set and NexPoint is not soliciting proxies at this time. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE NEXPOINT PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN AVAILABLE IN ITS ENTIRETY BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Copies of the documents will be made available free of charge from NexPoint by accessing the website www.udfaccountability.com.

NexPoint, its affiliates, their directors and executive officers and other members of management and employees may be participants (collectively "Participants") in the solicitation of proxies by NexPoint. Information about NexPoint's nominees to the UDF IV Board of Trustees and information regarding the direct or indirect interests in UDF IV, by security holdings or otherwise, of NexPoint, the other Participants and NexPoint's nominees will be available in the proxy statement. NexPoint's disclosure of any security holdings will be based on information made available to NexPoint by such Participants and nominees. UDF IV is no longer subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. Consequently, NexPoint's knowledge of significant security holders of UDF IV and as to UDF IV itself is limited.

CONTACT INFORMATION

For Information/Updates on UDF IV

Website: www.udfaccountability.com

Email: [e-mail]

Media Contacts

Lucy Bannon (NexPoint): [e-mail]

Paul Caminiti/Pamela Greene (Reevemark): [e-mail]

NexPoint Investor Relations

Kristen Thomas: [e-mail]

https://www.prnewswire.com/news-releases/nexpoint-sends-letter-to-united-development-funding-iv-udf-iv-shareholders-in-advance-of-court-ordered-annual-meeting-302171688.html

[Runaway27]

I Just received this from Nexppint pertaining to UDF V; Hi Paul,



Our marketing/National Accounts team just forwarded your inquiry to me.



NexPoint is the largest shareholder in UDF IV, and we have taken a number of actions for the benefit of UDF IV shareholders. Unfortunately, we don’t own any shares in UDF V and, consequently, have no standing to bring any litigation against or otherwise try to effect any organizational changes within UDF V. I have also taken notice that UDF V is much smaller, they have reported substantial diminution of value from original share price and are much closer to a liquidation of the company than UDF IV is. I don’t know how that would affect UDF V shareholders’ desire to take any action right now.



Because UDF V never was a listed/publicly-traded stock, the shareholders likely own small blocks. I don’t know if they even held a shareholder meeting in December last year, and I don’t know if they did things like stagger their board or the like. You guys probably need some lead shareholder to organize the shareholders and seek answers to some of these questions. Obviously a first step would be to replicate our legal action in Maryland, which effectively compelled a trustee election of all independent members of the UDF IV board at least for the 2024 trustee election. We intend to run a slate of trustees against the UDF IV existing board. The UDF V shareholders should consider the same course of action and would need to be ready with a proxy solicitor/advisor to help you get the votes. We would be happy to share with you things we have done at the UDF IV level (to the extent we are able to share legally) and act in an advisory capacity if you can stir up enough interest.



Happy to talk about any of this.



John

[TomB3]

**IMPORTANT UPDATE FOR SHAREHOLDERS OF UNITED DEVELOPMENT FUNDING IV (UDF IV)**
OPPORTUNITY TO RESTORE ACCOUNTABILITY AND TRANSPARENCY AT UPCOMING ANNUAL MEETING
June 6, 2024
Dear Fellow Shareholders:
The corporate governance failures at United Development Funding IV (“UDF IV” or the “Company”) have leO
shareholders suffering for years with li?le hope for recovering value. These failures are highlighted in lawsuits from the
SecuriOes and Exchange Commission and Department of JusOce, resulOng in mulOmillion-dollar fines, criminal
convicOons, and prison sentences for several former execuOves. Sadly, these acOons have fallen short in providing
adequate resoluOon for shareholders.
As major shareholders ourselves, NexPoint Real Estate OpportuniOes, LLC (together with our affiliates “NexPoint”) has
been working to establish proper oversight and accountability at UDF IV. While management and the Board have
resisted our efforts, we are noOfying you of a major development that finally gives shareholders a chance to take acOon
to address the corporate governance failures by elecOng new trustees to the UDF IV board who will represent your
interests and provide a path to recovering value.
• For the first Ome in over eight years, you have the power to enact posiOve change at UDF IV. A recent order from
the Circuit Court for BalOmore City, Maryland requires the Company to hold its next Annual MeeOng of Shareholders
on or before December 31, 2024, during which four of the five trustees must stand for elecOon. While the meeOng
date has not been announced, we want you to be prepared to exercise your right to vote. We will noOfy you once the
date of the meeOng is set. To receive updates via email, complete the contact form at udfaccountability.com or email
[e-mail].
• NexPoint intends to nominate four highly qualified and independent trustees to replace incumbent trustees
Lawrence S. Jones, Philip K. Marshall, J. Heath Malone, and Steven J. Finkle, who we believe have repeatedly violated
their fiduciary duOes. The incumbent trustees’ acOons have conOnually advanced their own interests and those of
UDF IV management at the expense of shareholders.
• The incumbent trustees must be replaced. They created an insular governance structure and served as an
impediment to liquidity for long-suffering shareholders. In response to basic shareholder requests for accountability,
the incumbents changed the Company bylaws, entrenching themselves and disenfranchising shareholders by
impeding your voOng rights. In fact, three of UDF IV’s independent trustees have not stood for elecOon since 2015;
one independent trustee has never been elected by shareholders. The incumbents’ failure to protect investors’
interests has resulted in, among other things, a de-registered, illiquid stock, and their entrenchment tacOcs have—
unOl now—limited all recourse available to shareholders to enforce basic rights.
• The Board’s egregious acOons conOnued even aOer the Company’s execuOves were convicted and sent to prison
for fraud. Under the Board’s leadership, the Company’s advisor and management carried out a massive mulO-year
decepOon and fraud through the UDF IV “investment” program. Worse, once this decepOon was uncovered, the Board
sat idle, allowing the advisor and much of the management team to remain in place, protecOng their interests at the
expense of shareholders. Of note, the Board also appears to have supported former UDF IV management in
improperly using shareholder money to pay legal fees to defend the criminal charges that ulOmately sent former
management to prison.
• NexPoint’s acOons have already posiOvely impacted shareholders and resulted in the upcoming, Court-ordered
2024 Annual MeeOng. We now need your support to replace the incumbent trustees and put UDF IV on a path to
recovering value. Our nominees have decades of relevant professional experience and will seek to restore proper
governance and establish a path to liquidity. It is Ome for UDF IV to have a Board that serves the interests of all
shareholders—not just entrenched management. The upcoming Annual MeeOng is shareholders’ opportunity to
reclaim your righ?ul ownership of the Company following years of corrupt governance and stagnant illiquidity. We
hope you will support us in this endeavor.
Sincerely, NexPoint Real Estate OpportuniOes, LLC

Website: www.udfaccountability.com Email: [e-mail]

[Phantom Phlyer]

It says that Nexpoint has forced a vote on 4 members via the courts. It encourages shareholders to vote to get us out of bondage. If you contact them, they will add you to a list of shareholders that will receive updates on when the vote is, and the slate of proposed seasoned nominees that Nexpoint recommends for the 4 positions to restore integrity in UDF and liquidity for shareholders.

[Davlund]

I received the same and could not open it either, which might be a good thing with all the scams going around.

[TomB3]

I got a link to a dissident letter for UDFI in my Fidelity account. I can't open it. Anyone know what it says?

[Phaedrus77]

Bass’s appeal at the TX Supreme Court was denied, so I think UDF won’t have to pay any sanctions and/or his legal fees.

I actually kind of feel bad for Bass.

[REITInvestor58]

That’s correct

[ThunderousRaider17]

Moayedi ends up with the assets and goes without prosecution while Hollis et al are being held accountable. I’m not seeing how this was worthwhile for UDF execs. Why would they go through the trouble of doing this and risking this for Moayedi? I can’t see that the UDF execs really profited as much as Moayedi. They risked a lot more than they received.

[ThunderousRaider17]

I don’t know but I’m pretty sure he had millions that were unpaid. Not quite as much as Moayedi but enough to be prosecuted or accountable for.

[Phaedrus77]

That too, but at least Buffington finally found religion and refused to roll his loans into UDF V.

Wasn’t the whistleblower a Buffington employee? I thought the UDF felons were changing the whistleblower’s spreadsheets before giving them to the auditors.

[ThunderousRaider17]

I still dont understand how Buffington avoided it.

[Runaway27]

Wow! another windfall, at that rate I'll recover all my money in about 475 years.......Maybe!

[REITInvestor58]

🙈🙉🙊 No freaking words!!

[Phaedrus77]

Moayedi bought a jet from Trump.

https://www.yahoo.com/finance/news/trump-sells-off-10m-jet-115228296.html

Hey Mehrdad, how bout paying back some of your loans instead of buying a jet? I’d love to know how that guy escaped prosecution.

In other news, we get another 6.5 cents of our capital back at the end of the month.

https://udfonline.com/united-development-funding-iv-and-udf-income-fund-v-announce-distributions-for-q2-2024/

Still waiting on financials too. How long can it take to audit 20-30 loans?

[REITInvestor58]

We will find out!! Highly likely we were.

[Phaedrus77]

Christ, I hope we weren’t paying the lawyer fees for this hail mary.

https://www.law360.com/real-estate-authority/articles/1836353/justices-deny-review-bid-from-convicted-reit-execs

[ytse]

My only hope is NHF because they will not let those crooks off the hook so easily.

[REITInvestor58]

Gentlemen - the darkness will turn to light at some point! Have faith. There are other shoes to drop.

[Runaway27]

I will say that my Broker went on lavish trips to Houston, several cruises and a few New York trips that I later found out about, He spoke about Hollis and his friendship with him, Once UDF went belly up my Broker filed for bankruptcy, got divorced and sold his house and moved out of the county but stayed in the state, I'm trashing him as much as I can. I wonder if his wife found out more than I found out? He turned out to be a piece of shit!

[Phaedrus77]

Ugh. After reading that article, why don’t these guys just liquidate the fund? There can’t be any upside when Moayedi is basically your only borrower.

I wish we could get details on the “cocaine, hookers, Rolls Royce, and Iranians” that Bass alleged. If true, what are the chances shareholders funded all of that? Are hookers & coke tax deductible expenses?

https://www.udfonline.com/wp-content/uploads/2020/12/CW000004.pdf

[freddie me]

***Developer gave Tarrant commissioners $35K. Then they OK’d a $200M deal for his project
https://www.star-telegram.com/news/politics-government/article287946120.html#storylink=cpy

[Runaway27]

I see that all info is referred tor UDF IV but how about UDF V? It;s all in the same basket, Same BS, Same fraud and same misleading of investors!

[REITInvestor58]

https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Ffollowing-years-of-governance-failures-court-orders-udf-iv-to-hold-trustees-election-in-2024-302123008.html%3Ftc%3Deml_cleartime&data=05%7C02%7Cjgood%40nexpoint.com%7C5bc8ad69c79744b49d5e08dc62dbf608%7C16153bae9a0c43d99983f4fb30ad2161%7C0%7C0%7C638493944087356712%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Rb7VnJvprykCi0QPCs0ccdfuN6IiP13JyXWIwyEdNyc%3D&reserved=0

[Phaedrus77]

It’s currently under appeal to the TX Supreme Court. I wonder when we’ll get financials. How long can it take to audit ~30 loans?

[Davlund]

As we continue the slow pace of our return of capital from UDF IV, is anyone aware of any progress by Nexpoint's actions towards the Board? I'm of the belief they are our best chance of moving away from the status quo, but I have no idea as to what is happening along those lines.

[Phantom Phlyer]

I got it a few days ago.

[Runaway27]

Has anybody received the Ha Ha windfall of a dividend from IV or V yet? Or did all that go to Hollis's commisary account in PRison?

[Phaedrus77]

That’s odd, as the Form 8937 is posted on UDF’s website. Maybe they didn’t send it to whatever place (brokerage, transfer agent, custodian, etc?) they were supposed to.

All of the distributions in 2023 were return of capital.

[scinsb]

Yes, not with Fidelity but they are the clearing house. I did get a prelim 1099 today

[freddie me]

Distribution https://udfonline.com/united-development-funding-iv-and-udf-income-fund-v-announce-distributions-for-q1-2024/

[curious analyst]

My 1099 from Fidelity has been delayed. They say the delay is due to waiting for information from UDF. Is this true for anyone eLse? Any ideas about what information is needed?

[REITInvestor58]

https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fnexpoint-comments-on-united-development-funding-udf-iv-bylaw-change-and-litigation-302057155.html%3Ftc%3Deml_cleartime&data=05%7C02%7Cjgood%40nexpoint.com%7C4e6060e5f6be4a4df39c08dc28aa7fd6%7C16153bae9a0c43d99983f4fb30ad2161%7C0%7C0%7C638429959964805848%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=TqFPtWEKok5zDeTh1GRJqLy%2BNLZwFC6Oy9lGE7JUObg%3D&reserved=0

[Davlund]

I understand that, I bought a number of shares in the $3-$4 range as well, outside of the window for the claim. I'm just wondering what the distribution was per share of those that were in the window. I had 125 shares that they approved and another roughly 650 shares in an IRA that were purchased during the fair fund window. I recieved two checks, one for roughly $200 another for $300. Numbers don't quite seem to add up. Thus wondering if those that keep better track of this mess have an accurate distribution per share.

[Phantom Phlyer]

In my case, it had to do with the shares owned during the period specified by the Fair Fund. I ended up buying more when the price of IV went to around $2, and that was after the holding period. Therefore, those shares were not included in the payment.

[Davlund]

A few questions about the fair fund check that many of us received. After sending in the claimant information, did any of you get an acceptance notice of your claim? On our joint account I received a partial acceptance, stating some of the shares were rejected. On shares held in my IRA, I did not receive any notice. The letter stated that IRA payment would be sent to the Adim. of the IRA, but I did get two checks from the fair fund and for the life of me I can't figure out the per share payment. I noticed that two posts on this site had different per share payments. A fellow investor friend of mine has the same question, what is the final per share payment.. The interest might differ a bit, thanks.

[Phaedrus77]

Bylaws were amended to get rid of (some? all?) of the restrictions that were put in place to keep NexPoint from nominating or serving as trustees.

Baby steps.