United Development Funding IV fka UDFI

[Jh5142]

See the excerpt below from a footnote in a filing made by Baxter on 11/10/17. Baxter and Evans were both vying to become lead plaintiffs in the derivative class action lawsuit. In this filing, Baxter is laying out his case on why Evans is not a good lead plaintiff. This quote is really interesting, and explains why the derivative lawsuit 'Evans vs UDF IV' settled for what seemed like a 'slap on the wrist.' Evans met with Thompson and Knight, saw 175,000 pages of evidence, heard the defense, and realized there wasn't a case for a large settlement. Hopefully, this indicates that there is still substantial value at UDF IV.

"Evans also claims that he previously sent the Defendants a “lofty” settlement demand, but then chose to pare his demand back to a bare-bones settlement demand because, after meeting with the lawyers at Thompson & Knight, he no longer believes that this is a case that warrants meaningful corporate governance relief. ECF No. 17, at 4 (Evans’s Opposition and Reply)."