United Development Funding IV fka UDFI

[Jh5142]

I continue to focus on how few allegations there were in the complaint. Other than Buffington, everything seems very minor.

The SEC complaint points out that in a few cases UDF IV invested in undeveloped land. But if you read the definition of undeveloped land in the complaint, most of the deals probably met that definition. And, as EI points out, the ones that violated it- if the loans were paid in full then the violation isn't material.