“A watched pot never boils”
The problem is that we are all watching the same pot.
I was so bored last night that I reread the affidavits. Just like watching a movie a second or third time, I realized that I missed some important details.
The problems actually started in 2008 when UDFLOF LP became a limited partner in a residential development fund managed by Bass and Woods called Hayman Woods Residential Strategies Fund, L.P.
Hayman Woods made a bid in a bankruptcy proceeding to purchase the Stoneleigh Residences, a partially built luxury condominium building in an area called Uptown in Dallas that had fallen victim to the financial crisis and ended up in bankruptcy. Hayman Woods lost its bid to Centurion American.
I also found it very interesting that the first investment had an interest rate of 12% with an additional 2% exit fee.
Interest rates at 13% don’t look very strange now, do they?
UDFLOF withdrew funds in 2009.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
