I've done the same thing- I've read all the court documents several times. I've also reviewed UDFexposed a lot as well.
I've always felt Bass didn't make a compelling case. There were many accusations that he made that were factually incorrect, and worded is such a way that anyone familiar with residential land development would know was not accurate.
One example that comes to mind is his comparison of UDF loan structure vs bank debt.
Lending money on residential land development in the 12% to %15 range with reduced equity has always been a part of the industry. Some refer to it as Hard Money Lending. I can name you a half dozen companies doing the same thing right now. One company that is active in that space is Trez Capital. They were named as a lender in one of UDF's deals, I think Shahan Prairie. They are still active today lending against residential land development, with higher advance rates (less equity needed) than bank debt, non-recourse, and in the 13% range.
That lending is quite different than typical bank debt, and Bass trying to compare the two was a major red flag to me that his work was either factually flawed, or intentionally misleading.