United Development Funding IV fka UDFI

[Phaedrus77]

Thanks. UDF doesn’t mention loan losses in the damages section, so I think that’s good.

As a layman, I think UDF’s case looks good. But, I realize that I don’t know anything about the law, so I’m not counting on getting anything from the lawsuit.

Just to play devil’s advocate, assume Bass doesn’t go public, but just makes the SEC and FBI aware of his suspicions. The SEC still issues Wells notices, the FBI still raids UDF’s offices, and UDF still goes nearly 4 years without publishing audited financials. In that scenario, don’t you think the banks would still have pulled UDF’s credit, borrowers would have fled, etc?

If you think that scenario is plausible, then how do you determine what damages are due to Bass? I’m assuming Bass can’t be held responsible for the actions of the SEC and FBI. Even if he misrepresented the data to them, don’t they have a responsibility to do their own research before raiding offices? (Maybe not...I really don’t know)