It looks like the class action lawsuit is in the final stages of being settled. If it is approved by the judge, UDF will have accomplished what seemed unlikely a few years ago.
That is:
1. paying off substantially all of their debt
2. settling with the SEC for a relatively small sum, without admitting wrongdoing
3. settling the class action lawsuit for a relatively small sum, without admitting wrongdoing
4. remaining in business as a going-concern
5. all officers of the company remaining in place
The class action lawsuit appears to be a $10 million payment plus another $3 million if UDFI generates cash flow from operations of $75 million over the three year period beginning 2017.
That amount is not paid 100% by IV. UDF V is paying about $3 million and the other defendants are also paying smaller amounts: Centurian, ARC, Whitley, etc.
UDF had over $1.3 BILLION in assets when Bass attacked. Total fines appear to be only in the range of $15 million to $20 million in spite of UDF not providing financials for 3 years, a stock price decline from 20 to 2, and with the stock having been halted for 6 months.
That's remarkable.
Now we just need to see the financials to see what remains in the portfolio.
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