United Development Funding IV fka UDFI

[56Chevy]

Long time no see db7..good to see you.. and thanx for the input.

This recent action by the SEC most likely isn't retaliatory driven..I would agree with that...thats just not how these Gov't agencies typically role. Cracking down on late filers is a routine activity for the SEC and one of their core responsibilities.

I question the wisdom (or lack thereof) shown by management. There may be 135 companies on the SEC's September bad boy list but how many of those have missed putting out financials for 3 years running?...how many have just come out from a 4 year SEC investigation?..how many had an FBI raid? ..How many had shareholder lawsuits? How many saw > 80% of shareholder value disappear?

Answer- I'm thinking just 1. That would put UDF in a catagory all by themselves. This is not the kind of notoriety that wins hearts and minds.

I think every NOTIFICATION(S) OF LATE FILING SEC doc they put out since Sept. Of 2015 has had this statement in it - "On November 19, 2015, Whitley Penn LLP, the Registrant’s former independent registered public accounting firm, informed the Registrant that it had declined to stand for reappointment as the Registrant’s independent registered public accounting firm (previously reported in the Registrant’s Current Report on Form 8-K filed on November 24, 2015). The Registrant engaged EisnerAmper LLP as its new independent registered public accounting firm (previously reported in the Registrant’s Current Report on Form 8-K filed on June 8, 2016). The audit of the Registrant’s annual financial statements and review of the Registrant’s quarterly financial statements are ongoing, and the Registrant is working diligently to complete and file all necessary periodic reports as soon as practicable; however, there can be no assurance as to when the Registrant will be able to file such periodic reports".

Am I the only shareholder who thought that despite the SEC' s investigation that our accountants / auditors were simultaneously hard at work so as to be ready the minute the SEC gave the green light?? Maybe so.

But I think many other shareholders, expected to see the financials within days if not hours following the settlement with the SEC. But that didn't happen..in fact a couple MONTHS went by.

When I called IR to inquire as to what was taking so long [to get the financials out] they said 'the auditing work had stopped during the SEC investigation and only now that the SEC completed its investigation could UDF once again resume the work'.

The explanation, as I understood it, was implying that all this time the SEC was doing their thing UDFs' accounting/auditing work had to stand-down. However thats not what the notification of late filings were saying.

Its a frustrating situation we have here and it could all end tomorrow if they just put out the damn financials.

I still think Bass & co are guilty as heck and should lose big...but I think these are the kinds of communication inconsistencies by UDF that can catch the attention of a short selling hedge fund.

Take care db7 ..and if you're in this good luck!

Chevy