United Development Funding IV fka UDFI

[Enterprising Investor]

Past due filings could be delivered periodically or all at once.

One thing is nearly certain - we should not have to wait three months or so between filings once the flow of reports actually begins.

I have seen several companies become current by submitting all documents to the SEC in a single day.

The accounting work takes the vast majority of time. The text does not take nearly as much time.

Since the filings are late, many of the 2015 events, for example, will be disclosed with a current outcome because the information is so late. New financial information is added to the subsequent period report with the text getting adjusted. Wash. Rinse. Repeat.

I hope this makes sense.

The great thing about most companies exiting Chapter 11 is the concept of "Fresh Start Accounting".

https://www.grantthornton.com/services/audit-services/fresh-start-accounting.aspx

In my view, UDFI has gone through a bankruptcy-like process without having to actually make a trip the Bankruptcy Court.