The SEC showed Whitney Penn a pro forma cash flow spreadsheet prepared by an Austin UDF III borrower and a revised version of the same spreadsheet provided by UDF (see 9).
The SEC told Whitney Penn that they were misled about the spreadsheet, but prohibited Whitney Penn from asking UDF about it.
Can you say "smoking gun"?
Now, we all know why Whitney Penn notified UDF that they would not stand for reappointment. Only a select few knew the real reason.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.