United Development Funding IV fka UDFI

[56Chevy]

The short answer for me jh is I knew of UMT but did little digging into their history/story.

I did know UMT was the entity that initiated Hayman Capitals' probe into how UDF was making sausage...which in turn was Bass' impetus to short UDF IV.

UDF IV's story is a mirror image of the UMT story in that the fall of 2015 is when the wheels began to come off and all financials stopped. UMT was publically traded. Ihub had a UMT board for a short time which is where I first saw (via an SEC filing in early 2016) that McKenzie Capital (a name familiar to UDF IV holders) had made the UMT shareholders a tender offer. (FWIW they were looking to pick up 600,000 shares of UMT for $6.50 each. I have no idea how successful they were. Greenlaw & co at that time was claiming UMT had a NAV of just over $14 ..but just like the UDF IV people had no way to judge that and my guess is some no doubt took McKenzie Capital's offer.)

This link gives some detail and also includes an entity flow chart on the UDF web of companies.

https://www.gurufocus.com/news/393515/lessons-learned-from-kyle-bass-shorting-united-development-funding

Here is a link to the now defunct UMT (fka UDMG) ihub board.

https://investorshub.advfn.com/United-Mortgage-Trust-(fka-UDMG)-27348/

* not sure how much help any of this is to our UDFI predicament jh...it hindges on nothing more than gossip really.... but it does reveal an unsettling pattern by our fearlsss leadership ":^[

Marker:
United Development F (UDFI)
3.79 up 0.04 (1.07%)
Volume: 4,598