United Development Funding IV fka UDFI

[Phaedrus77]

In the SEC’s defense, UDFI is 3+ years late in filing their financials.

In thinking about this, it’s remarkable that management wasn’t replaced back in 2016 (fire them for cause for misleading the auditors, etc) or 2017. If that was done, the auditors would not have had to wait until the Wells notices were cleared up, and the financials would have been done years ago.

I ended up selling my shares at $5 after they missed the most recent deadline. The Wells notice was settled in early July. Even assuming the auditors didn’t start immediately, 9 months should be more than enough time to get an audit done. Something just doesn’t seem right.

If it drops below $4, I’ll probably buy back in.

That being said, they’ll probably release financials today showing no impairments...