If UDF shows a NAV of $4/share when it finally releases its financials, then it’s going to be awfully hard to win a lawsuit, no matter what Bass did.
I think Bass is a shithead. I also think that Hollis is equally bad. I talked to IR 3-4 years ago and they said their number one priority was getting the audit done so they could re-establish their bank lines and get back to business. What happened to that?
All we get is empty promises about updates (remember IR promising an update in Sept after the stock was delisted?), a bunch of expensive lawsuits blaming everyone but themselves and lately, a bunch of corporate moves designed to further entrench management.
Bass didn’t cause the SEC fines or the fines levied on the auditors. Maybe UDF is having trouble finding an auditor because they lied to the last one and the same management team is still in place.
Imo, UDF management does not deserve the benefit of the doubt after the way they’ve treated shareholders the last 5 years.
