United Development Funding IV fka UDFI

[actofwill]

I think Bass is trying 2 things in the latest filing:

1) deflect the blame of the short to someone else so it does not look like it was him cosying up to the FBI and SEC and getting them together on his false thesis

2) re-enact the "ponzi-like" thesis.

It is obviously completely wrong to assume that because an AGGREGATE loan balance does not decrease that it then must be a fraud. Apart from the fact that loan balances have individually been re-paid. Centurion has just re-invested in other projects.

Can Centurion be too leveraged? Perhaps, but UDF has haircuts on loans and collateral values have gone up and security agreements are cross-collateralised.

Can Centurion be dodgy at instances? Perhaps, but does not implicate UDF

Suppose one ex-Centurion guy spoke to FBI in 2015. Then still the SEC settled with UDF admitting anything. This is a long time ago, if a fraud was ongoing it would have been stopped by now.

Also note that when the banks retracted from UDF, Centurion sold projects to other counterparties to raise cash to repay UDF loans. UDFI showed an 8-K to say that debt was repaid. That is NOT how a ponzi-scheme works...