Same lawyer that tried to strike out UDF's lawyers on which the judge puked and on which they owe UDF USD 350k for waste of time.
I thought Bass was good at hyperbole but his lawyer is a cut above.
Who cares about the Buffington sheet the loan has been written down. It is the only tactic of Bass, ie referring to the SEC settlement of no wrongdoing to dig up "dirt". Which is now is irrelevant.
Buffington loan should have been marked lower, but why would you when someone like Straub was going to buy it? Where do you draw the line?
If you look at the affidavit the termsheet which would have avoided any loss on that loan would have been signed by Straub in dec'15 were it not for the Bass attack that happened concurrently. Very theoretical and useless at this point. And BTW this was UDF III. UDF IV has no losses announced via 8-Ks, but that is where Bass' the short was executed.
Of course REITs and BDCs are ran for the GP and they have conflicted interests to keep NAV high so they can charge fees. Duh. This is not unique to UDF funds. Last time I checked all private REITs trade at minimum 30% discount in the secondary.
I am in this trade because I saw value < USD 3.5, whilst assuming that it's managed by the normal, crappy, conflicted holdco sucking GP bunch.
So hey, there could be some upside...
