United Development Funding IV fka UDFI

[ofirm]

His spin has been that those loans were never going to get repaid.
The issue with the argument is pretty clear: there is a clear loan
with documents and conditions for payment plus there is a collateral
that would cause loan repayment if the land reaches the sales phase
of parcells. needless to say that the collateral is quite valuable
these days, as people are migrating to those same types of locations
as the land is.
To be clear: this single number is probably unaudited and there are
caveats to it. those might be about how much legal fees were
allocated to the fund by the very expensive legal team. the fact
that most of the claim is not for the fund might be an issue for
the management. second issue is management fees: if most of the
fund activity was mundane management of existing loans, how much
are you entitled to charge for that.
The book value itself: what allowances are carved out, how does the
market value of the loand stack against the book value?