United Development Funding IV fka UDFI

[Phaedrus77]

Another 6.5 cent dividend announced today.

The govt filed its responses to the execs’ motions for acquittal and/or a new trial.

Greenlaw made ~$18 million over the time period he was convicted of (2011-2015). It sure is awfully nice of him to throw us another nickel. I wonder how much he’s made the last six years.

Greenlaw apparently tried to get Buffington to refi all of his loans with UDF V money. Buffington refused because the interest rate wasn’t going to change and he’d have no way of paying back the loan...so Holly cursed him out. All the UDF V investors may want to send Bass a thank you card.

The Infamous Buffington spreadsheet was inflated by $130 million, iirc. I think it went from $40 million (Buffington’s number) to $170 million (UDF’s number). I could be off a bit, as I read the govt’s motion on Friday, but it was something outrageous like that.

What else....one of the borrowers (Buffington, I think) asked UDF to quit advancing money from IV to repay III loans because it was making it hard on the borrower’s accountants. UDF refused and said they had the right to make those advances.

UDF V was supposed to make no affiliate transactions. That didn’t last long (see Holly’s plan for Buffington above).

A Centurion employee apparently told a UDF employee that there’s no way Centurion could ever repay the loan balances. Maybe that’s why the Centurion loan balances in the various bond prospectuses were way higher than the loans receivable on UDF’s unaudited balance sheet they released last year.