United Development Funding IV fka UDFI

[ofirm]

I think that they have well over $100M of loans due to be repaid in 2023 & 2024 and together with
$50M of cash they are in a good position to be good on their commitments while they are basically
financing the completion of their liened projects. the big issue here is that there were no specifics
regarding the $23M of G&A. how do you skip over that without deep analysis? that is the bulk of
your expenses. another issue is that the management fees are continuing while the management
reneged on its obligation to provide audited financials and annual meeting in which the manager
can be let go. how does anyone get a contract in which he/she gets paid while they are breaking
the contract and not letting the investors opt out of the contract?
The G&A can be assumed as higher than normal at 2015 and that is $7.5M. if we take that for
2015 - 2021 (7 years) with a 3% per year growth, you should see:
$7.5M X 1.03 ^ 3.5 X 7 = $59.2M. instead (based on the sept. 2022 unaudited) we have $110.27M.
In 2022 we have $23M instead of $7.5M. thats another $15.5M. that all total $65M (the number
that was mentioned as legal fees in the Maryland lawsuit?).
I believe there are more issues, but these ones are the most visible ones to me.