Schwab sent out the proxy today. Captain Jim is involved in some related party transactions...he's as bad as the rest of these clowns.
He's paid $500k, $476k of which is paid from UDF IV. Funny how all of the other employees are paid out of the Advisor (and whose salaries are presumably covered by the advisory fees that UDF IV pays), but Captain Jim, whose position was mandated by a court settlement, is paid out of UDF IV.
So the Advisor runs the business in such a way that 4 of its executives go to jail, the stock is deregistered, etc etc. A court settlement then requires that a Chief Compliance Officer is appointed....and instead of the Advisor bearing the cost of said appointment, it makes the shareholders pay for it.
You can't make this shit up.
