I believe NexPoint initiated the tender offer just to get a list of shareholders. If not that, then it was for a reason other than actually buying stock. They were already at the ownership cap, so they couldn't buy any regardless of how many were tendered.
UDF management put the cap in place as another way to entrench themselves, along with staggering the Board, refusing to hold annual meetings and not allowing shareholders to vote on directors for 8 years.
Because nothing says, "Shareholders should be content with current management" like 20 years worth of prison sentences, a deregistered stock, sanctions for the auditor, etc etc etc.
