I’m looking at the SEC’s assertion that “issuers routinely fulfil their reporting obligations during Commission investigations, including investigations that could result in scienter fraud charges.”
The SEC also says that the “indications of a non-scienter settlement...in June 2017” shouldhave been enough to get the audit started.
Not to mention all the times that UDF assured NASDAQ that the audits were almost done (although this was before the Wells charges).
On the other hand, you have UDF management claiming it was “...certainly not UDF’s fault, that Whitley Penn declined to continue as UDF’s auditor.” Come on...I guess it was Bass, and not UDF mgmt, that changed the Buffington cash flow projection?
I think the asset value is probably still there, but this management group is beyond pathetic. I no longer believe a single word they say. Not to mention that they were basically running a Ponzi scheme. The only saving grace was that it was run due to liquidity issues rather than solvency issues.
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