In one of the filings, the defendants claimed that they should be able to mention Bass because the prosecution asked a witness if UDF IV was still publicly traded.
Of course, it isn’t publicly traded because they haven’t had an audit in 7 years. The defendants claim Bass is the reason they can’t get an audit. The govt countered with Obert’s testimony to NASDAQ in summer of 2016 when she said they had engaged an auditor and should have an audit done by the fall.
The judge agreed with the govt and said UDF has never substantiated its claim that Bass is the reason why no audit has been done.
It’s nice to finally see people call UDF out on its bullshit claims. The execs are still raking in their mgmt fees while taking zero responsibility for what they’ve done to shareholders.
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