1) Biggest issue with the balance sheet is loan loss reserves. The fact that they don't have an audit makes the loan balances questionable. To wit, they never wrote down the Buffington loan until the very end. The new auditor thought the old financials needed to be restated, presumably to increase the loan loss reserves.
2) Legal fees are expensed as they are incurred. If they are paying for the other funds' share (which I doubt...haven't they learned their lesson), then those fees would be booked as a receivable on the balance sheet.
3) I assume the management fees are based on the asset value shown on the balance sheet. Hence, Holly & Co have incentive NOT to write any loans down.
6) The SEC fine was an expense in the year it was incurred.
7) Don't understand this question. Legal fees are expensed as they are incurred. They have nothing booked on the balance sheet in regards to a potential victory in the Bass lawsuit.
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