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Blog: The Precarious Preston Manor

Posted August 30, 2016

UDF’s Ponzi-like real estate scheme continues to unravel as it tries to create liquidity through the dissipation of collateral to repay various creditors or to satisfy other financial obligations.

Hayman: The Precarious Preston Manor

Posted August 30, 2016

Hayman’s case study on the problematic nature of a development which UDF financed, foreclosed upon and then financed again through multiple successive funds, leading up to, and subsequent to, the great financial crisis.

Blog: Is UDF a Legitimate REIT?

Posted August 11, 2016

Hayman's latest research considers the restrictions placed on REITs, the tax consequences of income derived from “prohibited transactions” and case law that provides guidelines for determining the “debt versus equity” question.  

Hayman: Is UDF a Legitimate REIT?

Posted August 11, 2016

Hayman’s overview of IRS case law, restrictions placed on REITs, debt versus equity issues and the potential implications for UDF IV.

Hayman: Case Study on Where Public Shareholder Capital Went

Posted April 1, 2016

Hayman’s case study presentation shows how UDF IV public shareholder capital helped fund payments to an affiliated UDF fund which had previously lost millions.

Hayman: Case Study on Unrecognized Realized Losses

Posted February 16, 2016

Hayman’s case study presentation on how UDF management has not recognized realized losses in a public UDF affiliate and the implications for UDF IV.

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