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’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.
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’s overview of IRS case law, restrictions placed on REITs, debt versus equity issues and the potential implications for UDF IV.
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’s case study presentation on how UDF management has not recognized realized losses in a public UDF affiliate and the implications for UDF IV.