On August 13, 2020, United Development Funding III, L.P. (“UDF III”), United Development Funding IV (“UDF IV”) and United Development Funding Income Fund V (“UDF V,” and collectively with UDF III and UDF IV, the “Companies”) received notice of the deregistration of the Companies’ securities by the U.S. Securities and Exchange Commission (the “Commission”).  Previously, the Companies submitted a plan to the Commission to come into full compliance with all periodic financial reporting requirements.

The Companies strongly disagree with the Commission’s decision to proceed with deregistration without allowing for an evidentiary hearing that would afford the Companies an opportunity to present testimony and exhibits consistent with the Commission’s Rules of Practice.

The Companies are now evaluating courses of action available to them should they wish to protest the Commission’s action, including a motion for reconsideration and / or submitting a petition to the U. S. Court of Appeals.

SUMMARY OF EXHIBITS REFERENCED IN THE MOTION AND SUPPORTING MEMORANDUM FILED WITH SEC ON MARCH 28, 2019

  1. “United Development Funding Executive Summary” (March 19, 2015)
  2. Hayman email chain with potential investors (March 20-24, 2015)
  3. Kitchens affidavit, ¶13
  4. Greenlaw affidavit, ¶127
  5. Kitchens affidavit, ¶23(b) and 23(d)
  6. Moayedi affidavit, ¶9
  7. Greenlaw affidavit, ¶¶27-29
  8. Brown affidavit, ¶6
  9. Sommers affidavit, ¶¶5-6, Annexes 3-4 at RFA No. 3, Ex. C at 6
  10. Hayman/SEC email string (June 12-15, 2015)
  11. Hayman email (June 8, 2015)
  12. Hayman/V3 Capital email string (December 30, 2015)
  13. Harvest press release (June 18, 2015)
  14. Hayman email string (October 8, 2016)
  15. Hayman email string (October 8, 2016)
  16. Highland press release (November 15, 2017)
  17. UDF Press Release (9-14-2016)
  18. We will discuss UDF at 1pm today Parker
  19. KB PL JL to discuss UDF listing Status and next steps
  20. Hayman letter to Nasdaq
  21. UDF -Kyle Bass’ Comeback Plan_ Oil, Argentina, and Patents – Barron’s
  22. UDF -Kyle Bass’ post-crash returns small-caliber
  23. UDF — The Oil Glut Is Destroying Kyle Bass’ Hedge Fund Hayman Capital _ Fortune
  24. Letmein Email
  25. Not Exactly Going for a Media Rush Email (9-9-16)