Michael K. Hurst Comments in Dallas Business Journal's "UDF Sues Kyle Bass’ Hedge Fund Amid Flurry of Active Investigations"
Lynn Pinker Cox & Hurst partner Michael K. Hurst recently commented in the Dallas Business Journal's article, "UDF Sues Kyle Bass’ Hedge Fund Amid Flurry of Active Investigations" which covers the heated two-year feud between United Development Funding and Kyle Bass, Dallas hedge fund manager. Michael K. Hurst and Jeremy Fielding of LPCH are defending Bass and Hayman Capital in the lawsuit.
"Faced with legitimate questions about its business and mounting investigations and litigation, UDF has resorted to blaming others for its problems,” said Hurst in a written statement, adding that the REIT hasn’t disputed the resignations of its prior auditor and certain independent directors or that UDF has “halted dividend payments to investors” and “hasn’t filed financial information in over two years.”
“Government law enforcement authorities don’t raid companies merely because they’ve seen a third-party website, and they don’t do that unless they have reason to believe that wrongdoing has been committed and a court specifically authorizes that action,” Hurst said. "Our client’s website (UDFexposed.com) publicly details the extent of the investigation and the basis for the questions they asked and that they believe are important for investors. These facts are publicly available and we stand by our opinion of these facts."
To read the full article, click here.