More questions for independent directorsMost of Urbana's private equity investment portfolio involve extraordinary non-arms length relationships with Caldwell combined with minimal disclosures that are bound to lead to investor suspicions - here's some questions that should be addressed:
1. How is Urbana benefitting from its investments in Radar and Highview? Urbana has been putting in a lot of money, they are full of suspicious-looking relationships with Caldwell, questionable valuations and both have recently restructured debt, converting it to equity, a sure sign things have not gone well and there is no indication that any benefits are flowing to Urbana.
2. Why does Urbana invest in Caldwell Financial and how does income, if any, flow to Urbana? The investment manager investing other people's money in their own company is a shady practice and reflects an environment of poor governance.
3. Why does the Board permit investment in something like Four Lakes which seems like nothing more that a way for Caldwell to use other people's money to run investment experiments? If Caldwell wants to test new investing styles that it could apply as an investment manager, it should be done on its own tab. Urbana should not be used as a piggy-bank.