{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b97-079dea278909", "slug": "2d9ed566f5e8", "title": "Burford Capital (BUR)", "subtitle": "Carson Block · 2020-05", "author": "Carson Block", "date": "2020-05-12 00:00:00", "pageCount": 10, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Burford Capital", "targetTicker": "BUR", "document": { "id": "019dd923-622c-750b-8b97-079dea278909", "slug": "2d9ed566f5e8", "title": "Burford Capital (BUR)", "rawTitle": "MW BUR 05122020", "authorId": "51_Muddy_Waters", "authorName": "Carson Block", "authorDisplay": "Carson Block", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2020-05-MW_BUR_05122020.pdf", "sourceUrl": "http://www.muddywatersresearch.com/research/", "sourceDate": null, "presentationDate": "2020-05-12 00:00:00", "ingestedAt": "2026-04-22 19:43:39+00", "status": "ready", "pageCount": 10, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Burford Capital", "targetTicker": "BUR", "metadata": { "local_root": "/tmp/legacy-images/2d9ed566f5e8", "activist_firm": "Muddy Waters", "origin_corpus": "contrarian", "extraction_seconds": 80.31254887580872 } }, "coverage": { "pageCount": 10, "pagesIndexed": 10, "pagesWithImages": 10, "pagesWithMetadata": 10, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 77, "chartCount": 0, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 3, "frameworkMatches": 6, "arcMatches": 0, "beatMatches": 0, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [], "beats": [], "loops": [ { "to": 4, "from": 2, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null, "categoryName": "Explanation", "categorySlug": "explanation" }, "matchId": "da9a67f9-61c2-4cd2-a45b-061879620a21", "evidence": "Slides 2-4 expose contradictions in classifications.", "position": 0, "objective": "To highlight inconsistencies in Burford's financial classifications", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:34.399762+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 7, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "3f780438-4491-47dc-a410-c4d9763fab7c", "evidence": "Slides 5-7 discuss the implications of ignoring these issues.", "position": 1, "objective": "To illustrate the impact of ignoring these contradictions", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:34.527762+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "085ca1a8-d4e0-478f-9fbe-167b5875a449", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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Title pun 'Husbanding Liquidity, Wife-ing Financials' sets the adversarial register. This is the third installment of MW's Burford campaign (initial Aug 2019, Feb 2020 follow-up, this May 2020 note on the delayed 2019 annual). Ticker BUR trades in London (LON:BUR). No explicit stake % disclosed beyond the standing 'short BUR' position. Management is critiqued collectively rather than by name (no CEO Chris Bogart called out explicitly). Key rhetorical devices: 'putting lipstick on the pig' metaphor repeated, quoting management's 'transparent' and 'conservative' claims ironically, mock-footnoted forensic audit style. Yellow highlight used in tables to spotlight the damning adjusted figures.", "kpisCited": [ { "detail": "-11.8% vs. Burford's flat presentation", "metric": "YoY cash receipts change (adjusted)" }, { "detail": "14.5% ($517.8m stated vs. $452.4m adjusted)", "metric": "Degree of cash receipts overstatement" }, { "detail": "-$123.0m after reversing $114.7m of nonroutine inflows", "metric": "Underlying operating cash outflow" }, { "detail": "$20.6m unattributable to cash proceeds, ~8.0% operating-profit overstatement", "metric": "Unexplained Indirect segment income" }, { "detail": "-35.5% vs. reported -30.6%", "metric": "Balance-sheet deployments YoY (ex-hedging)" }, { "detail": "-22.9% vs. reported -14.2%", "metric": "Balance-sheet realizations YoY (ex-hedging)" }, { "detail": "-9.1% vs. reported -5.2%", "metric": "Total deployments YoY (ex-hedging)" }, { "detail": "Dropped from 16% (2018) to 8% (2019, capital provision - indirect)", "metric": "Complex strategies ROIC" }, { "detail": "13x via post-year-end reclassification of Case 170718 ($11.9m)", "metric": "2019 vintage Direct recoveries boost" }, { "detail": "$773m, marked at June 2019 transaction price", "metric": "Petersen/Eton Park carrying value" }, { "detail": "28 cents on the dollar (implied haircut on Petersen payout)", "metric": "Argentina 100-year bond price" }, { "detail": "$206m vs. $277m prior year, -26% YoY", "metric": "Balance sheet cash decline" } ], "closingAsk": "Investors should view Burford's Petersen mark and serial reclassifications as evidence that the company is the sucker at the table, not the smart money.", "extraction": { "at": "2026-04-22 19:43:39+00", "model": "unknown-legacy", "runId": null, "seconds": 80.312546, "promptVersion": null }, "scqaReward": "Stripping the reclassifications reveals cash receipts -11.8%, balance-sheet deployments -35.5%, realizations -22.9%, and overstatements of 14.5% in cash receipts and 8.0% in operating profit — confirming the short thesis.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Reclassifications inflate 2019 cash receipts by 14.5%; true YoY decline is -11.8%", "$20.6m of unexplained Indirect income likely aggressive fair-value gains on hedges", "Post-year-end reclassification boosted 2019 vintage Direct recoveries 13x" ], "scqaSituation": "Burford Capital is a London-listed litigation-finance firm that Muddy Waters has been short since August 2019, with its delayed 2019 annual report now public and under forensic review.", "thesisSummary": "Muddy Waters argues that Burford Capital's delayed 2019 annual report uses serial reclassifications, redefinitions, and post-year-end asset transfers to mask a sharply deteriorating business. Adjusting for the inclusion of hedging in cash receipts and removing refinancing proceeds, cash receipts fell 11.8% YoY versus the company's flat presentation, and operating profit is overstated by about 8% due to $20.6 million of unexplained Indirect segment income that MW attributes to aggressive fair-value gains on hedges. Balance-sheet deployments dropped 35.5% and realizations fell 22.9% under the prior methodology, and a case reclassified into Direct more than a month after year-end padded 2019 vintage recoveries 13x. The Petersen/YPF mark of $773m remains indefensible given Argentina's 28-cent sovereign debt and the likelihood of peso-denominated judgment.", "primaryDemands": [ "Disclose how much income or loss the company recognized from hedging activities in 2019", "Reconcile the $20.6 million Indirect income discrepancy with the portfolio's cash performance in the concluded investment tables", "Stop changing segment reporting definitions that obscure YoY comparisons" ], "scqaResolution": "Burford must disclose 2019 income/loss from hedging activities, reconcile the $20.6m Indirect discrepancy with the concluded-case tables, and stop changing segment definitions that prevent apples-to-apples comparisons.", "thesisOneLiner": "Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.", "precedentsCited": [ "Muddy Waters' August 2019 initial Burford short report", "Muddy Waters February 2020 follow-up 'Horrible Second-Half Results Validate Our Thesis'", "Farkhad Akhmedov yacht seizure failure (Burford asset recovery)", "Neil Woodford entanglement with Burford" ], "scqaComplication": "The 2019 report relies on reclassifying line items, redefining deployments/realizations to include hedging, and moving assets between segments after year-end to mask double-digit declines and $20.6m of unexplained fair-value gains.", "narrativeInterest": 4, "notableSlidePages": [ 3, 4, 5, 7, 9 ], "peerCompaniesCited": [], "valuationFrameworks": [ "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Standard legal disclaimer page for an investment research firm.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/MAOGzkMS_JRNfiQFPcmZk76up9qq2qXKcOvh6hUcpCg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZDllZDU2NmY1ZTgvcDAwMS5qcGc", 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}, "kind": "paragraph", "text": "Burford's 2019 financials use reclassification, redefinition to inflate cash receipts, operating profit, and to otherwise present a misleading picture of the business. Cutting through the new bullshit, we adjust Burford's cash receipts to show a YoY decline of -11.8%. We also adjust reported 2019 operating profit lower by approximately -8%. Burford manipulated its 2019 vintage “Direct” return recoveries up 13x by reclassifying a complex strategy case into Direct – after the end of the fiscal year. In 2019, Burford changed its definitions of deployments and realizations by including hedging in them for the first time. Removing this misleading padding (i.e., using the previous definition), balance sheet deployments actually declined in 2019 by -35.5%, rather than the claimed -30.6%. Realizations, as previously defined, show a decrease -22.9%, versus the reported -14.2%. We wonder whether all this goalpost movement was the real reason Burford delayed releasing its 2019 accounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76ad73cd-0232-4432-8b9b-22f0f4f599ee", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "Our adjustments show that Burford's cash receipts declined in 2019 by -11.8%. Burford uses changed segment reporting to obscure that in 2019, its cash returns were poor, while it also reclassified certain investments to provide the appearance of growth in a stagnant portfolio. By constantly changing its segment reporting, Burford is hiding the ball from investors and making it difficult to do true apples-to-apples comparisons between periods. Over the past three years, Burford's investment-related balance sheet line items have gone from four to six to three, bringing with them numerous adjustments:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c9fef16-41af-4440-a7d3-e9fc0294fca4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.8, "y": 0.95 }, "kind": "source-note", "text": "Page 2 of 10", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fefadabb-a07b-4a3e-b32b-d15e117acf43", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.09 }, "kind": "title", "text": "Burford: Husbanding Liquidity, Wife-ing Financials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29046a0d-b981-430d-b38c-19800997f791", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.43 }, "kind": "title", "text": "New Reclassifications Inflate Cash Metrics and 2019 Vintage Recoveries", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31c74aad-b6b7-4a63-871d-55785c9191b1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "93c76cd5-6b5a-4d70-84f7-3913114dd179", "evidence": "The slide explicitly claims manipulation of financial definitions to mislead investors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:48:50.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [ { "to": 4, "from": 2, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null }, "matchId": "da9a67f9-61c2-4cd2-a45b-061879620a21", "evidence": "Slides 2-4 expose contradictions in classifications.", "position": 0, "objective": "To highlight inconsistencies in Burford's financial classifications", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:34.399762+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "tension", "title": "The slide uses a 'lipstick on the pig' metaphor to describe accounting changes. It highlights a specific -11.8% YoY drop in cash receipts that was masked by def", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 9, "textChars": 892, "nDataPoints": 1, "notes": "The slide uses a 'lipstick on the pig' metaphor to describe accounting changes. It highlights a specific -11.8% YoY drop in cash receipts that was masked by definition changes.", "elementsJson": [ "headline_text", "process_diagram", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:50.953+00", "seconds": 3.573, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-079dea278909/3", "deck": "/decks/019dd923-622c-750b-8b97-079dea278909", "deckAnchor": "/decks/019dd923-622c-750b-8b97-079dea278909#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b97-079dea278909.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The 2019 changes put lipstick on the pig by appearing to pad cash flows and Direct segment recoveries.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebd-c9ef06ab3756", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "diagram", "text": "Flow diagram showing reclassification of financial line items from 2017 to 2019", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da98b45e-75a8-4b6c-a418-45e33cee185b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.2, "y": 0.49 }, "kind": "legend", "text": "Related cash flows were added to deployments and realizations at the Burford-only level", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0fe0bc0-c542-4730-b78e-36c36890e96c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "cash receipts: -11.8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebd-ce18e865af56", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.54 }, "kind": "paragraph", "text": "The 2019 changes put lipstick on the pig by appearing to pad cash flows and Direct segment recoveries. (This is the first year Burford has added cash from hedging / margin to cash receipts.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a46c14c4-4f2f-417a-99a8-0fed4f1697e5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.64 }, "kind": "paragraph", "text": "Burford tried to spin its awful 2019 by focusing on “cash receipts”, presumably because it was one of the few operating metrics that did not decline YoY. However, Burford changed the definition of cash receipts in 2019 in order to manipulate the metric higher.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.953+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d360ed87-2885-471d-8dd4-9ff0b53816b8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.92 }, "kind": "source-note", "text": "BUR 2019 Annual Report, p. 32", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"parentComponentId": null }, { "bbox": { "h": 0.083, "w": 0.764, "x": 0.118, "y": 0.687 }, "kind": "paragraph", "text": "Operating cash flows do a better job of reflecting Burford’s consolidated cash generation, and they are consistently negative. Burford’s 2019 stated operating cash outflow is, at first glance, a nearly breakeven -$8.3 million. However, as shown in the below reconciliation, nonroutine cash flow events provided $114.7 million of cash inflows in the period. 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Under a section header titled “Cash Generation”, Burford launches into a discussion of cash receipts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60ce4f7f-c5e2-447f-a6c5-e52fd9dfa99a", "parentComponentId": null }, { "bbox": { "h": 0.066, "w": 0.764, "x": 0.118, "y": 0.582 }, "kind": "paragraph", "text": "To that end, Burford’s balance sheet business consumed significant capital in 2019, with cash balances falling to $206 million from $277 million, a -26% decline YoY. The company likes to protest this reality by noting the obvious, that the bulk of cash outflows are new capital deployments.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1c6b323-8384-4dec-8606-f52db8fdd5db", "parentComponentId": null }, { "bbox": { "h": 0.033, "w": 0.56, "x": 0.118, "y": 0.894 }, "kind": "source-note", "text": "2 BUR 2019 Annual Report, p. 32 3 BUR 2019 Annual Report, p. 105 4 Such items accounted for -$12.0 million of cash outflows in 2018.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"seconds": 3.305, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-079dea278909/5", "deck": "/decks/019dd923-622c-750b-8b97-079dea278909", "deckAnchor": "/decks/019dd923-622c-750b-8b97-079dea278909#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b97-079dea278909.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Burford just does not make money on a cash basis, no matter which adjusted metrics management tries to conjure up in a given year.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebd-ad479e32ae17", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "disclaimer", "text": "5 BUR 2019 Annual Report, p. 62 6 BUR 2019 Annual Report, p. 48 7 Ibid. 8 https://www.pwc.com/gx/en/audit-services/ifrs/publications/ifrs-9/achieving-hedge-accounting-in-practice-under-ifrs-9.pdf, p. 11", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cbd5565-58b0-4101-a647-cb8d7653017c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating Cash Outflow: (123.0)", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebd-b152d606cb38", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "Burford just does not make money on a cash basis, no matter which adjusted metrics management tries to conjure up in a given year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c14c3760-ab18-47ea-85c0-244848aa2be1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "We also adjust 2019 operating profit lower by approximately -8%, or $20.6 million, which we suspect are dubious fair value gains. Burford’s disclosures do not explain the source of this $20.6 million income...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ead864ed-f619-47a5-84d0-c2edd224b76b", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.3, "x": 0.23, "y": 0.25 }, "kind": "source-note", "text": "Source: Burford Capital 2019 Annual Report, p. 105", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0be1e3a8-ddc0-4d20-b43b-f0ea602bc921", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 0.36 }, "kind": "title", "text": "Unexplained Operating Profit of $20.6 million", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:50.821+00", "model": 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Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "3f780438-4491-47dc-a410-c4d9763fab7c", "evidence": "Slides 5-7 discuss the implications of ignoring these issues.", "position": 1, "objective": "To illustrate the impact of ignoring these contradictions", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:58:34.527762+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "analysis", "title": "Includes a table of movements in Level 3 assets and a custom calculation table for unexplained income.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 8, "textChars": 832, "nDataPoints": 45, "notes": "Includes a table of movements in Level 3 assets and a custom calculation table for unexplained income.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:51.435+00", "seconds": 3.414, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-079dea278909/6", "deck": "/decks/019dd923-622c-750b-8b97-079dea278909", "deckAnchor": "/decks/019dd923-622c-750b-8b97-079dea278909#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b97-079dea278909.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The $30.8 million in realizations on concluded cases falling in 2019 leaves 40% of that year's income from capital provision – indirect still unexplained.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebd-7725ba5385fc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Unexplained Income: $20.6m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebd-7a8a6a9003dd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.495 }, "kind": "paragraph", "text": "We calculate the likely impact of unexplained fair value gains as follows. 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Fair value of assets and liabilities continued", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:51.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72fcac19-1af7-48d2-978f-0f86623a9a4e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 7, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk 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"componentId": "019dd952-f5d0-745c-bebe-194fa77209cb", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.593 }, "kind": "paragraph", "text": "Burford reported a 16% ROIC on complex strategies in 2018, excluding fees and carry. As of the 2019 annual report, however, Burford's ROIC on the nearly analogous capital provision – indirect investments had shrunk to just 8%, excluding fees.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:04.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09f31b69-c731-48be-b43a-1e7528f9d56e", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "Accordingly, we believe that the $20.6 million of unattributable Indirect income comes from fair value gains, including gains taken on hedges. After adjusting for our estimate of aggressively booked segment income, we find that Burford's combined 2019 operating profit is overstated by approximately 8.0%:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:04.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d74d340-e80f-4038-9027-c06db8a084d4", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.763 }, "kind": "paragraph", "text": "In fact, in one instance more than a month after the end of the financial year, and after reporting preliminary results on February 3, 2020, Burford reclassified Case 170718, an $11.9 million complex strategies investment with $11.9 million of recoveries, into Direct.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:04.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32ed04c8-df65-4f41-9aad-ff3b0d2962f2", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.322 }, "kind": "paragraph", "text": "As much as Burford may try to muddle its year-on-year reporting, it is necessary to understand the impact of Burford's methodological changes to establish the degree to which the company may have distorted its 2019 income statement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:04.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0110b3c-e504-4302-815b-1dfa9e5a4bc3", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.498 }, "kind": "paragraph", "text": "Burford reclassified $34.3 million of complex strategies investments to Direct without substantive explanation. One of these reclassifications of 2019 segment gains or losses occurred well after the end of the fiscal year. This particular reclassification boosted the vintage's recovered proceeds by 13x.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:04.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcbbeba4-8f67-4f83-9f74-f44dc86f7361", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.077, "x": 0.805, "y": 0.955 }, "kind": "source-note", "text": "Page 7 of 10", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Burford faces a strong possibility of getting at best roughly six cents on the dollar for any judgment in its favor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:51.504+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7d6ca86-7c5d-4f85-b92d-bbbbcb29f21c", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.77, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "valuation, as it would only further confirm that Burford's marks are misleading; and, that rather than being the smart money at the table, it is actually the sucker.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:51.504+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a91854b2-5aa3-4129-bb52-20007b521ffe", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.77, "x": 0.118, "y": 0.375 }, "kind": "paragraph", "text": "Burford also makes much of its ability to enforce and recover such a judgment. But, Burford's asset recovery arm appears to us to be more a bungling band of thugs and sex tape blackmailers than a highly skilled set of operators.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:51.504+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae2b0b2a-e0ec-4c7e-bf21-4be1b8a0b2b5", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.77, "x": 0.118, "y": 0.485 }, "kind": "paragraph", "text": "We note that Burford threw up lame excuses for not disclosing Petersen's value... The most recent Petersen disposal occurred in H1 2019... Such a related-party sale could well be viewed as \"painting the tape\".", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:51.504+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe7c5fe1-beea-4d2a-8c3a-7e54fede0d35", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We agree with a recent Financial Times assessment of Petersen, which noted that Section 7 of the YPF bylaws refers to shares traded on the Buenos Aires stock exchange, denominated in pesos. — Financial Times", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:55:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bebe-3601f94830ed", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.77, "x": 0.118, "y": 0.795 }, "kind": "source-note", "text": "Footnotes 22-29 detailing sources for the claims made in the text.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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