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  "documentTitle": "Burford Capital Ltd. (BUR LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-08-07 00:00:00",
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  "notes": "This is a research note page focusing on financial reporting discrepancies and potential investor deception.",
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      "text": "We believe BUR investors have been bamboozled by the company and Invesco.",
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      "text": "IRR: 51%",
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      "text": "BUR showed a counterclaim from Desert Ridge... as a Concluded Investment in its 2013 annual report. The problem is that BUR showed an IRR of 51% as of 2013. However, payment was contingent upon BUR’s client... selling off a parcel of real estate.",
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      "text": "BUR was able to sell very little of its share grant. Over 40% of the shares issued were subject to a minimum share price condition... Both equity tranches are now basically worthless.",
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      "text": "BUR’s IRR calculation... depends on three factors: The amount recovered, the amount deployed, and the timing of recovery... we see that BUR has misleadingly boosted its IRR numbers by deeming amounts recovered when in reality they were years away from collection.",
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      "text": "What remainder BUR could dispose of, it did, netting ~$600,000 in September 2018... BUR finally trued up Napo... the table now shows a ROIC of 18% and an IRR of 3%.",
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      "kind": "quote",
      "text": "the stock has underperformed and we have concluded we would not be able to sell it for much — Burford Capital 2019 Interim Report",
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      "kind": "source-note",
      "text": "35-43: Citations to SEC filings and Burford Capital reports.",
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      "kind": "title",
      "text": "#2 Counting as “Recoveries” Awards or Settlements with Uncertain to Highly Unlikely Collections as Equivalent to Cash Returns when Calculating IRR",
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