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  "documentTitle": "Burford Capital Ltd. (BUR LN)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2019-08-07 00:00:00",
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      "text": "Adding a conservative $20 million in estimated cash legal fees incurred to date for this complex international litigation yields an ROIC that, while still impressive, is over seven times smaller than the 3,278% that Burford claims.",
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      "text": "ROIC: 426%",
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      "text": "Similarly, in the Petersen case, BUR books partial recoveries of $236.0 million against proportional costs of $7.0 million. This numerical exercise generates a staggering ROIC of 2,553% and IRR of 308%.",
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      "text": "Burford must fund the entirety of the Petersen litigation as a condition of the ~$18 million indemnification rights purchase that allows it to access 70% share of Petersen proceeds.",
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      "text": "89-95: Footnotes detailing data sources for Burford Capital financial reports and legal case data.",
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      "text": "Initial Indemnification Rights Purchase: 18.0; Investment Banking and Brokerage Fees: 6.9; Cash Legal Fees: 20.0; Proportional Petersen Costs: 44.9; Recoveries as of H1 2019: 236.0; ROIC: 426%",
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      "text": "Petersen ROIC Inclusive of Costs",
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