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  "documentTitle": "Burford Capital Ltd. (BUR LN)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide uses a 'fraud-exposure' framework to systematically dismantle the company's financial reporting integrity.",
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      "text": "#1 Categorizing a Loss as an Investment with Significant Return",
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      "text": "BUR has been highly reliant on only four cases for its monetizations, showing that its broader portfolio has lacked strength.",
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      "text": "1) Categorizing a loss as an investment with a significant return, 2) counting as 'recoveries' awards or settlements with uncertain to highly unlikely collections... 7) failing to deduct the costs...",
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      "text": "ROIC: 19%",
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      "text": "BUR has been highly reliant on only four cases for its monetizations... We calculate that during this time, the remainder of the Concluded Investments generated a combined ROIC of only approximately 19%.",
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      "kind": "paragraph",
      "text": "BUR's reporting of Napo Pharmaceuticals Inc. v. Salix Pharmaceuticals Inc. should make BUR investors want to take a shower.",
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      "text": "BUR appears financially fragile... We believe BUR's 'real' invested capital is $880.3 million.",
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      "kind": "quote",
      "text": "BUR's reporting of Napo Pharmaceuticals Inc. v. Salix Pharmaceuticals Inc. (“Napo”, BUR case no. 111290) should make BUR investors want to take a shower. — Muddy Waters Capital",
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      "text": "8 Napo Pharmaceuticals, Inc. v. Salix Pharmaceuticals, Inc., Index No. 651214/2011, New York County Supreme Court of the State of New York",
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      "text": "Manipulation of Performance Metrics",
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