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  "docSlug": "e03b9adf861d",
  "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": "The text functions as a forensic investigation into corporate financial maneuvers, specifically questioning the alignment of investment objectives with actual outcomes.",
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      "text": "Given that one of Mr. Barnett’s other funds was the largest shareholder of BUR, we assume this investment was made purely to perpetuate a mythical ROIC and IRR.",
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      "text": "ROIC: 8.1%",
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      "text": "We are unsure how the investment in Jaguar comported with the Invesco Perpetual Income and Growth Investment Trust plc’s objective... we assume this investment was made purely to perpetuate a mythical ROIC and IRR.",
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      "text": "The merger plan required Napo to pay BUR $8 million cash, and issue approximately 43 million Jaguar shares “as a compromise” to settle Napo’s loan obligation. The cash came from an equity raise Jaguar completed with the merger.",
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      "text": "Footnotes 21-31 detailing SEC filings, proxy statements, and settlement agreements.",
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