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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": "The slide uses a Bloomberg terminal screenshot and a Burford Capital investment table to argue that Burford misrepresented the performance of the Napo investment.",
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      "text": "Rather than writing down the recovery from the case, BUR reported the loss as a “net loss on equity securities”, making it highly likely that few – if any – investors ever became aware that the reported ROIC and IRR of Napo was a sham.",
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      "text": "Bloomberg terminal chart for JAGX US Equity",
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      "text": "ROIC: 195%",
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      "text": "As shown above, the highest Jaguar’s stock has traded since the merger was the day immediately following it. By the end of 2017, Jaguar had declined 76.2% from August 1, 2017. BUR, which was restricted from selling the vast majority of the shares and had unrealized losses on the stock of $6.95 million by the end of 2017, took yet another markup on Napo to a ROIC of 195%. Rather than writing down the recovery from the case, BUR reported the loss as a “net loss on equity securities”, making it highly likely that few – if any – investors ever became aware that the reported ROIC and IRR of Napo was a sham.",
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      "kind": "source-note",
      "text": "32 Burford Capital 2017 Annual Report, p. 24; 33 Jaguar Animal Health Merger Agreement filed March 30, 2017, p. 11-12; 34 Burford Capital 2018 Annual Report, p. 65",
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