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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson Block",
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  "notes": "This is a text-heavy research note page. It uses a 'preempt_rebuttal' strategy by framing the company's defense as a predictable pattern of behavior seen in other fraudulent entities.",
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      "text": "We have long believed that Level 3 fair valuations are a license to print non-cash profits.",
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      "text": "BUR management has implied – if not outright stated – that Muddy Waters manipulated its stock. This is a completely false accusation.",
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      "kind": "paragraph",
      "text": "First, if the company is indeed “sprinting on the treadmill”, then management might be trying to play for as much time as possible in the hopes that it can invest in another Petersen-size winner.",
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      "text": "BUR repeatedly dropped the name of its auditor, Ernst & Young, in its responses. First, we have repeatedly witnessed “Big 4” auditors issue unqualified opinions on companies that turn out to be frauds.",
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      "text": "As for BUR’s other comments, they are textbook for companies we have exposed for various problematic – even illegal – practices.",
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      "text": "32 See video of Carson Block / Joshua Mitts April 10, 2019 debate at https://www.law.berkeley.edu/research/business/events/previous-events/fraud-in-the-bull-market-2/fraud-in-the-bull-market-videos/",
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      "text": "BUR’s Attempts to Distract through False Allegations of Manipulation",
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