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  "documentTitle": "Burford Capital (BUR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-08-27 00:00:00",
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  "notes": "The text functions as a short-seller research note, specifically attacking the credibility of BUR's management and investment track record.",
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      "text": "In our view, BUR always intended to deceive investors about its Napo returns and its overall investing prowess.",
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      "text": "The denouement of this “investment” is unchanged from our initial report. BUR Super Shareholder Invesco / Mark Barnett led a bailout of the Napo investment(s) by putting $3 million toward the acquisition of (Lisa Conte's) Napo by (Lisa Conte's) Jaguar Animal Health. As we showed in our initial report, BUR booked illusory returns on Napo that largely evaporated when Jaguar's stock imploded beginning the day after the acquisition.",
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      "text": "Like skilled trial lawyers, BUR stops just short of actually lying. But that is really form over substance, or as we see it, a distinction without a difference. In our view, BUR always intended to deceive investors about its Napo returns and its overall investing prowess. On the back of the 2011 vintage, Napo raised four retail bond issues and more equity. When caught, the response was predictable: More deception, evasion, and perhaps even a prayer that this would go away quickly. BUR is not worthy of an AIM listing, let alone a U.S. one.",
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      "text": "In light of the facts, we consider BUR's response to our Napo discussion outrageously misleading. Well before the end of 2013, the Glenmark arbitration was a disaster for Napo. It seems likely that BUR's supposed “entitlement” was in the form of a debt Napo owed BUR, which would have been of questionable value at best to Burford. While we do not know Napo's financial condition as of the end of 2013, just three years later, it had only generated $391,000 in LTM revenue and had negative book value of -$58.9 million. It would strain credulity to claim that at the end of 2013, Napo had looked like a solid credit to BUR.",
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      "text": "Exhibit 1: Glenmark Pharmaceuticals Ltd. v. Napo Pharmaceuticals Inc. Petition to Confirm Arbitration Award (following page)",
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