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  "documentTitle": "Burford Capital (BUR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-10 00:00:00",
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  "notes": "The slide uses a short table to demonstrate that Petersen accounts for 67% of 2019 net realized gains, supporting the argument that the valuation is critical and potentially manipulated.",
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      "kind": "callout",
      "text": "If a large chunk of the sale went to a Burford-managed fund, then Burford could have “painted the tape” and influenced the third-party buyers’ valuations.",
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      "text": "Petersen Contribution to 2019 Net Realized Gain: 67.0%",
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      "kind": "paragraph",
      "text": "Even if the apparent purchase by a Burford fund did not set the price... we wonder at what valuation Burford could now sell this claim.",
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      "kind": "paragraph",
      "text": "As we discussed in August, there is a good reason to believe that Burford carries Petersen at close to the implied value of its June 2019 sale. However, the sale price in this transaction is highly questionable...",
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      "kind": "quote",
      "text": "“The purpose behind that [secondary sales] is to condition the market.” — Chris Bogart, February 3, 2019 Trading Update Call",
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      "text": "5 MW is Short Burford Capital, p. 16; 6 The purpose behind that [secondary sales] is to condition the market; 7 For one recent example, see https://www.wsj.com/articles/argentine-governor-rattles-markets-with-plans-to-delay-bond-payment-11579639842",
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      "text": "2019E Net Realized Gains ($mn) 146.5; Less Net Realized Gains from Petersen, H1 2019 (98.2); 2019E Net Realized Gains ex-Petersen 48.3; Petersen Contribution to 2019 Net Realized Gain 67.0%",
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      "text": "Unanswered Questions on Petersen Persist",
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