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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2020-02-10 00:00:00",
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      "text": "We question where over half of Burford's cash went, and we encourage investors to remain focused on cash on hand.",
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      "text": "cash balance: $400 million",
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      "text": "Burford has fiduciary duties to both its public company (i.e., balance sheet) shareholders and its fund limited partners. It would seemingly risk a shareholder duty to sell the claim for materially less than what Burford thinks it is worth.",
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      "text": "Much of Burford's intra-period cash vanished without an explanation from management. In August, Burford claimed to have “approximately $400 million” of cash on hand, more than double the $171 million as of the H1 2019 balance sheet date. However, at year-end 2019, management conceded this number stood at $192 million.",
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      "text": "The return-challenged nature of Burford's business is clear: Even as the fair value gain-riddled balance sheet has more than doubled in size over the past two years, net realizations have grown by only 19%.",
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      "text": "Burford also has a strong cash position, with approximately $400 million in cash and cash equivalents on hand presently.",
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      "kind": "quote",
      "text": "“Burford also has a strong cash position, with approximately $400 million in cash and cash equivalents on hand presently.” — Response to Short Attack, August 8, 2019",
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      "text": "We refer to cash realizations, not Burford's “cash returns”",
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      "kind": "title",
      "text": "Cash Depletion Deepens Questions About Liquidity",
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