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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson C. Block",
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      "text": "With cash levels well below what BUR had previously characterized as a “strong” cash position, poor cash realizations, and escalating funding obligations, it is no coincidence that BUR aims to raise even more debt in 2020.",
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      "text": "Net Realized Gains as Percentage of Investments Value: 8.3%",
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      "text": "On February 3rd during US business hours, Burford suffered an embarrassing setback in its complex strategies. In a summary judgment, a Florida court issued a declaratory judgment that Burford had invalidly attempted to exercise appraisal rights...",
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      "text": "The most obvious question raised by these facts is to what extent Burford takes fair value gains on appraisal rights claims.",
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      "text": "Playing hide-the-ball with cash balances was nice while it lasted, but we note it was the previous period’s game. This time around, after disclosing virtually nonexistent H2 2019 realizations despite a record balance sheet size...",
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      "text": "“They [Burford] gambled on an ability to leverage a buyout from Perry Ellis at a price above the merger consideration… They lost that gamble.” Judge Michael Hanzman, February 3, 2020",
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      "text": "Footnotes 9 and 10 referencing Perry Ellis International v. BCIM Strategic Value Master Fund, LP, et al.",
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      "text": "And If February were January… Denying Appraisal Rights in Perry Ellis a Few Ironic Hours Later",
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