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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "This page functions as a rebuttal to Burford's narrative, specifically challenging their legal interpretation of YPF bylaws, their operational competence, and the legitimacy of their asset sales.",
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      "text": "Burford's asset recovery arm appears to us to be more a bungling band of thugs and sex tape blackmailers than a highly skilled set of operators.",
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      "text": "As we noted in our February 2020 report, we believe there is a strong possibility a Petersen judgment would be paid in Argentine pesos... Burford faces a strong possibility of getting at best roughly six cents on the dollar for any judgment in its favor.",
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      "text": "valuation, as it would only further confirm that Burford's marks are misleading; and, that rather than being the smart money at the table, it is actually the sucker.",
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      "text": "Burford also makes much of its ability to enforce and recover such a judgment. But, Burford's asset recovery arm appears to us to be more a bungling band of thugs and sex tape blackmailers than a highly skilled set of operators.",
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      "text": "We note that Burford threw up lame excuses for not disclosing Petersen's value... The most recent Petersen disposal occurred in H1 2019... Such a related-party sale could well be viewed as \"painting the tape\".",
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      "text": "We agree with a recent Financial Times assessment of Petersen, which noted that Section 7 of the YPF bylaws refers to shares traded on the Buenos Aires stock exchange, denominated in pesos. — Financial Times",
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      "text": "Footnotes 22-29 detailing sources for the claims made in the text.",
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