Burford Capital Share Discussion Threads

[three black crows] 22/12/2023 22:02

Enforcement and RecoveryThe following recent article is a lengthy read, but most interesting. It covers some of the complexities of asset recovery but at the same time is reassuring and gives examples of recovery against state assets.I have full confidence in Burford's recovery team. https://globalarbitrationreview.com/guide/the-guide-investment-treaty-protection-and-enforcement/second-edition/article/enforcement-and-recovery-practical-steps

[chester9] 22/12/2023 21:16

Good to see US do not bother reading FT nice 3 percent gain

[hohum1] 22/12/2023 10:00

Judge Preska is a busy bod: she’s on the Jeffery Epstein case too!

[somerset lad] 22/12/2023 09:37

The FT article was written by an author who "was a senior portfolio manager at Elliott Management and is the author of Undermoney" (a novel). It's not clear why they chose to write the piece or invest the time to speak to the "many lawyers" who apparently think that ARG should be paying 2% of the amount ordered by Judge Preska. The author does not disclose any financial interests (and there may well be none), but nor do they say, as they could have, "This piece was written independently, without any contact with, or funding from, any of the parties to the litigation or their representatives".

[somerset lad] 22/12/2023 09:36

ARG may well want to settle (and FWIW I read its submissions on the stay as a very soft indication), but I don't see how as a matter of domestic politics it can do a deal with the claimants so early on when its reforms are inflicting immediate pain on voters.

[extrader] 22/12/2023 09:30

Meanwhile, Milei continues to 'move fast and break things':



.."“Mining is another area with great potential in the country that is notably underdeveloped,” reads the presidential decree outlining the reforms. “To that end, we must eliminate costs.”

Milei plans to do that by revoking two laws enacted in the 1990s — the National System for Mining Trade and the National Mining Data Bank. Both require firms to provide reams of data to the government.

He’s also planning to do away with customs restrictions. The previous government sought to keep some lithium production for local use to develop a downstream industry.

“From today on, it’s prohibited to prohibit exports,” Milei said.

[somerset lad] 22/12/2023 09:30

IMO Judge Preska dealt with the stay argument very deftly. It will be immediately clear to the Court of Appeal that ARG had assets it could pledge (or at least attempt to pledge) but it made no effort to do so; and that ARG was invited to move quickly, but instead sought to move more slowly even than standard. Whereas if she had said that ARG needed to post a promise by a reputable financial institution to pay the $16.3bn in order to obtain a stay, ARG could have said that they'd tried but no institution was willing to do so, potentially depriving ARG of access to justice.

[donald pond] 22/12/2023 09:02

It was a point Preska made in her judgment: companies like Burford are not vultures but the only way some people can achieve justice against huge, deep pocketed opponents. They should actively push themselves as agents of justice imo

[rider75] 22/12/2023 08:59

No, you got me wrong. I refer to the negativ bias in the press, and reactions to posts against the "vulture" fund. In reality the bulk of the payment will (or should once) still go to those who suffered the huge harm financially back a decade ago. Of course I am also a stakeholder here,,eager to hear any positive news, but also waiting for the times, when not this (otherwise enormous) case is what we follow and take about regarding BUR.

[three black crows] 22/12/2023 08:39

Rider 75, Something I had often thought about and I suppose the emphasis tends to be on Burford's side on this site as we are investors in Burford.Frankly I am only interested in what Burford yield. A bit selfish I suppose, but I'm not an Argentinian.

[rider75] 22/12/2023 07:37

The other thing I have just realised: most cases when someone write an article, or react to a post (for egz. Sebs posts) owe to Burford, or must pay to Burford can be read, with the whole (16 bn) ammount. How different it would sound : "owe to or must be paid to the plaintiffs, aka "the prevoous owner of YPF", or to.the firms (Petersen and Eton P) bared from the ownership of YPF, etc. Thechnically and fsctually that would be right. What a difference, and not a nuance at all.

[chester9] 22/12/2023 07:14

Agreed. Lots of detail to make believable wrong conclusion and from 10th expect Burford to prove him wrong. The news agenda against Burford still continues.

[rider75] 21/12/2023 22:01

I was critical for good reason. The author hints to an idea, that is - as he writes - backed by many lawyers: calcukating and settling in Peso. Without considering inflation, or the time valie of money, or simply the value of money for a decade. A lawyer should be aware of such basic principles how can a plaintiffs suffering be determined and than restored. I guess after stealing the ownnership of a company that worth billions of usd, then paying a few hundred mn back is not sg like that (I think in New York stock exchange, originally the investors invested USD not Peso at first.) So well worth reading, but I was astonished why such an experienced professional was able to come up with or refer to such nonsense,

[three black crows] 21/12/2023 21:25

Nice to see Judge Preska tightening the screw a little more.The Argentine government can only play the game for so long, then it will finally become GAME , SET and MATCH to Burford and it's shareholders.

[three black crows] 21/12/2023 21:10

Just in from Sebastian MarilJudge Preska rejects Argentina's 90-day extension request to pledge assets. If by JAN 10 Argentina does not post a guarantee, beneficiaries of the YPF judgment will start enforcement.

[williamcooper104] 21/12/2023 20:15

A lot of BUR holders have been critical of the FTs coverage but this is from a former Elliot manager - so worth a read Dog catches Argentine car https://on.ft.com/4avBtv1

[375uv] 21/12/2023 12:15

Great post by Seb:


🔴I applaud the 90-page Presidential Decree signed by President Milei with more than 360 needed reforms. Time to deregulate the economy and modernize the country. However, not a single word about the Republic's $30 billion in ongoing lawsuits. Beware of what's coming down the road if the government doesn't pay close attention to this critical issue.

[chester9] 21/12/2023 07:43

hTTps://www.voanews.com/a/argentina-s-president-elect-wants-to-privatize-state-owned-media-public-companies-/7363247.html

[chester9] 21/12/2023 07:39

From Seb with thanksBeneficiaries of the YPF ruling file a letter informing Judge Preska of their opposition to Argentina's request to extend the JAN 10 deadline to pledge assets. With this letter, it is almost certain that Judge Preska will reject Argentina's request and will keep the JAN 10 deadline.

[chester9] 21/12/2023 07:36

President Milei on full throttle with mass privatisations announced yesterday including YPF.He is wasting no time.

[somerset lad] 20/12/2023 10:50

Argentina did not write: "Dear Judge Preska, we are fully committed to providing security in the form you stipulated, but as a matter of national law require an act of Congress in order to do so. We have accordingly tabled an emergency act that is scheduled to be debated on [date], being the first available date. As such we respectfully request [number] days extension".

[djderry] 20/12/2023 10:27

Argentina are not really offering anything except the poor mouth.I think Judge Preska'a patience is wearing thin.The Republic needed to indicate they would comply,even over a longer period,or indicate they would take legislative steps to do so.The ' we're not up to speed' argument is all very well,but the political classes have known about this for well over a decade.
I suspect Judge Preska will refuse the extension and say,inter alia,' Let the games begin!'.

[extrader] 20/12/2023 08:59

.."The concept of calculating and settling in Peso, without considering cumulated inflation is a bit odd, would say ridiculous. Only lawyers can be so stupid in math or economics. I really can not comprehend how can amyone write down such thought among such context..."

Agreed! On the face of it, it's akin to saying that Germany could pay war reparations in Reichsmarks....?

However,apart from giving the world Schadenfreude, the German attitude to debt is a good example of 'realpolitik' in action, see



AFAIAA, the Greeks still haven't got their gold back.

Hmmm...

[chester9] 20/12/2023 07:48

Interesting they did not take the maximum time to come up with this next step.Asking for 90 days more might indicate something is on move. Challenging for Milei to put all in place quickly.Next move Burford and Judge Preska.Is 2024 going to be the final year of this drama, let's hope so.

[375uv] 20/12/2023 03:26

Argentina tells Preska that it will not pledge any assets, via Seb at midnight US time.

hxxps://x.com/sebastianmaril/status/1737312134394974512?s=46&t=9Dxy1DO9cFqZHr5TpFjq1A