Burford Capital Share Discussion Threads

[hohum1] 10/1/2024 16:35

www.londonstockexchange.com/stock/BUR/burford-capital-limited/company-page
Gives the market as AIM

[tradertrev] 10/1/2024 15:56

Burford has been listed on AIM since 2009. Trading takes place on the order book hence no market maker quotes visible.

[arja] 10/1/2024 15:48

It certainly does as I normally day or overnight trade stocks wear no stamp duty is payable. Incidentally, I do not think that this stock is an aim stock because there are no market makers on the L2 dealer ticket.

[tradertrev] 10/1/2024 14:33

Correct - AIM listed to no stamp duty.
Mind you, if 0.5% makes a big difference to your return expectation for this share, probably best to stay away!

[arja] 10/1/2024 14:31

can anyone kindly confirm that NO stamp duty is payable when buying BUR ? need a few more to add to watchlist of none SD stocks .

[nigelpm] 10/1/2024 13:32

Something leaked?

[fidra] 10/1/2024 13:11

Amy update on yesterday ?

[three black crows] 10/1/2024 09:20

The g. Oko lv

[djderry] 09/1/2024 20:27

I will be surprised if the Hon Judge affords the Republic any more time.I think she made it clear that the Republic,if they wished to proceed,would have to show they were taking steps to pay their bills.They haven't done so,or even thrown a few potential paths to payment,so as to appeal without posting a bond.I'd say she will unshackle the hounds of hell!

[kaos3] 09/1/2024 17:32

ot - movie clip

[375uv] 09/1/2024 17:06

FROM SEB:

🔴PLAINTIFFS - YPF CASE: "THE FSIA PROVIDES NO GUIDANCE REGARDING WHEN OR HOW THE COURT SHOULD ASSESS THE TEMPORAL REQUIREMENT"

🔴PLAINTIFFS - YPF CASE: "THE COURT ALREADY HAS DECIDED THAT THE REPUBLIC IS NOT ENTITLED TO A STAY PENDING APPEAL".

🔴PLAINTIFFS - YPF CASE: WHILE THE COURT LOGICALLY CAN DECIDE THE ISSUE IN THE CONTEXT OF A MOTION DIRECTED AT SPECIFIC ASSETS, NOTHING IN THE STATUTE PROVIDES THAT THE COURT MAY ONLY DECIDE THE ISSUE IN THAT NARROW CONTEXT."

🔴FULL TEXT. JUDGE PRESKA WILL RULE ON THE JANUARY 10 DEADLINE BY THE END OF BUSINESS TODAY.

[chester9] 08/1/2024 22:46

Looks like a very busy week ahead

[chester9] 08/1/2024 22:42

Argentina seeks to block asset seizure to help satisfy $16.1 billion judgmentBurford CapitalBurford CapitalNewsan hour agoNEW YORK, Jan 8 - Argentina on Monday urged aU.S. judge not to let Burford Capital BURF.L begin seizingassets this week as part of the litigation funder's effort toenforce a $16.1 billion judgment against the country.In a filing in federal court in Manhattan, Argentina calledBurford's stated intention to start asset seizures afterWednesday "unnecessary and premature," given that the judgmentis fewer than four months old and is being appealed.Argentina said numerous other courts have found 10- to15-month waits in comparable cases were reasonable.It also said principles of international comity and the"extraordinary and unique circumstances" of its case justifiedno rush. Argentina said $16.1 billion is 32% of its fiscal 2023budget.Preska agreed not to enforce her Sept. 15, 2023, judgmentuntil the earlier of Argentina's failure to pledge assets byJan. 10 or seek an expedited appeal by Jan. 30.On Jan. 2, Burford said it has waited long enough, afterArgentina "made clear that it does not intend to post theminimal security required to continue the (stay) pending appeal,much less pay the judgment."Burford faces a Tuesday noon deadline to respond toArgentina's filing.The judgment arose from Argentina's 2012 decision to seize a51% stake in oil company YPF held by Spain's Repsol REP.MCwithout tendering for shares held by minority investors.Two investors, Petersen Energia and Eton Park CapitalManagement were awarded the $16.1 billion, and Burford has saidit was entitled to 35% and 73% of their respective damages.Argentina President Javier Milei told La Nacion last monththat the country could issue a perpetual bond, which has nomaturity date, if required to pay the judgment.

[kuk1doh] 08/1/2024 21:41

I don’t know if this is a long term Argentine delaying tactic. If attachment and recovery is easy for Burford then Argentina has no leverage to achieve a substantial discount on the court award in the inevitable, probably concurrent, settlement negotiations. Expect much behaviour like this from Argentina. Similarly, Burford must make settling quickly very attractive for Argentina, presumably by being a thorn in it’s side and a barrier to Argentina’s economic ambitions.

I think this gets resolved this year. Burford’s response and the ruling will be interesting later this week.

[sam55todd] 08/1/2024 21:25

Same old same old smoke and mirror delay tactics, there's even no generic empty promises as in most other credit scam cases.
As long as post-judgement interest rate is roughly the same or below the one they can get on a market by issuing ARG junk bonds (and not paying or devaluing/restructuring/defaulting anyways) - it is a very profitable way to finance Gov debt (which otherwise would have listing, servicing, refinancing costs and extra chunky premium over regular risk-free rates considering Argentina' history and how they treat creditors).

[kaos3] 08/1/2024 15:35

Not really imho

After judgement interest rates are not high enough. If they can drag on the payment for few years and if the dollar lòses its real purchasing power they are to gain a lot

[lomax99] 08/1/2024 15:08

They real are a bunch of comedians.

[375uv] 08/1/2024 14:27

Seb:

🔴ARGENTINA SAYS IT DOES NOT SUPPORT JANUARY 10 AS THE DATE TO START ENFORCEMENT OF YPF JUDGMENT.

🔴ARGENTINA CLAIMS THAT PLAINTIFFS HAVE NOT YET IDENTIFIED SOVEREIGN ASSETS LOCATED IN THE US TO ATTACH.

🔴ARGENTINA: "SO LONG AS PLAINTIFFS ARE NOT “ON THE CUSP” OF SEIZING ASSETS, THERE IS NO REASON FOR THIS COURT TO ENTER A DATE TO ATTACH ASSETS".

🔴ARGENTINA: "ALTHOUGH WE ACKNOWLEDGE THR JANUARY 10 DEADLINE, ONLY IN THE EVENT THAT PLAINTIFFS IDENTIFY ATTACHABLE ASSETS IN THE UNITED STATES, PLAINTIFFS SHOULD THEN RENEW THEIR MOTION FOR AN ATTACHMENT ORDER."

🔴FULL FILING. PLAINTIFFS' RESPONSE DUE ON TUESDAY BY 12 NOON EASTERN.

[djderry] 08/1/2024 14:03

Lomax,most interesting,thank you.Balanced enough article but I think it underestimates the boys and girls in Burford.

[lomax99] 08/1/2024 13:31

FT today:

Argentina’s new government faces crucial test over $16bn US judgment
Plaintiffs on collision course with country’s pro-market president despite Milei’s professed ‘willingness to pay’

Argentina’s new president Javier Milei is facing a critical test of his pledge to rebuild the serial defaulter’s reputation on the world stage, as his cash-strapped government struggles to meet a looming deadline on the $16bn it owes to former private shareholders of state energy company YPF.

Last year a New York judge ruled that Argentina owed the record sum to two now-defunct investors that had sued after the country’s government declined to buy out their shares at an agreed rate when it expropriated YPF in 2012. Their claims were largely financed by litigation funder Burford Capital in exchange for a percentage of the award. 

Argentina has appealed against the judgment. While it pursues its case in the 2nd Circuit Court of Appeals, Judge Loretta Preska has ordered it to post assets worth some $5bn as collateral by January 10, after which point plaintiffs say they would be forced to try to assert their rights by seizing Argentine assets. Analysts say Argentina is all but certain to miss the deadline.

The case risks becoming a headache for the pro-market president, who has attempted to distinguish himself from the left-leaning Peronist politicians who expropriated YPF. Since taking office in December, Milei and his officials have repeatedly touted Argentina’s “willingness to pay”, while at the same time arguing that a severe shortage of hard currency and political roadblocks prevent them from doing so in the near term.

Plaintiffs say Milei has not assuaged their concerns that Argentina, which has faced waves of drawn-out international litigation over the last two decades, is again seeking to avoid meeting its obligations.

“Despite the welcome and optimistic statements of Argentina’s new president, Argentina’s lawyers have made it clear that the Republic will not co-operate in even basic things,” they wrote to the judge last week.

Argentina is currently in the midst of its worst economic crisis in two decades, with annual inflation running above 200 per cent and four in 10 people living in poverty. The central bank’s foreign exchange reserves are roughly $8bn in the red. The $16bn sum is equivalent to 32 per cent of the 2023 government budget, Argentina’s lawyers noted in December.

US- and UK-listed Burford, whose cut of the $16bn would be around $6bn, has told shareholders it is very unlikely the whole sum will be recovered.

Recognising Argentina’s “extraordinary and unique circumstances”, Preska in November agreed to hold off on enforcing the $16bn judgment so long as Buenos Aires moved to expedite its appeal against the verdict and posted “minimal assets” as collateral.


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The assets she has deemed appropriate are the 26 per cent of YPF shares now owned by Argentina’s national government — a further 25 per cent are held by the country’s provinces — and payments that the country is due to start receiving from Paraguay in 2028 in relation to a hydroelectric border dam.

Argentina’s lawyers have said they cannot “legally or practically” submit those by January 10. The former would require congressional approval — difficult for Milei’s government to secure quickly — and “the economic situation of the country wouldn’t permit” the latter, Argentina’s attorney-general Rodolfo Barra told La Nación newspaper on December 31. 

In late December, Milei floated the idea of issuing a perpetual bond to pay its obligations, and charging Argentines what he dubbed a “Kicillof tax” to pay the interest — named for Axel Kicillof, the Peronist former minister and now governor of Buenos Aires Province, who championed the YPF expropriation in 2012. Investors have widely panned the idea, citing non-existent demand for long-term bonds from Argentina. 

“There is no earthly way that I know of for Argentina to present collateral by January 10,” said Sebastián Maril, a director at consultancy Latam Advisors who has closely followed the case.

If Argentina fails to submit collateral, the next move would lie with the plaintiffs. They have asked Preska for clarification on whether, should Argentina miss its January 10 deadline, they will be permitted to begin what they have called the “arduous and time-consuming process” of attempting to claim the $16bn judgment by seizing Argentine assets.

Experts say that would be exceedingly difficult, if not impossible. They note that US law protects Argentina’s assets in the country, except any used as part of the country’s moves to renege on its contracts in 2012, which likely do not exist. 

History suggests the plaintiffs will also struggle outside the US. Argentina was famously involved in a cat-and-mouse game with holdout creditors from a sovereign debt restructuring, in which lawyers for so-called “vulture fund” Elliott Capital spent years trying to pin down significant Argentine holdings. A high-profile attempt to seize an Argentine Navy vessel in a port in Ghana in 2012 was blocked by the UN International Tribunal for the Law of the Sea. A deal was ultimately reached in 2016.

Sebastián Soler, who served as Argentina’s assistant attorney-general in the previous Peronist government, said on X that seizures in this case would be even more challenging than they were for the bondholders, who benefited from a clause in Argentina’s bonds renouncing some US legal protections for their assets.

The conditions “represent a VERY big obstacle for the plaintiffs”, he said. “Of course, that doesn’t mean that they won’t try anyway. Or that they won’t [try to seize assets] as a harassment strategy, knowing that it won’t work.” 

While a stand-off appears imminent, Maril said the appeal and recovery efforts may be a backdrop for behind-the-scenes negotiations between Argentina and the plaintiffs.

Milei’s government, he said, “has clearly recognised that Argentina almost always ends up losing these cases . . . Argentina has paid out almost $17bn [as a result of] international litigation since 2000.”

He added: “The plaintiffs should be encouraged that for the first time in 25 years, Argentina has a government that has shown it intends to stop kicking the can down the road.”

[futurekid] 07/1/2024 20:54

Q4 trading update will be at the latest 45 days after the end of Q4 trading in line with US listing rules thus likely no later than the first 2weeks in Feb .

[laughton] 07/1/2024 17:40

Quarterly reporting nowadays, surly?

[rar100] 07/1/2024 14:55

syoun2

Finals date according to ii is 16.05.24

[donald pond] 05/1/2024 08:22

Gets mentioned in this funds eoy write up https://x.com/danielgladis/status/1742947183173771319?s=46&t=YfR7OyhMlqZLtI-h86iCxA