Burford Capital Share Discussion Threads

[chester9] 29/3/2024 06:40

Timetable from Seb expecting Appeal decision H1 2025.Republic's principal brief (already filed)February 22, 2024.Plaintiffs' principal-and-response brief (already filed)March 25, 2024.Republic's response-and-reply briefYPF's principal-and-response brief (principal in the conditional cross-cross-appeal and response in the cross-appeal)June 24, 2024.Plaintiffs' response-and-reply brief (response in the conditional cross-cross-appeal and reply in the cross-appeal)July 24, 2024.YPF's replyAugust 23, 2024.Deferred joint appendixAugust 23, 2024.Final briefsSeptember 6, 2024

[tradertrev] 28/3/2024 14:23

This paragraph of the shareholder letter in today's Annual Report should attract some interest:
"We also believe we have reached the point of financial capacity and maturity such that we can try for a few “more
Petersens”. What that really means is having a willingness to take on some matters that come with higher risk and
potentially longer duration but the prospect of much higher returns upon success. We have largely avoided such
matters in the past, sensitive to public investors’ preference for lower risk, shorter duration, more predictable
matters; Petersen was an outlier for us because, candidly, we were able to obtain the rights to the matter very
inexpensively compared to its potential value. However, we are missing out on a valuable portion of the litigation
market with this approach, and we believe our scale permits us to take on over time a few more matters with
moderate capital outlay that have the potential for ten-figure outcomes."

[kuk1doh] 28/3/2024 12:31

In today’s annual report (pg 10 & 147) the company restates the message shared in the shareholder letter about losing US foreign private issuer status and gaining a full US issuer status from Jan 25 with the benefit of qualification for US indexation, probably this year.

Given the propensity to passively invest in index tracking ETFs this feels like it will cause a material step up in demand for BUR shares with no change in supply, leading to decent price action.

Current market cap would qualify for Russell 2000.

Am I wrong/missing something here?

[syoun2] 27/3/2024 22:51

So if they buy AIM shares would they be for UK staff is my point. If that’s correct should we expect a buying of shares on US stock market once the final UK ones purchased

[kuk1doh] 27/3/2024 22:30

According to the RNS announcement, Bur will buy £5M worth of shares on the AIM London. That’s about 450k shares. Through to yesterday 250k were purchased. Probably another 50k today. So a bit to go still. It’s providing support for the share price in London yet the breakouts are happening in US, as we saw again today. Nice to see that momentum… it’s picked up since the appeal rebuttal documents went in this week and the chicken judgement last week.

Has anyone a link to the appeal document? Keen to read the challenge to Preska’s choice to assign no blame to YPF itself.

[syoun2] 27/3/2024 22:28

There’s more US staff so let’s hope

[futurekid] 27/3/2024 22:19

I think so … share price getting ready to Rumble!

[syoun2] 27/3/2024 20:57

Burford purchased £15 million in shares for staff does that mean we will hear on Friday they will buy Us shares ?

[futurekid] 27/3/2024 20:56

10% ownership is c$350m! They are going all in ..

[reddirish] 27/3/2024 18:53

Let's hope they become billionaires through their holdings!

[chester9] 27/3/2024 16:55

They definitely have a lot of skin in the game.

[chester9] 27/3/2024 16:53

Burford's CEO and CIO invest $5.1 million in Burford's Ordinary Shares.On March 22, 2024, Burford's Chief Executive Officer, Christopher Bogart, and Burford's Chief Investment Officer, Jonathan Molot, used their respective cash compensation to invest in aggregate $5.1 million in Burford's ordinary shares of nil par value ("Shares") through Burford's employee deferred compensation plan..These investments total 333,528 Shares, comprising 167,991 Shares by Mr. Bogart and 165,537 by Mr. Molot..Christopher Bogart, Burford's Chief Executive Officer, commented:."Jon and I have together made significant investments in Burford's ordinary shares in recent years and now together have exposure to almost 10% of Burford's shares."

[chester9] 26/3/2024 16:24

Seb moreYPF judgment creditors filed a response to Argentina's appeal and have also cross-appealed the the ruling that relieved YPF of any wrongdoing.

[chester9] 26/3/2024 16:21

From Seb with thanks • Beneficiaries of the YPF ruling:"It is always appropriate to require parties to fulfill contractual promises, but when it comes to foreign governments and international financial markets, it is absolutely essential.The promises of the Argentine Republic were not improvised comments or informal agreements. They were unusual-and exceptionally clear-commitments necessary to provide peace of mind to potential investors and allow a foreign nation with a troubled economic past to access U.S. financial markets and raise billions of dollars by privatizing YPF.If those promises can be ignored with impunity, plaintiffs will be hurt in the short term, but everyone, investors and foreign governments alike, will lose in the long term."This court must enforce the promises Imade by the Argentine Republic when privatizingYPF] and correct its clear contractual breaches."It is alwave anpronriate to hold narties to their contractual nromises-butPost your reply

[375uv] 25/3/2024 17:11

The London Judge in Argentina's GDP-Linked Warrants litigation, offered Argentina two alternatives to appeal and stay the enforcement of the EUR 1.3 billion judgment: pay or post a guarantee. Argentina chose to post a guarantee in the form of a Letter of Credit issued by Santander and UMB Bank. The guarantee is worth about $330 million.

The chief difference between the London judge and Judge Preska, is that Argentina would not be able to appeal unless it met one of the two alternatives. Preska didn't go that far.

So, Argentina's pledging of the guarantee cannot be viewed as voluntary. It had no other choice.

[chester9] 25/3/2024 16:31

Where there's a will there's a way.From Seb.Argentina announces that it is going to create the RofA Special Trust 2024 in New York to create a guarantee of nearly USD 330 million as a condition to be able to appeal the PBI Coupon ruling in London..

[anon14] 25/3/2024 13:20

Tom, you are still incorrect. The interest rate is variable and depends on the prevailing interest rate at the date of the judgement, which fixes it forevermore. This was decided by the Supreme Court years ago. For your further edification, here is an example link that explains it: hxxps://www.steptoe.com/en/news-publications/is-the-federal-post-judgment-interest-rate-variable-yes-and-no.html

[syoun2] 24/3/2024 18:04

Link to the podcast on Burford AI

hxxps://law-disrupted.fm/ai-and-data-science-in-litigation-finance/

[extrader] 24/3/2024 12:54

Apols Tom
Fear, Uncertainty. Doubt.
'Google is your friend' - in this respect at least.

As to Preska appointment to the SC, Trump has previously successfully 'packed' it in Republican's favour, he'd probably not want to undo his arguably most significant, durable accomplishment to date.
SC appointments are for life.
The Dem-venerated Ruth Bader Ginsburg overstayed/ was allowed to overstay 'en poste', which on her death during Trump's tenure gave him an opportunity...

The reported 'qualification/query' re BUR's results reads :

.."In our forthcoming Form 20-F, we will be reporting a material weakness in our internal control over financial reporting and that our disclosure controls and procedures were not effective in the aftermath of the adoption of our new valuation policy. That material weakness and corresponding controls' determinations relate to the lack of documented available evidence demonstrating the precision of management's application of the process to determine certain assumptions used in the measurement of the fair value of capital provision assets. To be clear, this is an issue of internal documentation of a management process; no material accounting errors were identified as a result..."

AIUI

[tomtrudgian] 24/3/2024 12:40

Thanks anon14. The post judgement interest rate is Federal, and not decided by the presiding court, as is the pre judgement rate. It is based on the average Federal Treasury Bill rate and is variable, not fixed. If it is compounded annually (interest on interest) I apologise.

Thanks Extrader: New York district judges all retire at 65, over 11 years ago for Preska. They can however continue to adjudicate on their continuing cases only. Some including Preska are then promoted as a ‘senior’. This is a very important but not full time role which involves judicial appointments and the administration of all courts.

I am informed that she may be appointed to the Supreme Court if the next US president is a Republican, as she is.

She has no current judicial function, apart from influence, of the forthcoming appeal, and I was wrong to suggest otherwise.

The FY23 audit report has not yet been published.
I am sufficiently stupid to have no idea what FUD-like means.

Tom Trudgian

[kuk1doh] 23/3/2024 12:30

On page 84 they refer to, under the “settlements” section, those with whom they have settled and those “opt out” plaintiffs with whom they continue to negotiate settlements. They have accrued $300M to cover these outstanding settlements for “chicken broiler” damages only.

Beef and Pork antitrust liabilities have their own separate sections underneath.

[reddirish] 23/3/2024 09:41

There was a 'broiler' antitrust case settled in 2021, involving many of the same suppliers, and Tyson was reported as having closed off all future claims - and of having received leniency for cooperation with the DOJ. It's this all the same thing, resurrected somehow?

[kuk1doh] 23/3/2024 08:06

For the scale and complexity of this antitrust matter, see page 84, the Contingencies section of the Tyson annual report. Tyson is just one of the many defendants. They state they are working with US DOJ antitrust division and have received leniency for self reporting… industry whistleblower status. Feels like it has a long way to run. Significant contingencies set aside for paying “opt out of settlement plaintiffs” seeking triple damages in addition to pre and post judgment interest.