Burford Capital Share Discussion Threads

[375uv] 15/4/2024 15:22

This issue first appeared 15 days ago when Burford filed a motion under seal. Only Argentina, Burford and Judge Preska know the content of this motion.

On Friday, YPF filed a Letter telling Judge Preska that they too needed to understand what's in there. My guess is that they already know.

As a response, Burford's attorneys expressed their preference for the judge to adopt a consistent approach observed in other cases involving Argentina, where similar sealing orders have been granted by herself due to the sensitive financial information being sought.

There is the significance: sensitive financial information that Burford doesn't want the public to know but Argentina and YPF do, but oppose to whatever content Burford has filed.

We'll just have to wait until Preska decides.

[time_traveller] 15/4/2024 15:10

Could someone explain the significance (beyond the usual shenanigans); I'm not quite seeing it.

[375uv] 15/4/2024 13:45

I will closely monitor this development as I find it highly significant that Argentina is advocating for the public disclosure of something it opposes in terms of content.

[kuk1doh] 15/4/2024 10:13

Hi Extrader,
All I can say about Argentina’s action is that the opening of the sealed documents will likely delay and/or reduce the likelihood of collection for Burford. That would be consistent with how Argentina has behaved to date and it’s a reasonable legal strategy if you are ultimately negotiating a settlement discount… the further into the future you push the event the higher the discount you can achieve.

[extrader] 14/4/2024 17:38

Hi Kuk1doh,

I thought of that possibility, but why would ARG WANT the info to be publicized ?

'It's a mystery' (copyright Shakespeare in love...)

GLA

[375uv] 14/4/2024 16:18

If Judge Preska unseals the April 1 filing, we will all be able to see it. And I have the feeling that's a game changer.

Burford filed it under seal and wants to keep it that way. Argentina wants to unseal it but it emphatically opposes to the content of the filing and will file a motion opposing what the content says on May 16 (will file a separate motion to unseal it this week).

The only other alternative I can think of is that Preska unseals it only for YPF to see it.

[extrader] 14/4/2024 14:29

Hi Tom,

Still with the veiled negativity , I see ;-> !


Here you go - some grist for the mill.

hxxps://www.lanacion.com.ar/politica/una-de-las-tramas-de-corrupcion-e-ineptitud-mas-impactantes-de-la-era-kirchnerista-

'Knock yourself out'.

GLA

[kuk1doh] 14/4/2024 14:28

Is it not as simple as Bur, having identified a significant asset and, in a world of many creditors seeking assets for Argentine debt recovery, want that potential prize to remain confidential?

[375uv] 14/4/2024 13:30

Argentina's reaction to Petersen/Eton's objection to unseal their own submission will be revealing.

Keep this in mind: Petersen/Eton stated on Friday their desire for Preska to issue a ruling similar to one that kept the identity of the asset sought by London-based Attestor Master Value Fund confidential. Now, we don't know whether Petersen/Eton's filing relates to an asset, but let's assume it does.

I just reviewed that submission, and Attestor argued that the "sensitivity of the financial information" related to the asset warranted confidentiality.

Therefore, Burford (Petersen/Eton) believes that their motion filed on April 1 contains highly sensitive financial information. Argentina wants to unseal it because they want to show that Burford behaves as "dirty" as Elliott did during the holdouts saga.

Just an opinion.

[tomtrudgian] 14/4/2024 13:24

Very useful as always Extrader. Could you kindly expand with further detail? Is this anything to do with negotiations between the Petersen family and the Kitchener government prior to the expropriation possibly? Both deserved each other some might say. Do please let us have your thoughts.

Now a warning caveat: I met a shareholder recently who was quite certain that, being AIM quoted, his BUR shares benefited from both Business Property Relief from Inheritance tax, and Capital Gains Tax too. Not so.

UK BPR relief ended when BUR was additionally quoted on the US NYSE. If held outside an ISA, the annual UK Capital Gains Tax allowance relief has been reduced from £12,300 (22/3) to £6000 (23/4), and now just £3000 (24/5).

[extrader] 13/4/2024 20:38

As to the Q before Preska, perhaps the doc/info that BUR wants to include (but keep confidential) and ARG wants to exclude (and make public) is something that is useful to BUR (legally) and to ARG current Govt (politically).

What might that be ?

Perhaps it's the dubious circumstances/transaction detail surrounding prev Govt role in the YPF saga : say, from BUR's POV, something that may cast the Defendants in a bad light (morally, etc), but doesn't imperil their legal position, but which for Milei's Govt- if publicised- could neutralize/discredit the prev Govt / Kirchner et al opposition to any eventual attempt at settlement.

In other words, ARG/Milei may be trying to gain political points domestically (by disclosure of doc contents now), whilst still opposing the docs' admission in evidence (esp.if they recognise that the contents won't help ARG legally)*.

* a piece of 'cakeism' worthy of BoJo, if so!


Whatever, the US stock market seems relatively sanguine : GGAL closing only fractionally down at $29.60 and YPF @ $ 21.17, both favourable compared to the wider market, FWLIW.

GLA



 

[extrader] 13/4/2024 19:55

Pictet North America Advisors SA Dec 31, 2023 7.6m 0.0 3.50

Columbia Threadneedle Investments (US) Dec 31, 2023 7.2m 95.9k 3.31

per Stockopedia...

Oh, and of course Mithaq, now down to around 8.4% after its recent part-disposal, reportedly to fund another investment.

[planit2] 13/4/2024 15:33

Could it be related to the debt collection?

If it's something that could be used for PR in the public domain, Argentina would want it unsealed but Burford wouldn't.

Like raiding the fund for homeless people.

[donald pond] 13/4/2024 08:18

7.4m apparently for sale in the US. Only a couple of institutions hold that many

[syoun2] 13/4/2024 07:20

Could it be something to do with the facts relating to who gets their money first. Just a thought

[375uv] 12/4/2024 22:35

For once, I want Judge Preska to rule in favor of the Republic. If Petersen/Eton filed this thing, it cannot be bad for them. My question is why would Burford not want to make it available to the public if they filed it?

The interesting thing is that Argentina and YPF support the unsealing of this filing, but we know that they oppose what Burford has asked Judge Preska to rule on.

I think we should pay close attention to this.

[chester9] 12/4/2024 22:06

7% drop in US.Seb advises something is unusual about"What's happening in Preska's court is very interesting.On April 1st, judgment creditors submitted a motion under seal. We can see this event in the docket but we don't have access to it. YPF and Argentina oppose this document being filed under seal and want the judge to unseal it. Judge Preska will soon decide whether to lift the confidentiality order.However, on May 16th, Argentina will submit a document opposing the content of the aforementioned document (but wants the discussion to be seen by the public)."What's in it that Argentina want the public to see

[syoun2] 12/4/2024 20:51

Big volume do someone off loading big time

[syoun2] 12/4/2024 20:45

Where the fuc.. did that come from?

[tnt99] 10/4/2024 19:12

Waking up to the sky limit on this share ?

[this tea tastes of chicken] 10/4/2024 16:10

Global Retail Shareholder Call 3pm BST 20 June 2024

[gettingrichslow] 10/4/2024 10:41

I’ve just been chatting to a friend who is a partner of a big City law firm and I asked him what he knows about Burford. He said they have a very good reputation in the City and he was also familiar with the Argentina case. He thinks they will collect in the next 18 months after a deal is struck with Millei. He also said he’d be tempted to buy in to Burford himself if he was allowed to, but he can’t. All of this is very reassuring to me as a Burford investor!

[syoun2] 09/4/2024 21:21

US volume 5 times AIM today

[ptolemy] 09/4/2024 20:22

Yes, high of today looks to be highest in 4.5 yrs