Burford Capital Share Discussion Threads

[minerve 2] 09/8/2019 18:48

Chimpers

I’m more concerned about your mental health ATM than being long in BUR.

LOL

[williamcooper104] 09/8/2019 18:46

They really don't - lawyers in general understand next to nothing about accounts A tax QC will but an average judge/solicitor is woefully ignorant

[bbmsionlypostafter] 09/8/2019 18:46

Wot he said ^^^^. He gets it. You guys need to get a lot more cynical IMO.
(BTW, good spot on GCR)
......................................................................

Bloke,

FYI.


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HTH.

[goodbloke1] 09/8/2019 18:42

How many bearish reports have they written and how many have they got right? Go do the maths ! The shareprice has recovered very strongly from their lows ( nearly doubled from lows) in response to excellent and very strong rebuttal against MW so if you think lower profile Gotham will affect the share much than you are living in cloud cuckoo land!

[edmondj] 09/8/2019 18:40

So Muddy Waters has rushed to cut its short position by 83% to 0.12%, which doesn't exactly look as if they have courage of their convictions. Actions, words and all that...

Although Gladstone Capital Management, interestingly, has increased theirs by 6.5% to 0.82% today - despite the rebound - and by 64% since first declaring a 0.5% short on 4 June. Without making a lot of noise, indeed remaining shtum.

[williamcooper104] 09/8/2019 18:40

Was once told by a barrister that if I asked him if the sun would rise in the morning he would put it at 90 percent

[goodbloke1] 09/8/2019 18:37

Its interesting MW (which have a much higher profile then Gotham) obviously were scrambling to close their short .That doesn't give much credibility to their report in my view and if they really did have the courage of their own convictions than why did they not let their short run? !!

[bbmsionlypostafter] 09/8/2019 18:37

goodbloke1
9 Aug '19 - 18:32 - 8968 of 8970

And you really think the market will take them seriously lol! You live in Hope with your short or desperation to get in cheaper lol!

You weren't playing this game back in 2014, were you bloke? Or if you were you weren't paying attention.

[hindsight] 09/8/2019 18:34

Clocktower

Will they care if any share buy back dilutes bond cover?
I suspect they will if realise it will raise the cost of new financing
What purpose will a buy back serve? A daft thing to do in these circumstances imo.
Agree

[sweet karolina2] 09/8/2019 18:33

If BUR can't say anything about any case why do they talk about various non concluded cases eg Petersen so much.

Obviously they can't and should not talk about any of the arguments in the cases, but that is not what they are being asked for. A list of the cases where they are being heard and what fair value they put on them and how much they have put into them so far is all that is needed. I would agree saying how much they are prepared or committed to put in would not be wise.

IMF have loads of live cases on their website.

I gave a ditty about Warren Buffett going long earlier and nobody though he should be sued, so why should it only apply to shorts? Markets are manipulated dayly by buy notes and all sorts of other PR material which are of dubious veracity.

[bbmsionlypostafter] 09/8/2019 18:33

....Daniel Yu, has experience with litigation finance; one of his first ever short sale research notes was about another litigation finance company, called Acacia Research, listed in the USA under ACTG. Like BUR, ACTG shares at its peak, traded as a multi billion dollar value company... shares are down over 90% from those levels.

Gotham says that it currently holds no financial position in any Burford Capital securities and that it has not discussed Burford with any of the recent batch of Burford short sellers. That will not stop the company and its poodles in the deadwood press at the FT, The Times and elsewhere from whittering on about the global shorting conspiracy.

[charlesjames1] 09/8/2019 18:33

One could argue that as MW have basically closed all their shorts they are quite concerned and wish the whole damn episode would go away. If you had evidence to collapse the house you would certainly be increasing. Interesting times.
hxxps://shorttracker.co.uk/company/GG00B4L84979/

[goodbloke1] 09/8/2019 18:32

And you really think the market will take them seriously lol! You live in Hope with your short or desperation to get in cheaper lol!

[clocktower] 09/8/2019 18:29

Will they care if any share buy back dilutes bond cover?

What purpose will a buy back serve? A daft thing to do in these circumstances imo.

[stewpot3] 09/8/2019 18:19

Thanks hindsight, all reassurance gratefully received.

[hindsight] 09/8/2019 18:15

Stewpart, I hold them too, mostly the $ one so had some fx luck there. Personally happy to hold till redemption, would have added more when offered at 61c wednesday but was at my holding limit percentage. I am not keen to see them do a share buyback as dillutes bond cover

[mammyoko] 09/8/2019 18:13

As Group FC I have worked with Partners at all of the big 4 and a couple of the others. Probably about 20-30 partners over the years. Without exception, audit Partners are at best shaky and more usually much worse at financial accounting.

Let me explain why this is. It takes a certain type of person to be interested in producing a complex set of group accounts. Anybody who is really good at this usually doesn't have the social skills to fight their way to be either an audit partner or to be an FD. Good Group FCs can command a solid £150k - £250k at a £1bn plus turnover group without any of the risks of getting topped that an FD faces or of having to suck up to the CEO. In my experience at PwC, nobody with the right skill-set to be Group FC would think that they would enjoy being a partner so very few stay on to go down that route. All of the Big 4 have Technical Departments with Partners in them but, crucially, they are people who know IFRS inside out but have never prepared a complex set of group accounts.

So frauds get through because a good Group FC will always be able to hoodwink an audit Partner whose ability is in audit not financial accounting. They can also run rings round the Technical Department partner because they know where the bodies are buried whereas the Technical Partner just blathers on about compliance with some nuance of the relevant IFRS.

You ask if I have ever seen a set of fraudulent accounts. I can do better than that. I've almost certainly prepared them. Not going to go into where or whether they were ever identified as such. But, there again, most Group FCs could claim the same

[1oughton] 09/8/2019 18:12

Wouldn't wanna be long this over the weekend lol

[podium] 09/8/2019 18:07

Gotham would need to come up with something new, otherwise they are only riding on the coattails of MW.

[minerve 2] 09/8/2019 18:07

“Gotham”

Is Batman & Robin turning up?

Oh sorry, they are already here in getting & brexitplus!

LOL

[chimers] 09/8/2019 18:05

Oh....and it's accurate.

[babbler] 09/8/2019 18:05

https://mobile.twitter.com/ShareProphets/status/1159868619636871168