Have you lost money being long and wrong on litigation funder Burford (BUR). Fear not, how about joining a class action with other victims to sue the company? US sharks, sorry lawyers, Schall Law is hear to help.
A cornerstone of the Muddy Waters attack on Burford (BUR) is that it booked 2013 profits on a case its client Napo lost and, as we showed here lost before the accounts were finalised. Burford’s defence is that this refers to a different Napo case but it failed to say which one. Well, reader Drunken Sailor has – I think found it. Sadly this second case fails to substantiate the Burford rebuttal at all, it makes it look even weaker. Over to Drunken who posts…
A critical matter in the Muddy Waters Burford dossier is the way that Burford (BUR) booked profits in 2013 on a case which had yet to conclude but which it in fact lost, Napo. Burford has come up with a barely plausible explanation of this but what Carson Block and his team failed to provide is an exact timeline and this is critical. So here goes:
Last week’s saga of Burford Capital (BUR) illustrates well the febrile state of the markets right now and shows how easily ruffled both retail and institutional investors can be in the scandal-prone junior market...
Just to show that bears can tell jokes, here's a Burford (BUR) tweet from Matt Earl. the Dark Destroyer.
Bear raider Carson Block and his Muddy Waters outfit have hit back hard at the Burford (BUR) rebuttal of his original dossier. Carsons says allegations of market abuse are a smear and part of the nornmal target company playbook and he'd be delighted to assist the FCA. On the substantive points in the original dossier Carson says the Burford rebuttals don't wash. This is a very good response by Block and appears pretty compelling to me. The full rebuttal of the rebuttal is below:
We said on Friday that our fellow Quindell (QPP) exposers Gotham City would publish a Burford (BUR) Dossier this weekend. Limp dick deadwood press PR cocksucking journalists, notably at the Sunday Times, published exactly the same story as "news" on Sunday. And they wonder why serving up very sloppy seconds, copied from internet sites, sees their readership numbers continue to fall? Anyhow the Gotham dossier is live and we republish it in full below. To be honest it is a bit pompous and self praising but when it comes to hard analysis it offers little new.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
Welcome to the party Daniel Yu and Gotham City, such valuable allies in our takedown of the Quindell (QPP) fraud.
As you know the Financial Reporting Council are big admirers of my work most recently thanking me for nailing First Derivates (FDP) HERE but inter alia, commending me for my work in exposing the Quindell (QPP) fraud HERE. As such I have been in touch asking that the FRC open a full investigation into the accounts of Burford (BUR) which, I believe, require a material restatement.
Burford Capital (BUR) may claim that the Muddy Waters research report is hogwash. I disagree and regard it as a damning indictment which makes the shares univestable. Now senior figures in the industry are speaking out and they too slate Burford.
Burford Capital has responded briefly to the damning report on it by Muddy Waters (aka Carson Block) by saying it will get back to us. Ho-hum – I don’t suppose that is quite what Nervous Neil Woodford wanted to hear as his second largest investment crashes by 63%, to add to yesterday’s 19% drop. His nails must be chewed to the bone – if he’s got any fingers left from catching all those falling knives. And as if things could not get any worse…..
The report on Neil Woodford's second biggest holding, AIM Casino cdarling Burford (BUR) from Muddy Waters is - as you can see here - damning. Now here is a video where Carson Block explains the accounting tomfoolery that is at play. Enjoy.
We warned our readers yesterday that Muddy Waters was on the case. In fact we've been warning about Burford (BUR) for months on this website. The company responded with a pathetic RNS this morning which caused the shares to spike. Now they are tumbling as the Carson Block report is out and its damning. Carson opines:
Legendary bear raider Carson Block, aka Muddy Waters Research, is set to publish a bombshell dossier tomorrow at 8 AM GMT. Given the tweet below there is fevered speculation that it is a London listed company and speculation is centring on Neil Woodford dog Burford (BUR) shares in which are off by 15% as I write. Two things to note:
With the added bonus that kiss of death. disgraced fund manager Neil Woodford is a major shareholder, the bears are certainly sniffing around litigation funding giant Burford Capital (BUR). Our own Nigel Somerville expressed his concerns here. One bear (Paddington) has asked if this is the new Quindell (QPP) in terms of revenue recognition. So I asked a former partner of a big 4 accountants to review the 2018 accounts. He notes:
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2018 and thus far in 2019 (by net short position %, those in bold not on the list at the start of 2019) – and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
