burford capital muddy waters

Muddy Waters Research is affiliated with Muddy Waters Capital. Read more: Burford Capital’s shares fall on fresh criticism from Canaccord analysts Muddy Waters, which is led by Carson Block, launched a short attack on Burford … Keep abreast of significant corporate, financial and political developments around the world. Morgan Stanley: can mega deals widen the gap with Goldman Sachs? This website is owned by Muddy Waters Research. Burford Capital was a top 10 holding in Mr Woodford’s now-suspended equity income fund. We also adjust reported 2019 op… more, Burford’s abysmal second-half performance speaks to the company’s exaggerated marks, which are married to a flawed business model.

The research and reports presented on this website express the opinion of the applicable Muddy Waters Entity only.

Muddy Waters zeroed in on Burford’s accounting, invoking Enron’s infamous accounting scandal to describe the marking of its hard-to-value Level 3 assets. To the best of the applicable Muddy Waters Entity’s ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that the applicable Muddy Waters Entity believe to be accurate and reliable, and who are not insiders or connected persons of the Covered Issuers or who may otherwise owe a fiduciary duty, duty of confidentiality or any other duty to the Covered Issuer (directly or indirectly). These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research’s website.

Apple’s new iPhone poised on threshold of 5G era, Banks call back stayaway staff abroad amid tax warning, BA chief Alex Cruz steps down as airline reels from pandemic, Premier League retaliates against football restructuring plan, Electric car sales triple in race to meet Europe CO2 rules, Ofgem chief seeks to calm row over UK energy groups’ returns, EU targets Big Tech with ‘hit list’, EM countries call for ambitious debt relief, EU countries on Brexit progress, Emerging economies plead for more ambitious debt relief programmes, Sudan’s PM says US sanctions hurting move to democracy. "I want to be very clear that John and I have great confidence in Burford," Mr Bogart said. "Burford's governance is robust and serves the business well," the company said, adding that it had been “listening to investors and is actively considering their feedback". You need to be a subscriber to join the conversation. Use of Muddy Waters Research reports is limited by the Terms of Use on its website, which are as follows. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Mr Bogart and chief investment officer Jonathan Molot have both topped up their respective shareholdings in Burford.

Bosses said the company remained "solvent, generates strong cash flow and has good access to expansion capital". With respect to their respective research reports, Muddy Waters Research and Muddy Waters Capital makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Use remain in full force and effect, in particular as to this governing law and jurisdiction provision.

You (or any person you are acting as agent for) agree to hold harmless Muddy Waters Research, Muddy Waters Capital and its affiliates and related parties, including, but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and agents (collectively, the “Muddy Waters Related Persons”) for any direct or indirect losses (including trading losses) attributable to any information on this website or in a research report. Strawberries tell the story of an era of disruption, Why aspirational families go the extra mile to selective schools, Dawn breaks on a new age of economic thinking, How to make the hybrid workforce model work, Why jokes at work make more sense than ever, How to put the human back in the collaboration machine, Richard Tang: Zen and the art of internet maintenance, How better design will improve the spaces where we work and live | Free to Read, Mukesh Ambani: the relentless rise of Asia’s richest man, After three decades — and a £70m facelift — Buxton’s spa is reborn, Chandler Bing, a style icon for our times, For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news, MyFT – track the topics most important to you, FT Weekend – full access to the weekend content, Mobile & Tablet Apps – download to read on the go, Gift Article – share up to 10 articles a month with family, friends and colleagues, Integration with third party platforms and CRM systems, Usage based pricing and volume discounts for multiple users, Subscription management tools and usage reporting, Dedicated account and customer success teams. Louisa Clarence-Smith breaks down Muddy Waters’s highly critical 25-page report on Burford Capital, a litigation funder. Then 60,50 € per month.New customers onlyCancel anytime during your trial, Try full digital access and see why over 1 million readers subscribe to the FT, FT print edition delivered Monday - Saturday along with ePaper access, Premium FT.com access for multiple users, with integrations & admin tools, Purchase a Trial subscription for 1,00 € for 4 weeks, You will be billed 60,50 € per month after the trial ends, Purchase a Digital subscription for 6,50 € per week, You will be billed 37,50 € per month after the trial ends, Purchase a Print subscription for 14,00 € per week, You will be billed 60,67 € per month after the trial ends, Purchase a Team or Enterprise subscription for per week, You will be billed per month after the trial ends, EU leaders to insist on tough enforcement powers in Brexit deal. The reports are the property of the applicable Muddy Waters Entity that published that report.

commentary and analysis you can trust. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the state and federal courts located in San Francisco, California and waive your right to any other jurisdiction or applicable law, given that Muddy Waters Research and its affiliates are based in San Francisco, California.

BUR’s top management, through their shareholdings (and sales), is in effect primarily compensated for aggressively marking cases in order to generate non-cash fair value gains.

This is not an offer to sell or a solicitation of an offer to buy any security.

You further agree that any dispute between you and Muddy Waters Research and its affiliates arising from or related to this report and / or the Muddy Waters Research website or viewing the material hereon shall be governed by the laws of the State of California, without regard to any conflict of law provisions. For years, it was the ultimate “trust me” stock. Muddy Waters has accused Burford of being “arguably insolvent”. Just four cases have produced approximately two-thirds of BUR’s net realized gains since 2012.

On 7 August 2019, Muddy Waters Research LLC announced that it was short Burford, citing issues, as Muddy Waters saw it, with Burford's fair value accounting practices and of "egregiously misrepresenting" its returns on invested capital and rates of return.

Burford also rubbished Muddy Waters’s claim that it was "arguably insolvent", calling the suggestion "an entire red herring." Muddy Waters’ Latest Target Is Missing a Big Point Carson Block has gone too far with some of his attacks on Burford, but the company should … Will US retail sales reach further heights? Sign up for our mailing list and receive research reports and other related news and updates from Muddy Waters Research. The failure of Muddy Waters Research or Muddy Waters Capital to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of this right or provision.

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