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Roger Lawson’s 17 reasons Not to own Burford

2019-10-07 12:31:19

Roger Lawson of ShareSoc sent me a present the other day. Nope, not another lawyer’s letter but a copy of his new book “Business Perspective Investing… And why financial numbers are not important when picking shares.” A snappy title if ever there was one. I do think numbers matter but it is not a bad read. To demonstrate what he means, Mr Lawson has listed 17 reasons why he does NOT want to own or buy shares in Burford (BUR) and it is nothing to do with the Muddy Waters affair. The 17 reasons Neil Woodford ignored are:


Muddy Waters hits back at Burford

2019-09-25 08:49:45

And so the battle continues. On Monday Burford (BUR) published a new 45 page report defending its uber agggressive accounting policies from attacks led by Carson Block of Muddy Waters. Natch it was on its own website rather than via RNS so there was no need for Nomad sign off. Now Muddy Waters has hit back. It responds.


In the Interests of Balance - a Bull dossier on Burford

2019-09-11 11:21:32

The latest edition of ShareProphets Radio features an hour long interview with Carson Block of Muddy Waters discussing Burford (BUR) in great detail. In the interests of balance, an investor with a long position, Caro-Kann Capital, has published its detailed rebuttal of Muddy Waters and you can read that report below. On balance I agree with Muddy Waters.


Table of shorted AIM shares - week to 06/09/2019

2019-09-07 08:16:23

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...


Boom! Very awkward indeed: Burford Client Epicenter sues it for $200m – more questions on revenue recognition and ethics leap out

2019-09-03 08:10:04

Yesterday Burford (BUR) served up a risible response to questions about the Napo case as I detailed HERE and Drunken Sailor took apart HERE. Today the case in question is that of Epicenter which begs all sorts of questions, notably about a $200 million claim against Burford by its own client!


The man who discovered the Glenmark case takes apart Burford's risible Napo Explanation

2019-09-03 08:09:00

Bear raider Muddy waters credited ShareProphets reader Drunken Sailor for his work in discovering the Glenmark case fought by Napo and funded by Burford (BUR). Yesterday Burford released a report which tried to explain the seemingly bogus profits booked on Napo in 2013. I tore that release to shreds in a special Tom Winnifrith bearcast HERE. Now Drunken Sailor has posted his response which is devastating. The great man writes:


Burford: Formal request to Guernsey Financial Services Commission to join FCA and FRC and Investigate misleading accounts

2019-08-30 11:10:09

As I revealed yesterday, the FCA and FRC are both investigating Burford (BUR) following a letter I sent requesting an investigation on August 8. But Burford is Guernsey Registered so there is another regulator which needs to have a butchers. As such I have today written to the Guernsey Financial Services Commission (the tax dodger’s equivalent of the FCA) asking it to launch an enquiry. The letter is below::


BREAKING: FRC says that following Tom Winnifrith letter it and FCA now investigating Burford

2019-08-29 08:36:48

PR spinners for Burford (BUR) have responded to the Muddy Waters dossier by getting their poodles in the deadwood press to suggest that the bear raider was up to no good and was being investigated by regulators on both sides of the Atlantic. Oh dear..I have shocking and bad news for Burford...


Muddy Waters credits ShareProphets and Drunken Sailor as publishes new Burford dossier

2019-08-27 08:52:26

To his credit, Carson Block has credited us fully in his new dossier covering the Napo scandal. The contents will be familiar to our readers having been published here 2 weeks ago. But it has aroused the deadwood press. I have already had one hack on the trombone seeking further clarification. The citical point is that without a Napo win fee, Burford (BUR) would have reported a 2013 loss, not a profit, shortly before getting away a big bond issue. As I noted in a letter to the Nomad Johnny Allison ten days ago "name that case!"  Burford's failure to do so is telling. The new Muddy Waters dossier is below:  


Burford – was there Insider Dealing by the Deputy Chairman?

2019-08-18 09:32:31

Drunken Sailor has made another point about AIM-listed Burford (BUR) in the comments boards – this time in response to my story about the recently announced corporate governance changes and listing of Burford which Muddy Waters attacked and Burford said there was nothing wrong. Except it now seems to think there was. Apart from the jibe of panic, Drunken Sailor seems to be wondering about insider trading. Let’s take a look at the facts.


An Open Letter to Jonny Allison, Nomad to Burford re Material non disclosure on Napo

2019-08-17 06:04:43

Burford (BUR) does not have to prove it is innocent of the Muddy Waters allegations but the longer it opts NOT to give full disclosure the more suspicions will grow. And perhaps the Oxymorons at AIM Regulation or my friends at the FRC, who I have asked to look at the accounts, may force its hand. In that vein I have written to the Nomad, Jonny Allison at Macquarie asking him to force Burford to come clean. I have cc’d in the Oxymorons and the FRC. The letter is below


Table of shorted AIM shares - week to 15/08/2019

2019-08-17 05:21:21

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...


Muddy Waters new dossier: ex CIA spooks called in to show Burford (BUR) is, allegedly, misdleading investors

2019-08-16 09:52:48

Bear raider Muddy Waters has issued a new dossier on Burford (BUR) which we publish in full below. It is a bit different. It is a report by ex CIA spooks QVerity Inc analysis the response of Burford to the original dossier and it concludes that the response was designed to mislead investors. Enjoy.


Burford – Muddy Waters was wrong about joke corporate governance……so we’re changing it, and MW’s response

2019-08-16 08:49:08

AIM-listed Burford (BUR) has acted apparently with undue haste to the accusation from Muddy Waters, which is short, that Burford’s Corporate Governance is a joke. Of course, Burford dismissed the claims but seems to have acted anyway. No accusation of panic, then…..


Shark eats Shark - US law firm offers Burford investors a chance to sue the company

2019-08-15 13:43:01

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.


Reader Post of the week: Burford and that other Napo case - this reads badly for the AIM company

2019-08-15 10:58:56

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…


Burford & Napo - the critical timeline Muddy Waters did not provide

2019-08-14 11:58:39

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:


Lucian Miers' thoughts on the Burford fiasco

2019-08-14 09:00:58

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...


Matt Earl Tweet, who is a very funny bear then?

2019-08-13 12:22:41

Just to show that bears can tell jokes, here's a Burford (BUR) tweet from Matt Earl. the Dark Destroyer.


Carson Block & Muddy Waters hit back at Burford - the rebuttal of the rebuttal appears compelling (and we publish in full)

2019-08-13 08:41:38

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:


Breaking: We publish the Gotham City Dossier on Burford - it is a damp squib

2019-08-11 16:27:13

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.


Table of shorted AIM shares - week to 09/08/2019

2019-08-10 07:17:45

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...


BREAKING: Gotham City set to issue Burford short dossier this weekend

2019-08-09 17:37:02

Welcome to the party Daniel Yu and Gotham City, such valuable allies in our takedown of the Quindell (QPP) fraud.


FRC asked to investigate Burford Capital and auditors E&Y over 6 years of accounts - formal enquiry needed

2019-08-08 14:32:50

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.


BREAKING: Burford’s Aussie Peer IMF Bentham slates the accounts of its British Rival

2019-08-08 08:26:38

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.


Nervous Neil Woodford in a pickle over Burford, but Tom Winnifrith gets plaudits of Muddy Waters

2019-08-07 15:12:33

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…..


Video: Carson Block of Muddy Waters explains how Burford cooks its books

2019-08-07 09:37:30

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.


Burford Capital is an "accounting fiasco" - Muddy Waters publishes damning report

2019-08-07 09:16:09

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:


Muddy Waters set to destroy London company at 8 AM Wednesday - is it Burford?

2019-08-06 15:21:24

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:


A senior accountant looks at Burford Capital

2019-06-28 10:06:50

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:


Table of shorted AIM shares - week to 07/06/2019

2019-06-08 07:44:53

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...


Burford Capital – a screaming short?

2019-05-02 15:32:22

I have been receiving a few comments and concerns from a number of sources regarding AIM-listed Burford Capital (BUR) – a player in the highly lucrative litigation funding space, and a major part of Neil Woodford’s investment empire. If those concerns prove to be correct then Burford Capital is massively overvalued, based on hocus-pocus accounting and is an accident waiting to happen...


Zak Mir's Bull Call of the Day No. 2: Burford Capital: Price Channel Target To 210p

2015-12-29 06:45:53

The type of chart action that you would like to see in times of stock market turmoil is what we are seeing at Burford Capital, a state of affairs which has been in place since in an ultra positive way since the beginning of this year.

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