7:59 cut – BUR, HUW, RGD, STAF

Burford (BUR) – “Illegal Market Manipulation”

Aggressive language and legal threats against short sellers continue to be a red flag at this opaque litigation finance company. Today they claim manipulation of the share’s order book on 6th and 7th August.

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Burford (BUR) – The Napo Mysteries


I am neither long nor short Burford and had not looked into them (beyond identifying some immediately apparent red flags) before Wednesday. Accordingly I am coming into this from a cold start and it may well be I am not the first to have uncovered the answers to some loose ends in Muddy Waters’ report.


The core of the Muddy Waters report lists seven ways they claim Burford have manipulated their performance metrics. It seems a reasonable assumption that they led with their strongest example and so I have concentrated on the Napo case (search for “#1” in the report).

MW’s first complaint, and the first mystery, is that this case was categorised as “concluded” (for a profit) before it reached a verdict (of a total loss).

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7:59 cut – BUR

Burford (BUR) – Statement

Burford themselves appear to believe that today’s upcoming Muddy Waters’ report will be about them and share the market’s broad view of what it will say. If I were a Burford shareholder I would find the aggressive tone of today’s statement highly concerning. It contained no new information and no indication that they would respond to any specific concerns. My particular concern is that while they say they have the ability to manage cash outflows, they do not take the opportunity to say that they have significant liquidity to survive in a worst-case scenario where no new money can be raised, not even by cutting back investment in new cases to a minimum.

Continue reading “7:59 cut – BUR”