Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Wow 1.7M shares traded in US. With UK 30k if you’re lucky in a day wow, what a difference. UK stock market is broke these days.
Could do with some good news soon! Will be adding tomorrow.
Looks like it’s being shorted to me.
Sudden drop of 30c, i can't find any news on BUR though, so not sure if this is just the Nasdaq being down 2%
Taken 1M shares to drop it, must be resistance now or shots have added. BUR seem in no rush to publish results early.
Currently dropped to equivalent of 11.14 in US
Perhaps we will make the 10.85 quickly
Want to make a prediction or suggestion on how low it might go?
1135 seems the first bounce territory
But I think 1085 is where I would top up next if it got there.
I doubt it would get that low before the results which I have listed as 13th on Trading View but I don't think there has been an announcement yet.
Add in the dips. 2024 is going to be a very exciting year. Nice opportunity to top up.
Argentina can turn the ypf appeal into a embarrassing circus with all its neighbouring countries being enlisted into backing there desperate attempt to change preska's original ruling , why on earth would Argentina think this theatrical line up of foreign lawyers,judges,+ other countries backing would change the out come of the ypf appeal result, there's absolutely no chance all that Argentine court drama would make the slightest chance to change the original court decision,
The bottom line is Argentina needs access to the USA massive capital markets, and only respect for our USA court award plus a good Argentine fiscal policy would fully bring about that access,
Ft / Joe miller.
The reason that New York courts can enforce such a judgment is this is where global capitalism is essentially orchestrated from. And if Argentina ever wants to raise debt again, it’s gonna have to do it through New York. If it ever wants to join international markets again, it’s gonna have to do it through New York. And that’s true of almost any large company around the world. And so until laws are changed in Washington, a US federal court is going to have the power to seize assets that come through this city.
GLA
Just Google - Argentina’s neighbours come to its defence in fight over $16bn US judgment
Ashmore latest re Argentina : still a 'going concern'...
.."Argentina: Speaking at the opening of the legislative year in Congress, President Javier Milei called on governors and political leaders for a “great national agreement”. The foundations of the request are the approval of liberal economic policies and political reforms to reduce the influence of interest groups (such as unions) that have historically opposed those changes. In more substantive terms, the Executive is seeking a preliminary agreement to allow for a new set of legislations increasing its powers, deregulating the economy, increasing incentives for large investments and a new pension indexation regime. Governors have an incentive to embrace the broad pledge to avoid further deterioration of their fiscal position in the near term, since a large part of federal transfers to regions is discretionary, but are still likely to play hardball on the negotiations of the actual bills in Congress...."
ATB
I would say late March is delayed. But they usually produce them mid March historically, so definitely not delayed! Sure realisations are strong.
The results are not delayed but due - we should soon receive notice
The two words shareholders dread to hear. BUR must know 2023 results, so why the delay? Could it be that the auditors are kicking up about the carrying value of YPF? That "asset" likely represents about half BUR's net assets at the year end, and contributes a large proportion of 2023 "profits". Milei may have good intentions, but, as we all know, his ability to bring them to reality is severely challenged. Inevitably, paying off foreign creditors will be a low priority amidst all the other pressures. The auditors will be well aware of this.
The fact that BUR raised a further $275m in January suggests that the last quarter did not produce enough realisations to make BUR cash flow positive. Again the auditors will be concerned that every year for a number of years BUR has had to have recourse to the debt market to raise capital to fund the business. Auditors will not want to be caught having given an audit clearance when lenders decide enough is enough.
Https://ar.usembassy.gov/remarks-by-secretary-of-the-treasury-janet-l-yellen/
REMARKS BY SECRETARY OF THE TREASURY JANET L. YELLEN AHEAD OF BILATERAL MEETING WITH MINISTER OF ECONOMY LUIS CAPUTO OF ARGENTINA
As Prepared for Delivery
"It is my pleasure to have my first meeting with Minister Caputo.
The Milei administration has inherited a steep stabilization task but has already taken some important steps toward restoring fiscal sustainability, adjusting the exchange rate, and combating inflation.
I commend Minister Caputo for his leadership throughout this period.
There is no doubt that this has been, and will continue to be, a difficult economic transition period for the Argentine people.
Protecting the most vulnerable during this transition will be a challenge, but is vitally important.
I see many areas for collaboration between the United States and Argentina on the topics being discussed in this year’s G20 Finance track, and I look forward to discussing these today with Minister Caputo.
I anticipate an active and constructive relationship between the U.S. Treasury Department and the Ministry of Economy."
GLA
Most of what Burford is doing regarding the attachment of assets is to push and legally pestering / testing milei's resolve and government into addressing Burfords plight in any meaningful way of collecting something from our massive court award, milei knows Burford will be limited to scratching the surface of our court award in asset grabs, so it's maybe just highlighting the possibility of attaching those Chinese currency sawps that will get Mike's attention as we've seen in that article I highlighted and posted, those Chinese currency swaps are a important fiscal instrument to Argentina with them having a stabilising effect on the country's financial stability, now with milei trying to get Argentina into any kind of financial stable position then of course he will be annoyed with Burfords attempt to seize those assets, Argentina typically only pays up after some lengthy considerable pressure is put on its own country's financial stability , so it's Burfords job to do that for us, though as Sebastian Maril has stated Burford would be better placed to give milei some space to help him and not add to his considerable burden on turning that country around for burford to collect its full court award, I completely understand that thinking but that completely conflicts with Argentina only paying up when under considerable pressure. On the balance of what would work I guess Burford may have got this right, they've tried negotiating with Argentina with no result , so it's pressure time in attaching assets that may make Argentina unstable in the eyes of the world.
Thank you for all that information MRMarroc.
GLA
On a more serious note, here's Seb on the macro, per linked in :
Sebastian MarilSebastian Maril
• 3rd+• 3rd+
Regional Director, US & Latin AmericaRegional Director, US & Latin America
3h • 3h •
Follow
ARGENTINES HAVE LONG LIVED IN FANTASYLAND
.."Attempting to impeach a recently-elected president solely based on his policies and disruptive leadership style not only is unreasonable, but also shows that Argentines have been detached from reality for a long time. For decades, residents of the Republic have relied on government handouts to cope with the challenges of a running inflation and a stagnant economy. Provincial governments, municipalities, and social movements, among others, have also received federal funds from a government increasingly dependent on printing money and substantial borrowing to ensure that everyone can meet their needs.
Now, with a president committed to "putting the house in order," there is a shift in narrative, emphasizing the high cost associated with living in Fantasyland for so long. The government is signaling that these unsustainable practices are no longer affordable for the country, urging Argentines, including the political establishment, to confront the reality that money is not free. The handouts, to which they have been accustomed for so long, are quickly being dismantled and, in doing so, President Milei is also hitting the establishment right where it hurts: its pockets.
It doesn’t come as a surprise that calls for the impeachment of Argentina’s president have surfaced in tandem with the execution of an agenda marked by aggressive spending cuts, compelling the political class across the spectrum to enact their own unwelcome cuts.
During the campaign, Argentina’s leader emphatically expressed his belief that the most destructive force in the Republic and the primary hindrance to sustained progress was its political apparatus. Now in office, he is striking at the heart of the establishment by overhauling the Federal Government and drastically reducing public spending.
President Milei is not changing and will not change his style. During the State of the Union Address this Friday, expect the president to intensify his endeavors to implement announced reforms, despite facing opposition from the political class, which has declared its intention to resist his attempts to bring about fundamental transformation in the country..."
GLA
At the very least, anything BUR does in this direction will give Argentina (and potential creditors/counterparts) 'pause for thought'.
Attempting to 'win by attrition' is a legitimate and occasionally successful strategy, as my children found out : it's called 'pester power'.
;->
GLA
RIDER75:
1. Wait for Judge Preska to decide whether the Currency SWAP with China has sovereign immunity.
2. If she opines it doesn't, then wait for Argentina to produce the documents requested by plaintiffs (Burford) that Argentina is refusing to turn over.
3. Wait for plaintiffs (Burford) to evaluate the likelihood of having any chances of seizing the Currency SWAP.
4. If plaintiffs (Burford) conclude that they can, wait for them to file a Motion of Attachment with Judge Preska.
5. Wait for the judge to review it and then order the repatriation of the SWAP to the US for attachment.
6. Wait for Argentina to oppose the attachment of the SWAP (just like the Republic is doing right now in the Second Court of Appeals with a different attachment order issued by Judge Preska on a different case that Argentina is refusing to repatriate to the US).
7. Wait for the Second Circuit ruling.
In a few words, not much Burford can do.
Remember, all assets sought by Burford that are currently held by Republic IN Argentina, will take long time to get a hold of.
Hope this helps.
What can BUR do with Arg currency swap agreements with China?
Milei would struggle to Dollarisze his economy without settling Burfords court award, though if Trump gets elected anything could happen , including loaning his old mate from Argentina dollars to settle our court award plus dollars to dollarize his economy, and most likely a negotiated lower court award amount.
Milei already has his work cut out blackmailing the Argentine provincial provinces with their much needed funding money to get them to back his mega decree, that could work ok, though that whole country can't be pushed to much further. Good luck milei your going to need it in bucket full 's LOL.
https://www.batimes.com.ar/news/economy/argentinas-us18-billion-chinese-fx-line-eyed-for-us-ypf-judgement.phtml
GLA.
As for the sp ? I’m very happy with where we’re at and really please with the spread the last 2-3 weeks. 😊Probably end the day circa 12.40 ????
‘Mid teens”. Just where ide like to be pre Petersen agreement!!!!!
Yes please
OK so US ends 12.30, we start at 11.80. Someone is playing games. Managed to grab some early though.
Yes, shorts have been reducing for days now in the US, let's hope they aim to close, this will mean this share will be less volatile in the future, and if the results are seen as positive, will see the next step up to mid-teens in the coming months.
Thanks to Seb for the link to this:
hxxps://www.prnewswire.com/news-releases/ad-hoc-committee-of-province-of-la-rioja-bondholders-responds-to-the-provinces-recent-announcement-regarding-payments-under-its-green-bond-302073253.html
..."The explanation by the Province of its failure to pay, which it attributes to the current economic situation in Argentina, is entirely specious. In fact, the problem with the Province is the disdain of its government for complying with legal and contractual obligations. The majority of proceeds from issuance of the Green Bonds were invested by the Province in its wind farm projects under Parque Eolico Arauco S.A. ("PEA"). In December 2022, the Province concluded a sale of 100% of Vientos de Arauco Renovables S.A.U., one of the undertakings of PEA, for US$171mm to Pampa Energia S.A.
Thus, having borrowed money from bondholders to build this project, the Province then sold the project for US$171mm and now purports to be unable to pay US$16mm of capital payment to its bondholders1. The excuses provided by the Province are those of a recalcitrant and recidivist defaulter...."
'Toto, I've a feeling we're not in Kansas anymore.'
GLA