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The U.S. Court of Appeals for the Second Circuit denied the minority shareholders' request for an en banc rehearing => sp sunk. Supreme court is next

Burford Capital and the plaintiffs they backed have been granted standard extensions as they evaluate their options following the US Court of Appeals for the Second Circuit's decision to reverse the $16.1 billion judgment against Argentina => we should know which way the wind will blow very soon Fri 8th May. If BUR requested En Banc Rehearing and got it, the share price would go up by at least 10% then...

the u.s. supreme court has acted on matters related to the argentine energy company ypf. in 2019, the supreme court rejected an appeal by argentina, allowing a lawsuit filed by shareholders (peterson and eton park) to proceed in lower u.s. courts regarding the 2012 nationalization of ypf. => the second circuit today decision is a slap in the face for scotus judges and will not like it => scotus will very likely accept the request for review then reverse it to teach them a lesson and /or **** them off.

BUR has 3 options : 1/ Bite the bullet and walk away (very unlikely) 2/ Rehearing En Banc. If 2/ not successful then = > 3 Supreme Court Review, if accepted. Note : The Supreme Court reverses 2nd Circuit decisions frequently, consistent with its high overall reversal rate. In the 2023 term, the Court reversed in 85.7% of cases reviewed from the 2nd Circuit.

Nest possible steps - Rehearing En Banc. If not successful then = Supreme Court Review_

Https://in.investing.com/news/transcripts/earnings-call-transcript-burford-capital-q4-2025-earnings-miss-stock-drops-93CH-5261118

Knowingly the tax increase in advance , BUR only needs to raise the final settlement figures to compensate for it :)

"Britain's biggest housebuilder spent almost 14 million last year renting forklift trucks from a plant hire business chaired by its chief executive. Vistry paid 3.8 million to Ardent Hire Solutions in 2024, almost double the 7.9 million it spent in 2023 and accounting for about a fifth of Ardent's annual turnover." - The Times

AA is not in retirement ! He is the current Executive chairman of Venterra Group which was valued @ $211 - 317m.

“What will it take to convince people…” providing solid scientific evidence and blind test results that cultivated meat and precision fermentation are safe to consume and with the same cost and taste as real meat/ seafood. If the approvals are received from either BRICS, or EU or US governments then the share price will rocket much higher.

Pokerchips - Another way to look at the total revenue between now and till Q4/26 is taking the combined revenue of 17, 18 and 19 which was $17.7B then knock off 30% to give some safety margin => $12B. As I wrote, PFC did OK till SFO case then Covid. If they manage sort out the financial mess by end of Oct 24 then there is a strong possibility they will survive and flourish.

Pokerchips $8B backlog + 14% of $44B bid pipeline till Dec 24 and the rest till 26 => Total revenue of $12B to Q4/26 is reasonable, IMHO.

Just look at the numbers as they do not lie !

17 Revenue $6.4B, Gross margin $785M, EBIT : S104M

18 Revenue $5.8B, Gross margin $718M, EBIT : $159M

19 Revenue $5.5B, Gross margin $353M, EBIT : $220M

20 Revenue $5.5B, Gross margin $279M, EBIT : -$142M

21 Revenue $3B, Gross margin $130M , EBIT : - $196M

22 Revenue $2.7B, Gross margin $-76M, EBIT : - $217M

https://www.macrotrends.net/stocks/charts/POFCY/petrofac/financial-statements.

Before SFO case and Covid (which caused contract cancellations and business interruption. These , in turn, resulted in revenue collapse and additional costs) , PFC did reasonable well and even Halliburton was prepared to pay £25/ share for it in 2012

The lenders must have seen and examined latest PFC business plan, provisional Q1/24 trading status and cashflow forecast till Q4/26, and comfortable with the progress of non core asset sale, BEFORE offering to provide $300million (£239million) in fresh credit and to keep PFC going and allowing PFC to miss bond coupon payment, otherwise they would pull the plug by now.

If PFC BOD can convince the lenders with strong proof that the newly won and future contracts have good margins (i.e. 10%+) as before 2019, I strongly believe D4E dilution ratio will not be so bad as the people have predicted (as the major shareholders will fight hard not to let the bondholders or any predator have the company on the cheap) and PFC should be mostly debt free by Q4/26, based on the forecast total revenue (till Q4/26) of $12B and a profit margin of 10%).

ShamI89 - People are rushing to buy shares with the hope of a takeover, RTO or MBO

Snapper - Maybe 3rd time lucky for Halliburton but this time round they only need to pay a fraction of £25, you never know !

Snapper - Halliburton have known PFC well. In fact, Halliburton did look into taking over PFC twice in the past (2012, 2017). https://www.thisismoney.co.uk/money/markets/article-2246062/MARKET-REPORT-Petrofac-gushes-talk-bid.html.

Gary - Halliburton’ finance: $23B revenue, Gross profit margin ~ +19%, net profit $2.6B vs PFC : 2.6B revenue , Gross profit margin ~ minus 5% and $340M loss in 22. PFC BOD have to improve the margin significantly. If not, they have no future.

Snapper10 - "Wheres this 10% margin going to come from..... ?" That's is the challenging job which PFC BOD have to show/prove to the lenders not mine !

PC - The debt holders will only want out if they see no decent profit/ return for them to stay in. If PFC can prove with good evidence that they have 10%+ margin on the recently won contracts then they will not dump the diluted shares .

Ivorgriffiths - The creditors/ lenders are not charity workers, they must have seen and examined the book, provisional Q1/24 trading status and cashflow forecast till Q4/24 at least, and comfortable with the progress of non core asset sale, before offering to provide $300million (£239million) in fresh credit to keep PFC, otherwise they would pull the plug by now.