The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Translation of twitter feed for those interested.
In minutes the meeting begins YPF, Argentina, Burford Capital and Judge Loretta Preska.
For the first time, I hear Judge Preska's voice.
Burford Capital: "Argentina is playing 'Groundhog Day'. They seek to repeat arguments that were previously mentioned indefinitely. We have already been in trial for 5 years."
Loretta Preska: "It was my fault that I accepted the argument of the Appropriate Forum without considering all the arguments together"
Argentina: "It is necessary to make Discovery about the applicability of the Argentine Law in this case that we accept to be in the US"
Argentina: "We want to be practical. There is no rush. Let us do our Discovery, not Burford Capital's."
Argentina: "We cannot send lawyers to Buenos Aires to make Discovery because the borders are closed."
Burford Capital: "Let's not blame COVID-19 for the impossibility of making Discovery. Argentina always seeks to delay all the trials it faces in this Court."
Loretta Preska: "We must evaluate each argument that Argentina presents. The question is whether we can do it in the way that Burford Capital proposes it or in the way that the country proposes it."
Burford Capital: "We do not want the opinion of experts on the arguments presented by Argentina. We have already gone through that stage. It is time to continue with this case."
Loretta Preska: "Argentina wants 'Expert Discovery' while Burford Capital wants 'Fact Discovery'"
Argentina: "Our arguments, if accepted by the Court, show that they can end this case in our favor."
Argentina: "Burford Capital proposes to open the doors and carry out the kind of extensive Discovery that is impossible now in Argentina because of COVID-19".
Burford Capital: "Argentina proposes a Discovery personalized to its objectives. We want to continue with the correct process of the Court and begin a Discovery of facts".
- OPINION - Judge Preska shows that she is more inclined to accept the opinion of the Government and the YPF. We will see.
Loretta Preska: "There are arguments presented by Argentina that even I have not given my opinion."
Burford Capital: "If Argentina and YPF think they have arguments to end the trial today, do so."
Loretta Preska: "Wait for my decision between today and Monday."
END OF HEARING.
Courtesy of Urbanbadger on Advfn
Lifted from ADVFN
Bramcych, In 2015 BUR put in $30M with German firm, Hausfeld. hTTps://burfordcapital.com/media-room/media-room-container/hausfeld-to-pursue-volkswagen-claims-in-germany-backed-by-financing-from-burford-capital/ "Today, on behalf of more than 15,000 German consumers affected by the VW diesel emissions scandal, Hausfeld filed a complaint in the Braunschweig District Court. The filing is believed to be the largest single consumer complaint ever filed in a European court. The complaint alleges a claims value of over €357 million ($416 million)." hTTps://www.hausfeld.com/news-press/hausfeld-files-for-15000-volkswagen-customers-in-single-largest-consumer-co
Alot of big sales after hours .
Recent Share Trades for Burford Cap Ld (BUR)
DateTimeTrade PrcVolumeBuy/SellValue 21-May-2017:04:49465.0235,034Unknown*23.41kO 21-May-2016:44:52456.752129,621Sell*592.05kO 21-May-2016:44:44456.7529,943Sell*45.41kO 21-May-2016:39:53464.932450,000Sell*232.47kO 21-May-2016:39:08464.7050,000Sell*232.35kO 21-May-2016:35:12465.00160,178Sell*744.83k
Thought I would post this in here rather than another thread.
hxxps://www.thetimes.co.uk/article/burford-capital-wades-into-muddy-waters-zlk05wb09 almighty row is rumbling between a third-party funder and a band of short sellers that is gripping the London exchange.
Once prohibited under the concepts of maintenance and champerty — which prevented non-parties from encouraging or profiting from litigation — third-party funding is now accepted in the UK. Some have embraced it as a way of increasing access to justice by financing court cases that parties may not otherwise be able to afford.
And now the targeting of Burford Capital, the largest litigation funding business, by Muddy Waters has shone a spotlight on the growing market.
Short selling involves investors betting against a share price in the expectation that it will go down — and then profiting from the fall in value. Muddy Waters made a name exposing accounting issues at Chinese companies.
Its tactic is to take a short position on companies it thinks are overvalued before publishing critical reports on them. And since last summer, it has launched a series of attacks on the liquidity, accounting standards and corporate governance of Burford.
It started with a tweet in August, saying Muddy Waters was in a “blackout period” until it announced a new short position on an “accounting fiasco”. The next day it published a report claiming that Burford was “egregiously misrepresenting” its return on investments, was “arguably insolvent”, “at high risk of having a liquidity crunch” and had “laughter-inducing” governance.
The attack wiped £1.7 billion off the value of Burford and triggered a sell-off of its shares. Burford responded robustly, rejecting the criticisms as being “without merit” and accusing Muddy Waters of making “false and misleading” claims, “factual inaccuracies, simple analytical errors” and “fallacious insinuations”.
It announced governance changes, including the appointment of a new finance chief, to replace Elizabeth O’Connell, who is married to the company’s founder and chief executive, the former lawyer Christopher Bogart.
Burford claimed it had evidence of illegal market manipulation by Muddy Waters, which the latter denied. Last week, the High Court dismissed those claims as “speculative” and rejected an attempt by Burford to obtain trading data from the London Stock Exchange about who had bought and sold its shares after Muddy Waters’ bear raid.
Since the initial short-selling attack, Muddy Waters has kept focus on Burford, even hiring former CIA officials from a US consulting firm to access the credibility of the funder’s executives.
It has published a further six reports on the funder, sending the share price up and down. Last week, it claimed that it had produced “bull****” figures to mislead the market. It described Burford’s 2019 financial figures as using “reclassification, redefinition to inflate cash receipts, operating profit, and to oth