We would love to hear your thoughts about our site and services, please take our survey here.
A setback for YPF overnight in their other case (against Maxus).
Judge Preska (the Petersen Judge) has rejected request for suspension of litigation until ruling of the Court of Appeals.
This decision opens the doors for a Summary Judgment before 6/30.
Maxus demands USD 14,000 M.
Judge Preska approves the schedule of presentations that will end the YPF expropriation case:
- 3/31: Petersen, Eton (Burford): 40 pages in favor of Summary Judgment and end of case with favorable ruling
- 12/5: Argentina (40 pages), YPF (35) against SS and end of case.
- 9/6: Petersen, Eton (Burford): 75 pages in response to writings from Argentina and YPF.
- Same dates and distribution of length of presentations, but this time, with Argentina and YPF requesting SS and end of case with favorable ruling.
- The ruling, after 6 years of litigation and opinions from Judge Griesa, Judge Preska, the Court of Appeals and the Supreme Court, will arrive on 6/10.
- If for any reason, Judge Preska decides that a trial is necessary even after requests against prolonging this litigation from both parties, a new timeline will be decided for its commencement.
A nice write up on Burford here by Andrew Carreon of Emeth Value Capital (+36% in 2021):
https://www.emethvaluecapital.com/_files/ugd/b2ee4c_d8d3433827ac482ea4648323a2e6ecdf.pdf
Remind me again why our share price is under £7 when it should be £25+ ????
I have read the filing. 40 pages from each side to discuss Summary Judgment. Preska seems to be very much in control of this one, and there seems to be a big push to get this one sorted as swiftly as possible. Argentina now has the cash to pay and I agree that a settlement is the cheaper and more favourable option for them. Share price at these levels is crazy - YPF or not.
That depends on your point of view. Assuming Burford win, the debt will be paid. The question is whether that is done willingly by Argentina or through enforcement action and other leverage. The importance of the recent IMF move is that Argentina have the ABILITY to pay , which is important. Look for example at countries like Egypt, who obtained IMF money to specifically pay off some of their obligations to commercial creditors. Being in default is not something the IMF take lightly as it weakens the whole system.
so, we're going to trial. It seems nobody has "blinked first". Application for summary judgment now the only real get-out, unless Arg wish to settle beforehand or get spooked by the prospect of the trial.
so yesterday's little rise was down to Gladstone reducing their short. A shame to see the drop again today, but nice that shorts are reducing. I also note that 6 new funds have included Burford in their portfolios since Q3 2021. Happy days.
And a nice write up here too:
https://seekingalpha.com/article/4473195-burford-capital-when-complexity-generates-opportunities
incredible that the SP is still down here - only 2% off this time last year, despite record deployments, a large cash win and fund-fees starting to kick in. Plus another 12 months closer to resolution on YPF. I guess we continue to hold and wait for Mr Market to wake up! Divi paid today, so that'll go straight back in for more shares...
trying to guess the bottom is nigh impossible at anytime, let alone the moment. Personally, I view any price for BUR under £8 as a screaming bargain, and still can't understand why we're not sitting in the mid £11 range. The volumes have been low in the last week, so this is just a slide. My view here is that you don't want to be "out" when the re-rate happens. And it could occur at any time, this is such a crazy discount to NAV at the moment.