Go to muddywatersresearch.com”. Muddy Waters Capital does not render investment advice to anyone unless it has an investment adviser-client relationship with that person evidenced in writing. This data proves that BUR has been egregiously misrepresenting its ROIC and IRRs, as well as the state of its overall business. Find out more about how we use your information in our Privacy Policy and Cookie Policy. All expressions of opinion are subject to change without notice, and neither Muddy Waters Research nor Muddy Waters Capital undertakes to update or supplement any reports or any of the information, analysis and opinion contained in them. Or if you wish to remain on the Muddy Waters Capital website, please select “No Thanks.” You (or any person you are acting as agent for) agree to hold harmless Muddy Waters Research, Muddy Waters Capital and its affiliates and related parties, including, but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and agents (collectively, the “Muddy Waters Related Persons”) for any direct or indirect losses (including trading losses) attributable to any information on this website or in a research report. Absent the bailout, the case almost certainly would have been a total loss. Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM. Muddy Waters’ report comes less than two weeks after London-based ShadowFall Capital & Research disclosed a short position in Burford in a tweet July … The research and reports presented on this website express the opinion of the applicable Muddy Waters Entity only. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on Telegram (Opens in new window). You further agree to do your own research and due diligence before making any investment decision with respect to securities of the issuers covered herein (each, a “Covered Issuer”) or any other financial instruments that reference the Covered Issuer or any securities issued by the Covered Issuer. Muddy Waters Capital is an investment adviser with the U.S. Securities and Exchange Commission and is not registered as investment adviser in any other jurisdiction. Under no circumstances should any of these reports or any information herein be construed as investment advice, or as an offer to sell or the solicitation of an offer to buy any securities or other financial instruments. You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link: https://www.muddywatersresearch.com/research/. You understand and agree that Muddy Waters Capital does not have any investment advisory relationship with you or does not owe fiduciary duties to you. Muddy Waters Research, Muddy Waters Capital and/or the Muddy Waters Related Persons intend to continue transacting in the securities of Covered Issuers for an indefinite period after an initial report on a Covered Person, and such person may be long, short, or neutral at any time hereafter regardless of their initial position and views as stated in the research report published by Muddy Waters Research or Muddy Waters Capital. We have identified seven methods by which BUR manipulates Concluded Investment ROIC and IRR. You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by these Terms of Use. You further agree that any dispute between you and Muddy Waters Research and its affiliates arising from or related to this report and / or the Muddy Waters Research website or viewing the material hereon shall be governed by the laws of the State of California, without regard to any conflict of law provisions. (One of the four outsized contributors was actually a loss a trial, and was bailed out by BUR’s largest shareholder, Invesco, at the direction of Neil Woodford protégé Mark Barnett. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Use remain in full force and effect, in particular as to this governing law and jurisdiction provision. By downloading from, or viewing material on this website, you agree to the following Terms of Use. Use of Muddy Waters Research reports is limited by the Terms of Use on its website, which are as follows. This has all recently changed though. All reports are for informational purposes only. Until now, BUR has gotten away with aggressive and unwarranted marks by touting ROIC and IRR metrics. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Sorry, your blog cannot share posts by email. In relation to the United Kingdom, the research and materials on this website are being issued only to, and are directed only at, persons who are Permitted Recipients and, without prejudice to any other restrictions or warnings set out in these Terms of Use, persons who are not Permitted Recipients must not act or rely on the information contained in any of the research or materials on this website. As a result of this deception, we believe investors give credence to BUR’s fair value gains. We refer to Muddy Waters Research and Muddy Waters Capital collectively as “Muddy Waters” and individually these entities are referred to as a “Muddy Waters Entity”. After a tumultuous summer which featured accusations of dodgy accounting, a collapsing share price, and counteraccusationsof market manipulation, the … Muddy Waters Capital is an investment adviser with the U.S. Securities and Exchange Commission and is not registered as investment adviser in any other jurisdiction. This limitation of liability applies regardless of any negligence or gross negligence of Muddy Waters Research, Muddy Waters Capital or any Muddy Waters Related Persons. BUR’s governance strictures are laughter-inducing. You represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this website. The reports on this website have been prepared by either Muddy Waters, LLC (“Muddy Waters Research”) or Muddy Waters Capital LLC (“Muddy Waters Capital”). You are leaving the Muddy Waters Capital (muddywaterscapital.com) website and going to the Muddy Waters Research website (muddywatersresearch.com). ), BUR is a perfect storm for an accounting fiasco. Yahoo is part of Verizon Media. With respect to their respective research reports, Muddy Waters Research and Muddy Waters Capital makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. In actuality, BUR’s net realized returns have relied on a very small number of cases. Reports are based on generally available information, field research, inferences and deductions through the applicable Muddy Waters Entity’s due diligence and analytical process. BUR’s top management, through their shareholdings (and sales), is in effect primarily compensated for aggressively marking cases in order to generate non-cash fair value gains. If you access this website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use. This is not an offer to sell or a solicitation of an offer to buy any security. Neither Muddy Waters Research nor any Muddy Waters Related Person (including Muddy Waters Capital) are offering, selling or buying any security to or from any person through this website or reports on this website. In no event shall Muddy Waters Research, Muddy Waters Capital or any Muddy Waters Related Persons be liable for any claims, losses, costs or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or, consequential damages, arising out of or in any way connected with any information on this website. These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research’s website. Just this year, BUR began publishing more detailed investment data. Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. The CFO is the wife of the founder / CEO. We are short BUR.

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