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Burford’s Response is Nothing More Than Distraction and Thin Excuses (BUR LN) - Muddy Waters Research
Leave it to former trial lawyers to talk so much, and yet say so little. BUR’s written response and numbing two-hour call did nothing to dispel our view that BUR a) aggressively marks its cases up to generate non-cash profits, b) manipulates its (non-IFRS) ROIC and IRR metrics in order to justify its fair value …