Burford’s presentation on fair value accounting fails to address the key issues. This is typical Burford speak – to write so much, and yet say so little. The little substance there is supports our thesis about Burford’s valuation abuse.
At the end of the day, as we have repeatedly stated, Burford cherry picks what it deems is a “concluded investment”. We have shown where Burford deemed litigation that was still ongoing to be “concluded” and recorded a favorable result, and also where Burford funded a futile appeal of adverse litigation result and thus deferred recording an unfavorable result. The verbose discussion of Burford’s concluded cases is only helpful in illustrating how much of its booked fair value gains are from cases it has not deemed “concluded”: $717 million in un-concluded versus approximately $130 million of FV gains in “concluded” cases. We believe Burford is manipulating the cases it deems “concluded” in order to avoid truing up marks.
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