{"id":129294,"date":"2019-08-12T01:20:21","date_gmt":"2019-08-12T01:20:21","guid":{"rendered":"https:\/\/www.bnreport.com\/shortseller-gotham-city-piles-pressure-on-under-fire-burford-capital-with-further-criticism\/"},"modified":"2019-08-12T01:20:21","modified_gmt":"2019-08-12T01:20:21","slug":"shortseller-gotham-city-piles-pressure-on-under-fire-burford-capital-with-further-criticism","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/shortseller-gotham-city-piles-pressure-on-under-fire-burford-capital-with-further-criticism\/","title":{"rendered":"Shortseller Gotham City piles pressure on under-fire Burford Capital with further criticism"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/08\/GettyImages-1087176328.jpg\" \/><\/p>\n<p>Shortseller Gotham City Research has added to the pressure on litigation funder Burford Capital which it described today as \u201cinappropriately financed\u201d.<\/p>\n<p>Burfords market value fell by nearly half last week before regaining some of those losses after it was savaged in a report by hedge fund Muddy Waters which has taken a short position in the litigation funder.<\/p>\n<p>Fellow shortseller Gotham City today added to the criticism levelled at Burford, arguing that litigation assets should not be financed with debt because their cash flows are \u201cnotoriously unpredictable\u201d.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.cityam.com\/burford-blasts-muddy-waters-report-as-baseless\/\" rel=\"noreferrer noopener\" target=\"_blank\">Burford Capital share price surges as it blasts shortseller Muddy Waters<\/a><\/p>\n<p>Gotham City said this \u201cposes a real risk of an eventual asset\/liability mismatch nightmare\u201d.<\/p>\n<p>In 2014 professional services firm Quindell lost half its value in a day after Gotham City launched a scathing attack on its business model.<\/p>\n<p>Its founder, Daniel Yu, said in his note on Burford that Gotham City had shorted Burford last year as Burfords shares, and litigation finance in general, showed signs of being in \u201cthe bubble stage of a multi-year boom\/bust cycle\u201d.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.cityam.com\/window-slams-shut-on-litigation-funder-floats-after-burford-capitals-terrible-week\/\" rel=\"noreferrer noopener\" target=\"_blank\">Window slams shut on litigation funder floats after Burford Capitals terrible week <\/a><\/p>\n<p>Yu also said he doubted that Burford would be able to \u201cconsistently deliver sufficient returns on capital that would merit a meaningful premium to book value per share\u201d.<\/p>\n<p>In a statement, Burford said: \u201cBurford has a conservative asset-liability profile, with average conclude<a href=\"https:\/\/www.cityam.com\/shortseller-gotham-city-piles-pressure-on-under-fire-burford-capital-with-further-criticism\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shortseller Gotham City Research has added to the pressure o..<\/p>\n","protected":false},"author":1,"featured_media":129295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-129294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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